Alpaca is the brokerage partner that facilitates the FPSL program. When you choose to lend your securities through the FPSL program, Alpaca handles the operational side, such as lending your securities to approved borrowers, securing your securities with cash collateral held at a third-party bank, and managing interest payments to you. Alpaca is the entity that executes and oversees the lending process under the FPSL program.
If you decide to participate in the FPSL program and any interest is earned from your loaned securities, both Alpaca and Sarwa may keep a portion of that interest. You will also receive part of the interest as part of your overall earnings from your loaned securities. This revenue sharing arrangement is entirely separate from, and does not form any part of the fees or charges payable by you in connection with your Sarwa Trade account. This arrangement does not affect the nature, quality, or impartiality of the services provided by Sarwa to you but may give rise to a potential conflict of interest. We manage any potential or actual conflicts through our internal controls and by ensuring that our communications are always clear, fair, and not misleading.
Sarwa does not guarantee any income or returns from the FPSL Program and is not responsible for any losses. Results may vary with market conditions, and past performance is not a guide to future outcomes.
Before enrolling in the FPSL program via your Sarwa Trade account, you should carefully review the Alpaca risk disclosures and MSLA to make sure you accept the terms and risks associated with your participation in the FPSL program.