API Account Opening Guidelines
Open Accounts Using the RQD API
RQD* Clearing supports the opening of customer accounts via its REST API interface. In a matter of seconds, you will be able to open accounts for your customers, generate account numbers, perform identity verification, and prepare accounts for funding and trading.
In order to ensure you meet RQD’s requirements for paperless account opening, we have provided this step-by-step guide on what your firm needs to collect from customers as part of your account opening process. Full technical specifications can be found at https://developer.rqdclearing.com.
Account Types Supported
Accounts that can be opened via the API are:
Individual brokerage cash accounts
Individual brokerage Reg-T margin accounts
Individual IRA accounts
The API cannot be used to open:
Accounts for entities
Proprietary accounts of IBs
IB general ledger accounts
Standard Account Creation Workflow
Accounts are created by providing RQD with a valid new account request via the /AddAccount endpoint of the RQD API. Account creation follows the below steps:
Your firm collects customer information from its account opening application process.
Once collected and properly formatted, you initiate a call to the RQD API /AddAccount endpoint.
RQD validates data submitted by you and checks conformance with RQD’s account opening requirements.
An account is created in pending state.
Real-time identity verification (IDV) is performed.
If IDV is successful, the account is enabled for funding and trading.
If IDV fails, the account is subject to compliance review and approval.
You will receive a response containing the account number, current account status, and result summary of the IDV check.
Support for non-US person account holders may be onboarded on a country-by-country basis. For a full list of the countries supported by RQD, please contact us directly at firstname.lastname@example.org.
Steps to Certify for API Account Opening
To meet RQD’s requirements for API account opening, your process must satisfy the following criteria:
Collection of E-Signature Acknowledgement: To accept electronic signature by customers of RQD’s agreements, you are required to have customers accept an e-signature acknowledgement. RQD provides a template below. If you have existing language for e-signatures, it will need to be pre-approved by RQD for use.
By selecting the "check box(es)" indicating that you “acknowledge that you read and understand and agree”, to these statement and any subsequent agreement, you are signing the indicated agreement electronically. In particular, you agree that your electronic signature is the legal equivalent of your manual signature on any agreement. By selecting the aforementioned "check box(es)" you consent to be legally bound by the indicated agreement's terms and conditions.
Your use of a key pad, mouse or other device to select an item, button, icon or similar act/action, or to otherwise provide [Introducing Broker] and RQD, including their parents, subsidiaries, officers, directors, employees, agents and affiliates (collectively “Brokers”) instructions to transact on your behalf, and/or in accessing or making any transaction regarding any agreement, acknowledgement, consent terms, disclosures or conditions constitutes your signature (hereafter referred to as "E-Signature"), acceptance and agreement as if actually signed by you in writing.
No certification authority or other third-party verification is necessary to validate your E-Signature and that the lack of such certification or third-party verification will not in any way affect the enforceability of your E-Signature or any resulting contract between you and Brokers.
You are authorized to enter into the indicated agreements for all persons who own or are authorized to access any of your accounts and that such persons will be bound by the terms of the agreements. You further agree that each use of your E-Signature in obtaining any services offered by Brokers constitutes your agreement to be bound by the terms and conditions of each and every one of your agreements with Brokers. This includes, but is not limited to, your valid and binding arbitration agreement with Brokers.
[x] By checking this checkbox, I acknowledge and agree to the preceding statements regarding the use of electronic records and signatures.
New Account Form Collection (E-Sign Required): RQD provides a New Account Form to guide you in collecting the required information to open a customer account. You may use your own new account forms in the process of account opening, but they must match the RQD New Account Form in content (collecting information in addition to what RQD requires is permitted).
Customer Agreement (E-Sign Required): The RQD Customer Agreement must be accepted by each customer. If you wish to include terms from your customer agreement, they must be pre-approved by RQD for use. To include certain terms, RQD requests you review RQD’s Customer Agreement and submit changes in redline for approval (as opposed to providing customers with both your agreement and ours as this may lead to legal complications due to conflicting clauses).
Margin Agreement (When Applicable, E-Sign Required): All margin accounts must accept RQD’s Margin Agreement.
Option Agreement (When Applicable, E-Sign Required): All accounts with option level approvals above zero (0) must accept RQD’s Option Agreement.
Display of Disclosures (E-Sign Required): RQD requires correspondents to display as part of their account opening process the text of disclosures related to their account carried by RQD. These include:
Customer Information Brochure
RQD Clearing Disclosures
RQD Responsibilities of IB and Carrying BD
RQD Special Statement for Uncovered Options Writers (When applicable based on option level approval)
Execution Disclosures (if you will be executing orders with RQD)
After an Account is Opened and Ongoing Requirements
Once an account has been created and activated (status set to “A” – Active), RQD will initiate a client welcome email to the customer with links to RQD’s website and disclosures, as well as confirmation of certain account details such as address and margin interest rate. This email will also serve a confirmation that a valid email address has been collected for the customer.
Accounts that are in an active state are eligible to initiate funding, either via ACH, wire, or ACATS transfer. Please see our documentation in the RQD API Developer Portal regarding cashiering or account transfers for more information.
Retention and Future Account Updates
As the introducing broker, you are required to retain electronic copies of all account onboarding information as part of your books and records, which may be requested by RQD from time to time. Account properties may also be updated using the RQD API, if certain customer information is changed. Any records of customer account changes must be retained by you.
Correspondents who choose to utilize data provided by the Firm as part of their own CIP do so based on their independent evaluation of the methodology, data, process, and vendor(s) used by the Firm. By providing you with this data the Firm neither supervises nor takes responsibility for any part of your CIP or anti-money laundering program. As outlined in the clearing agreement those responsibilities are delegated to you and are your own. The Firm may also be contractually limited in the amount of detailed information that can be shared with the Correspondent, beyond the general descriptions and match/no-match results described above.
RQD makes no warranty as to the accuracy or completeness of the information provided. Further, RQD accepts no liability for any inaccuracy, incompleteness, or error in any of the information provided.