Liquidity
Liquidity represents the time required for a position to be converted into cash available in the account, considering the operational rules of each security. A stock traded on the exchange, for example, has T+2 liquidity: after the sale, the amount becomes available from the second day onward.
At Gorila, the liquidity of a portfolio is consolidated into day ranges, adding up the market value of the positions in each range. This view is useful for planning redemptions, rebalancing the portfolio and analyzing liquidity risk.
How each security's liquidity is determined
Each type of security follows a base liquidity rule:
- Fixed settlement period (T+n): the number of days between the sale and the availability of the money. This is the case for stocks, ETFs, FIIs, currencies, cryptocurrencies, cash and savings accounts, among others.
- Maturity date: fixed income securities, such as CDB, LCI, LCA, debentures and government bonds, have liquidity defined by their maturity. The period is calculated in calendar days between the reference date and the maturity date.
- Redemption period: investment funds use the redemption period, that is, how many days it takes for the redeemed amount to reach the account.
- Manual liquidity or maturity: custom securities use the liquidity manually provided by the user. In its absence, they use the maturity date.
For date-based securities, liquidity is always relative to the query's reference date (referenceDate). Therefore, the same security may change ranges depending on the date analyzed. Funds with staggered redemptions (for example, 20% at T+1 and 80% at T+30) are considered by the total period, which results in a more conservative reading.
Liquidity ranges
After calculating the individual liquidity of each position, GorilaCORE groups the amounts into the following ranges:
| Range | Interpretation |
|---|---|
| 0 to 1 day | Immediate liquidity (cash or near cash) |
| 2 to 30 days | Short term |
| 31 to 180 days | Medium term |
| 181 to 360 days | Medium-long term |
| 361 to 720 days | Long term |
| 721+ days | Very long term |
| Unavailable liquidity | Securities without enough information for the calculation |
When there is not enough data to determine a security's liquidity, it is classified as unavailable liquidity. This way, GorilaCORE does not assign an artificial liquidity to securities whose information is unknown. The calculation considers calendar days only.
To query a portfolio's aggregated liquidity by range, use the Read Portfolio Liquidity endpoint. For the breakdown by position, see List Position Liquidity.