IPO Availability Timestamping

Separate Listing Events from Research Knowledge

Install and import

bash

npm install fintech-algorithms

import { calculate } from "fintech-algorithms/corporate-actions-and-security-master-data/point-in-time-universe/ipo-availability-timestamping";

Signature

calculate(data)

Worked example

executed Captured by running this function on the input its own test provides. Real output of real code — but not asserted against a published figure.

Input

data

{
  "query": {
    "issuerId": "ISSUER-SYN-001",
    "instrumentId": "INSTRUMENT-SYN-001",
    "listingId": "LISTING-SYN-XNAS",
    "effectiveAt": "2025-05-13T13:36:10Z",
    "knownAt": "2025-05-13T13:35:30Z",
    "policyId": "POLICY-SYN-IPO-RESEARCH"
  },
  "policies": [
    {
      "policyId": "POLICY-SYN-IPO-RESEARCH",
      "revision": 1,
      "state": "active",
      "effectiveAt": "2025-05-01T00:00:00Z",
      "availableAt": "2025-05-01T00:05:00Z",
      "sourceId": "SYN-RESEARCH-GOVERNANCE",
      "context": "traditional_ipo",
      "marketPhase": "regular",
      "requiredEventTypes": [
        "registration_effective",
        "listing_notice",
        "first_eligible_session",
        "first_observed_trade",
        "vendor_release",
        "local_ingestion"
      ]
    },
    {
      "policyId": "POLICY-SYN-IPO-RESEARCH",
      "revision": 2,
      "state": "active",
      "effectiveAt": "2025-05-01T00:00:00Z",
      "availableAt": "2025-05-14T09:00:00Z",
      "sourceId": "SYN-RESEARCH-GOVERNANCE",
      "context": "traditional_ipo",
      "marketPhase": "regular",
      "requiredEventTypes": [
        "registration_effective",
        "listing_notice",
        "first_eligible_session",
        "first_observed_quote",
        "first_observed_trade",
        "vendor_release"
      ]
    }
  ],
  "records": [
    {
      "eventId": "EV-FILING",
      "revision": 1,
      "state": "active",
      "eventType": "issuer_filing",
      "issuerId": "ISSUER-SYN-001",
      "instrumentId": "INSTRUMENT-SYN-001",
      "listingId": "LISTING-SYN-XNAS",
      "marketPhase": "all",
      "effectiveAt": "2025-05-05T14:00:00Z",
      "availableAt": "2025-05-05T14:03:00Z",
      "clockOwner": "regulator",
      "sourceId": "SYN-REGULATOR-FILING"
    },
    {
      "eventId": "EV-EFFECT",
      "revision": 1,
      "state": "active",
      "eventType": "registration_effective",
      "issuerId": "ISSUER-SYN-001",
      "instrumentId": "INSTRUMENT-SYN-001",
      "listingId": "LISTING-SYN-XNAS",
      "marketPhase": "all",
      "effectiveAt": "2025-05-08T12:00:00Z",
      "availableAt": "2025-05-08T12:02:00Z",
      "clockOwner": "regulator",
      "sourceId": "SYN-REGULATOR-EFFECT"
    },
    {
      "eventId": "EV-LIST",
      "revision": 1,
      "state": "active",
      "eventType": "listing_notice",
      "issuerId": "ISSUER-SYN-001",
      "instrumentId": "INSTRUMENT-SYN-001",
      "listingId": "LISTING-SYN-XNAS",
      "marketPhase": "all",
      "effectiveAt": "2025-05-13T13:30:00Z",
      "availableAt": "2025-05-08T15:10:00Z",
      "clockOwner": "exchange",
      "sourceId": "SYN-EXCHANGE-NOTICE"
    }
  ]
}

Call

calculate(data)

Returns

object with 20 fields: effectiveAt, knownAt, identity, policyId, status, policySatisfied, policy, effectiveGateAt, …

{
  "effectiveAt": "2025-05-13T13:36:10Z",
  "knownAt": "2025-05-13T13:35:30Z",
  "identity": {
    "issuerId": "ISSUER-SYN-001",
    "instrumentId": "INSTRUMENT-SYN-001",
    "listingId": "LISTING-SYN-XNAS"
  },
  "policyId": "POLICY-SYN-IPO-RESEARCH",
  "status": "incomplete",
  "policySatisfied": false,
  "policy": {
    "policyId": "POLICY-SYN-IPO-RESEARCH",
    "revision": 1,
    "sourceId": "SYN-RESEARCH-GOVERNANCE",
    "effectiveAt": "2025-05-01T00:00:00Z",
    "availableAt": "2025-05-01T00:05:00Z",
    "context": "traditional_ipo",
    "marketPhase": "regular",
    "requiredEventTypes": [
      "registration_effective",
      "listing_notice",
      "first_eligible_session",
      "first_observed_trade",
      "vendor_release",
      "local_ingestion"
    ]
  },
  "effectiveGateAt": null,
  "knowledgeGateAt": null,
  "missingPolicy": false,
  "missingEventTypes": ["local_ingestion"],
  "pendingEffectiveEventTypes": [],
  "ambiguousEventTypes": [],
  "supplementalAmbiguousEventTypes": []
}

Showing 14 of 20 fields.

Diagrams

IPO Availability Timestamping — article hero

IPO Availability Timestamping — failure guard

IPO Availability Timestamping — worked example

Calculation flow

Causal IPO evidence flow

flowchart TD
    Q["Query: identity, effectiveAt, knownAt, policyId"] --> P["Keep policy revisions available by knownAt"]
    P --> PA{"Applicable active policy?"}
    PA -->|No| MI["Incomplete: missing policy"]
    PA -->|Yes| E["Keep event revisions available by knownAt"]
    E --> V["Validate known immutable revision chains"]
    V --> I["Match issuer, instrument, listing, and market phase"]
    I --> R{"Required clocks resolved and effective?"}
    R -->|Missing or cancelled| INC["Incomplete"]
    R -->|Conflicting timestamps| AMB["Ambiguous"]
    R -->|Unsupported policy semantic| UNS["Unsupported"]
    R -->|Yes| G["Resolved: effective gate plus knowledge gate"]

IPO evidence query state lifecycle

stateDiagram-v2
    [*] --> SelectPolicy
    SelectPolicy --> Incomplete: policy missing or cancelled
    SelectPolicy --> SelectEvidence: policy active and applicable
    SelectEvidence --> Incomplete: required evidence missing, cancelled, or future-effective
    SelectEvidence --> Ambiguous: required timestamps or identity links conflict
    SelectEvidence --> Unsupported: policy semantic does not fit listing context
    SelectEvidence --> Resolved: every required clock effective and known
    Resolved --> LaterKnownQuery: correction becomes available
    LaterKnownQuery --> SelectPolicy
    Incomplete --> [*]
    Ambiguous --> [*]
    Unsupported --> [*]
    Resolved --> [*]

How it works

This page states the contract — how to call it correctly. The article explains the concept: why it works, and where it breaks.

Read the article →

References

R1 - SEC: Determine the Status of My Filing
R2 - SEC: Webmaster Frequently Asked Questions
R3 - Airbnb 2020 Form 10-K
R4 - Airbnb final prospectus filing index
R5 - Airbnb pricing announcement hosted by Nasdaq
R6 - Nasdaq Listing Rule IM-5315-1
R7 - Nasdaq Daily List product description