Primary and Secondary Issuance¶
TransactAPI covers two markets that share much of the same vocabulary:
- Primary issuance: an issuer sells securities to investors through an offering, and each investor subscribes with a trade. This is the integration path in this guide.
- Secondary trading (ATS / PPEX): investors buy and sell securities that were already issued, by placing orders on PPEX, North Capital's alternative trading system. This uses the ATS / PPEX endpoints.
The two markets keep separate records. Both use terms such as issuer, security, account, and order, but an ID from one market does not identify the same record in the other, even when the field name is the same.
ATS / PPEX identifiers¶
The fields below are the request parameters on createOrder and related endpoints.
| Field | Refers to | Notes |
|---|---|---|
issuerId | ATS issuer | Used by createOrder, getClob, and getOrderBook. Never use a primary issuance issuerId from Issuers. |
securityId | ATS security | List an issuer's securities with getIssuerApprovedSecurities. Never use a primary issuance offeringId. |
memberId | Broker-dealer's ATS member ID | Belongs to the broker-dealer, not your client. In production, obtain it from your broker-dealer. Never use a primary issuance accountId. |
accountid | Your reference for the investor behind the order | Optional on createOrder and stored with the order. Sent alongside memberid, not in place of it. |
orderId | ATS order (bid or offer) | Returned by createOrder; used by getOrder and cancelOrder. Never use a primary issuance tradeId. |
Casing varies by endpoint, and the table uses one spelling per field. For example, createOrder takes issuerid, memberid, and accountid; getClob takes issuerID; getOrder takes orderid.