Forward_splits object missing Payable Date

Alpaca Trading
1

It appears the “foward_splits” object is missing the “payable_date” attribute for some symbols’ corporate actions. Consider the below request for NVDX and NVDQ:

https://data.alpaca.markets/v1beta1/corporate-actions?symbols=NVDX,NVDQ&types=reverse_split,forward_split,cash_dividend&start=2024-01-01&end=2024-12-31

{
“corporate_actions”: {
“forward_splits”: [
{
“ex_date”: “2024-07-16”,
“new_rate”: 10,
“old_rate”: 1,
“process_date”: “2024-07-16”,
“record_date”: “2024-07-15”,
“symbol”: “NVDX”
}
],
“reverse_splits”: [
{
“ex_date”: “2024-07-16”,
“new_rate”: 1,
“old_rate”: 3,
“payable_date”: “2024-07-16”,
“process_date”: “2024-07-16”,
“record_date”: “2024-07-16”,
“symbol”: “NVDQ”
}
]
},
“next_page_token”: null
}

2

@jrn0074 For splits, the only attribute that really matters for traders is the ex_date. That is the first date which the ‘new shares’ start trading with a split adjusted value (and therefore should begin trading at the split price).

The payable_date is the date new shares would be issued by the company (or their transfer agent) and expected to appear at the clearing firm to then credit the actual owner accounts. In absence of a payable_date it is assumed to be the ex_date. That date and dates other than the the ex_date really only matter to brokers. They may need to do some extra processing based on those, but the end customer isn’t impacted.

For example, typically the record_date is the ex_date. As of the ex_date, if you own the stock (ie are the owner of record), you are entitled to the extra shares… However, once in awhile, the record_date is before the ex_date. When that happens, if you choose to sell your shares before the ex_date, the shares are sold with “due bills” meaning those extra shares you were entitled to get transferred to the buyer. This is handled by the broker and is transparent to the buyer and seller. So in effect, it doesn’t matter to a buyer or seller when the record_date is. The net result is, if one buys before the ex_date and holds through the ex_date, you will get the extra shares.

3

Thanks but I wasn’t really asking how stock splits work. I was pointing out and seeking confirmation the object changed at some point since my code—which hadn’t been used for at least 6 months—threw an error when the attribute was no longer there.

Is there a thread that announces changes to json objects, like the long/short margin being added to [asset]?