Trading

Questions and Answers regarding trading technologies.

HotSpot FX Specification

The HotSpot FX FIX Specification document provide details for connecting hot the HotSpot ECN using the FIX protocol to process market data and manage order execution.

Contact us for Certification process and documents.

HotSpot FX BookFeed

The Hotspot FX BookFeed gateway provides an interface to access the Hotspot FX ECN via an industry standard protocol, FIX, which has been adopted by financial institutions around the world.

There are two HSFX FIX Gateways that Hotspot FX supports, one for orders and the other the BookFeed for market data.

A client who wishes to receive streaming rates as well as routing orders to the Hotspot FX marketplace will need to establish two network connections.

HotSpot FX ITCH Protocol

The HotSpot FX ITCH Protocol document provide details for receiving market data from the HotSpot FX ECN using the ITCH protocol.

HotSpot FX API Java Programming Guide

The HotSpot FX API Java Programming Guide provides an overview of HotSpot FX API and step-by-step procedures for using it to receive market data and execute orders.

Contact your Liquidity Manager for more details.

HotSpot FX GUI User Guide

The HotSpot FXi GUI User Guide provides an overview of HotSpot FXi GUI and step-by-step procedures for using it to trade FX. Click the link to proceed to hotspotfx.com official website.

Note: please ignore potential warning messages about the type of connection to their site, if you wish to consult the guide.

Click here to open the guide

Integral FX Specification

Get the FIX Client API that Integral FX market participants can use to access Integral FX trading functionality.

Contact us for Certification process and documents.

Currenex OUCH – Order Specification

With the number of messages sent expected to at least double yearly, high-performance processing and networking are imperative to timely order messages delivery.

The Currenex OUCH service is delivered over reliable high-speed physical networks such as LAN cross connects or metro area direct circuits. It is not supported on Internet or other lower performance connections.

The following OUCH features enable end-to-end maximized scale performance for customers co-located in the Currenex datacenter.

No Compression:

  • less processing time
  • reduced latency

Fixed Field Sizes:

  • faster message parsing
  • reduced memory management

Integers Values

  • where possible to suit faster message parsing

Currenex ITCH – Market Data Specification

The Currenex ITCH service uses a low latency protocol and is delivered over reliable high-speed physical networks such as LAN cross connects or metro area direct circuits.

ITCH is supported on Transmission Control Protocol (TCP) as well as User Datagram Protocol (UDP), with minimal differences between the two (2). As a UDP service, ITCH is intended for use on low datagram loss networks. ITCH is not supported on Public Internet or low performance connections.

ITCH achieves lower processing and latency times by not compressing messages.
ITCH enables faster and easier message parsing and memory management through the use of fixed field sizes and the use of integer values where possible.
It also supports fast messaging delivery via UDP and reliable message delivery via TCP.

Customers co-located in the Currenex datacenter can achieve microsecond scale performance on ITCH.

Currenex FIX – Session Specification

The Currenex FIX offering supports automated FX rate price streams, order entry, order execution on the Currenex platform. This document will provide a detailed description of the supported FIX Session information and message set required to connect to Currenex for the following:

  • FIX Taker Order Placement
  • FIX Taker Market Data
  • FIX Taker RFQ
  • FIX Real Time STP Service
  • FIX Maker RFQ
  • FIX Maker ESP

Contact your Liquidity Manager for more details.

Currenex FIX – Network Connectivity

Currenex offers multiple connectivity options based on customer usage profiles. Connections via the Public Internet and Extranets are sufficient for most customers. Lower latency options including Direct X-Connect and Proximity Hosting are available.

Currenex must approve connectivity through all network vendors prior to circuits being ordered. The use of SSL is optional for connections established over private networks or Extranets.

Contact your Liquidity Manager for more details.

Why are the prices I see are different from yours?

There is no single exchange on which all FX trades are transacted, and so there is never a single price at which you can say that a given currency pair is trading.

Bank “A” might sell GBP/USD to Bank “B” at 1.7753, whilst at exactly the same time Bank “C” might sell GBP/USD to Bank “D” at 1.7755. Bank “A” may stream its prices to two Venues or ECNs , whilst Bank “C” might record its trades on a separate Venue or ECN.

For this reason, it is highly possible for 2 Venues or ECNS to be showing 2 different prices at exactly the same time in the same currency pair.

How do the company derives its Forex prices?

Each of our Trading Platforms or Venues have their own set of market streams.

These prices can be from:

  • Other Clients of Price Markets or other brokers.
  • Bank Liquidity Providers.
  • non-Bank Liquidity Providers.

The Market Participants above show their intent to buy or sell at specific prices by entering orders into a venue. Best Bid or Offer (Top of Book) can be the aggregated liquidity from one or more Liquidity Providers.

For more details how each Trading Technology streams prices, contact us.