Alpaca Securities LLC

03/17/2026: Between April 2021 and June 2025, Alpaca failed to timely report to the FINRA/Nasdaq Trade Reporting Facility (FNTRF) approximately 1.87 million transactions, in violation of FINRA Rules 6380A and 2010. From February 2021 to May 2023, Alpaca submitted inaccurate trade reports to the FNTRF and the Over-the-Counter Reporting Facility (ORF). The firm reported inaccurate execution quantities for over 6,700 transactions and omitted the required prior reference price modifier and prior reference time for approximately 2.2 million transactions, in violation of FINRA Rules 6380A, 6622, and 2010. Finally, from December 2020 through February 2026, Alpaca failed to establish and maintain a supervisory system, including written supervisory procedures (WSPs), reasonably designed to achieve compliance with FINRA’s trade reporting rules, in violation of FINRA Rules 3110 and 2010. For these violations, Alpaca is censured and fined $300,000.

Reference 2021072094901finra.orgdata-portal.finra.org