finops:
  model: free-with-account
  description: >
    TD Ameritrade provided API access at no direct cost to account holders.
    There were no API subscription fees, per-call charges, or data licensing
    fees for personal use. Revenue was generated through the underlying
    brokerage relationship — commissions (until the 2019 commission-free
    switch), payment for order flow, margin interest, and cash sweep income.
    Commercial partners negotiated separate licensing agreements with terms
    not publicly disclosed.

  cost-to-consumer:
    api-subscription: $0
    per-call: $0
    data-licensing: $0
    notes: >
      Free for any TD Ameritrade account holder. A funded brokerage account
      was the prerequisite; no API-specific fees applied.

  revenue-model:
    primary:
      - type: Payment for Order Flow (PFOF)
        description: >
          TD Ameritrade earned revenue by routing retail orders to market
          makers who paid for the privilege of executing those orders.
      - type: Net Interest Income
        description: >
          Interest earned on cash balances in client accounts and on margin
          loan balances.
      - type: Commission Revenue (historical)
        description: >
          Prior to October 2019, TD Ameritrade charged per-trade commissions
          ($6.95 per equity trade). Commissions were eliminated in October 2019
          to compete with commission-free brokers.
    secondary:
      - type: Options Contract Fees
        description: >
          Options trades carried a per-contract fee of $0.65 even after
          equity commissions were removed.
      - type: Managed Products and Advisory Fees
        description: >
          Revenue from TD Ameritrade managed portfolios, robo-advisory
          (Essential Portfolios), and advisor-referred accounts.

  sunset:
    date: '2024-05-10'
    reason: >
      Charles Schwab completed its acquisition of TD Ameritrade and
      migrated all client accounts. The TD Ameritrade API was decommissioned
      on May 10, 2024. API users are directed to migrate to the Schwab
      Trader API.
    migration: https://developer.schwab.com/

notes: >
  All financial data reflects the TD Ameritrade API program prior to its
  May 2024 shutdown. No new commercial or individual API access is available.