Maker API Order Management
A dedicated FIX session is used for trading flow. Order Management includes the following.
Contents
Supported Orders and TIFs
The EBS Direct 2.0 Maker API supports FOK expiries. Makers may optionally send an Execution Report with an ExecType(150)=0(New) on accepted orders, however for the fastest performance EBS recommend not sending this. Two order types are supported; Limit and Previously Quoted.
Limit orders are preferred where possible.
Firm and Non-Firm Workflow
The EBS Direct 2.0 Maker API supports both firm and non-firm quoting modes. Makers may configure, on a per instrument level, whether quotes should default to firm or non-firm.
Firm orders sent to the Maker specify the MDQuoteType(1070) indicating the order is being sent as part of firm workflow.
When trading on firm quotes, a Taker order matched with a firm Maker quote becomes immediately actionable. Both the Taker and Maker are immediately informed of the pending trade. The Maker is obligated to confirm receipt of the trade proposal and echo back the terms of the trade with an ExecutionReport(35=8) with a ExecType(150) = F(Trade). No price improvement is supported. Failure to respond in a timely fashion triggers an alert for out-of-band notification of the trade.
When trading on non-firm quotes, the Maker has the option of accepting, cancelling or rejecting the order. Price improvement is supported.
FOK Order Flow
FOK orders can be fully filled or, in the case of non-firm workflow, rejected.
Don't Know Trades
In the event an invalid trade is received or a trade is received after the EBS configured deal timeout period, EBS rejects the trade with a DontKnowTrade(35=Q) message. For indicative flow, EBS considers the trade as not having been done.
A trade may be considered invalid if one of the following conditions is met:
The ClOrdId(11) is not recognised.
The trade does not meet the constraints of the order (e.g., executed outside of the limit price, overfilled, or in the case of an FOK partially filled).
The matched price or size does not meet the EBS configured price or size increment constraints of the currency pair.