🚢 Shipping New Features

We are back with some platform changes that will enable non US customers to be able to trade publicly traded partnership securities. Starting earlier this year (2023), securities that are classified as a publicly traded partnership (PTP) enacted a mandatory 10% tax withholding on the sales of these securities. We’re now automating this process with the new feature release.

Starting on December 8, 2023 customers will be able to transact with these securities just as easily as our other securities on the platform. This tax withholding is seamlessly enacted on sale transactions and any fees (tax) associated are a part of the order confirmation and transaction history. Please note that sales with notional values less than $0.05 will not be charged the tax.

🤔
What does this look like?
Harry Wilson, an Englishman currently has a holding of 3 shares of Black Stone Minerals (BSM) which he purchased 6 weeks ago for $14.30 each. The stock price is now $17.00. John decides to sell all his holdings of BSM securities and his sales proceeds are taxed at 10% so the platform will automatically collect $5.10 from the order. Harry will have an instant available buying power of $45.90.
17.00 x 3 = $51.00 => $51.00 x .10 = 5.10 (tax)
$51.00 - $5.10 = $45.90 (buying power)

We added a new transaction type called PTP_WITHHOLDING which will allow you to understand in the transaction history these withholdings. To learn more about transactions, please see here.

List Transactions

[
  {
      "accountAmount": -10.21,
      "accountBalance": -12349.91,
      "accountType": "LIVE",
      "comment": "PTP WITHHOLDING IRS TAX ON SELL 5.59791552 shares of BSM at 18.23",
      "dnb": true,
      "finTranID": "KK.10ab0bf7-80c0-436b-a957-c4de6f838bb9",
      "finTranTypeID": "PTP_WITHHOLDING", //PTP FEES NOW PRESENTED IN TRANSACTIONS 
      "feeSec": 0,
      "feeTaf": 0,
      "feeBase": 0,
      "feeXtraShares": 0,
      "feeExchange": 0,
      "fillQty": 5.59791552,
      "fillPx": 18.23,
      "instrument": {
          "id": "9ad10471-feee-4369-9c9a-87db904bfa5a",
          "symbol": "BSM",
          "name": "Black Stone Minerals, L.P."
      },
      ...
  },
  ...
]

Order Details

{
    "id": "KK.faf8a431-ae8a-43a3-89a1-52aea4b6f3d8",
    "orderNo": "KKXP000471",
    "type": "MARKET",
    "side": "SELL",
    "status": "FILLED",
    "symbol": "BSM",
    "averagePrice": 18.25,
    "averagePriceRaw": 18.25,
    "totalOrderAmount": 273.48,
    "cumulativeQuantity": 14.98520547,
    "quantity": 14.98520547,
    "amountCash": 273.48,
    "fees": 0.02,
    "ptpWithholdingFee": 27.35, //PTP FEES NOW PRESENTED IN ORDER DETAILS
    "orderExpires": "2023-11-03T20:00:00.000Z",
    ...
}

Order Event


{
    "id": "event_899a7391-57a7-4577-***",
    "type": "orders.completed",
    "timestamp": "2023-11-03T15:17:07.340258117Z",
    "payload": {
        "id": "KK.faf8a431-ae8a-43a3-89a1-52aea4b6f3d8",
        "orderNo": "KKXP000471",
        "type": "MARKET",
        "side": "SELL",
        "status": "FILLED",
        "symbol": "BSM",
        "averagePrice": 18.25,
        "averagePriceRaw": 18.25,
        "totalOrderAmount": 273.48,
        "cumulativeQuantity": 14.98520547,
        "quantity": 14.98520547,
        "amountCash": 273.48,
        "fees": 0.02,
        "ptpWithholdingFee": 27.35, //PTP FEES NOW PRESENTED IN EVENTS
        "orderExpires": "2023-11-03T20:00:00.000Z",
        ...
    }
}

👀 View PTP in DriveHub

🪙 Securities Withholding Subject To Tax

Symbol	CUSIP	ISIN	Description
ET	29273V100	US29273V1008	ENERGY TRANSFER L P COM UT LTD PTN
EPD	293792107	US2937921078	ENTERPRISE PRODS PARTNERS L P COM
MPLX	55336V100	US55336V1008	MPLX LP COM UNIT REP LTD
IEP	451100101	US4511001012	ICAHN ENTERPRISES LP DEPOSITARY UNIT
PAA	726503105	US7265031051	PLAINS ALL AMERN PIPELINE L P UNIT LTD PARTN
MMP	559080106	US5590801065	MAGELLAN MIDSTREAM PRTNRS LP COM UNIT RP LP
ARLP	01877R108	US01877R1086	ALLIANCE RESOURCE PARTNERS L P UT LTD PART
AB	01881G106	US01881G1067	ALLIANCEBERNSTEIN HLDG L P UNIT LTD PARTN
NGL	62913M107	US62913M1071	NGL ENERGY PARTNERS LP COM UNIT REPST
BSM	09225M101	US09225M1018	BLACK STONE MINERALS L P COM UNIT
CEQP	226344208	US2263442087	CRESTWOOD EQUITY PARTNERS LP UNIT LTD PARTNER
USAC	90290N109	US90290N1090	USA COMPRESSION PARTNERS LP COMUNIT LTDPAR
GEL	371927104	US3719271047	GENESIS ENERGY L P UNIT LTD PARTN
GLP	37946R109	US37946R1095	GLOBAL PARTNERS LP COM UNITS
NS	67058H102	US67058H1023	NUSTAR ENERGY LP UNIT COM
SUN	86765K109	US86765K1097	SUNOCO LP/SUNOCO FIN CORP COM UT REP LP
CQP	16411Q101	US16411Q1013	CHENIERE ENERGY PARTNERS LP COM UNIT
UAN	126633205	US1266332055	CVR PARTNERS LP COM
SPH	864482104	US8644821048	SUBURBAN PROPANE PARTNERS L P UNIT LTD PARTN
DCP	23311P100	US23311P1003	DCP MIDSTREAM LP COM UT LTD PTN
WES	958669103	US9586691035	WESTERN MIDSTREAM PARTNERS LP COM UNIT LP INT
SMLP	866142409	US8661424098	SUMMIT MIDSTREAM PARTNERS LP COM UNIT LTD
WLKP	960417103	US9604171036	WESTLAKE CHEM PARTNERS LP COM UNIT RP LP
HEP	435763107	US4357631070	HOLLY ENERGY PARTNERS L P COM UT LTD PTN
DMLP	25820R105	US25820R1059	DORCHESTER MINERALS LP COM UNIT
DKL	24664T103	US24664T1034	DELEK LOGISTICS PARTNERS LP COM UNT RP INT
CAPL	22758A105	US22758A1051	CROSSAMERICA PARTNERS LP UT LTD PTN INT
FUN	150185106	US1501851067	CEDAR FAIR L P DEPOSITRY UNIT
SPLP	85814R107	US85814R1077	STEEL PARTNERS HLDGS L P LTD PRTRSHIP U
GHI	02364V206	US02364V2060	GREYSTONE HOUSING IMPACT INVES BEN UNIT CTF
CLMT	131476103	US1314761032	CALUMET SPECIALTY PRODS PARTNE UT LTD PARTNER
GBLI	37959R103	US37959R1032	GLOBAL INDEMNITY GROUP LLC COM CL A

Publicly Traded Partnership (PTP) Withholding

🚢 Shipping New Features

🤔
What does this look like?

List Transactions

Order Details

Order Event

👀 View PTP in DriveHub

🪙 Securities Withholding Subject To Tax

🚢 Shipping New Features

🤔What does this look like?

List Transactions

Order Details

Order Event

👀 View PTP in DriveHub

🪙 Securities Withholding Subject To Tax

🤔
What does this look like?