A dedicated FIX session is used for trading flow. Order Management includes the following:

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.

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 will 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 will be 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 will trigger 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.

Open

Don't Know Trades

In the event an invalid trade is received or a trade is received after the EBS configured deal timeout period, then EBS will reject the trade with a DontKnowTrade(35=Q) message. For indicative flow EBS will consider 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 constrints 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.