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The purpose of this document is to present in detail the Financial Information eXchange (FIX) protocol subset used by the Currenex Executable Streaming Prices (ESP) service. The Currenex FIX offering supports automated FX rate price streams, order entry, and order execution on the Currenex FXTrades platform. This document describes the Currenex ESP and FIX offerings and provides a detailed description of the supported FIX streaming message set.
ESP enables market participants (MPs), such as corporations, managed funds, etc., to trade on real-time streaming foreign exchange (FX) rates provided by market makers (MMs). Currenex FIX Maker ESP extends the existing ESP service, enabling MMs to stream market rates to multiple MPs via FIX that can be directly executed. MPs can also submit orders to be matched against these rates by the Currenex matching engine. The end result is increased market liquidity and cost saving efficiencies for both MMs and MPs
Currenex supports the following orders types. Refer to the Message Details section for a complete description of each.
Market: A simple order to buy or sell immediately executed at the best price currently available in the system.
Limit: A simple order executed when a specific price is met.
Stop-Loss: A market order whose activation is dependent upon a specific price level being reached or surpassed. E.g., a stop- loss order to buy becomes a market order in the system when the market rate is at or above the stop price, while a stop-loss order to sell becomes a market order in the system when the market rate is at or below the stop price.
Stop-Limit: An order, that combines features of a stop order and a limit order. Once a stop prices is reached, the stop-limit order becomes a limit order.
Trailing Stop: A stop order that follows the market by a user specified offset. Should the market move away from the order, the stop trigger price is automatically adjusted to move with or trail the market by the specified offset.