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Whisperer SBE4 Maintains the following session types:

• Pricing - used for delivery
  • Delivery of Market Data from a CLOB
  Venue, or
  • Venue
  • ESP mass-quotes from a Maker MFSBE4 client to a Taker Venue.
  • ESP mass-quotes from a Maker Venue to a Taker MFSBE4 client.
• Orders - used for submission
  • Submission and execution of MFSBE4 client orders against a CLOB Venue
  orders, or trading against ESP Maker
  • .
  • Orders against ESP liquidity (published on a separate Pricing session) from a Taker Venue to a Maker MFSBE4 client.
  • Orders against ESP liquidity (published on a separate Pricing session) from a Taker MFSBE4 client to a Maker Venue.
• RFS - used for the full
  • Full RFS/RFQ quotation negotiation life cycle between Maker MFSBE4 client and Taker Venue.
  • Full RFS/RFQ quotation negotiation life cycle between Taker MFSBE4 client and Maker Venue.
• DropCopy
  • Delivery
  DropCopy - used for the delivery
  • of post-Trade Straight-Through Processing (STP) trade notifications. Typically this will be restricted to notifications from dedicated Venue API connections only.

For a given Client and given Whisperer Feed Handler deployment within MarketFactory, each session type will be assigned unique Venue connection credentials (typically TargetCompID and SenderCompID).

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Whisperer SBE4 requires the configuration of at least one 'User' to be used for a given Session. In general a single User should be associated with a single Venue/Session, although there is some flexibility as set out below. 

Pricing

Venue as CLOB/Maker

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