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The API is Maker/Taker agnostic, meaning that Quote Requests, Quotes, Orders and Executions may flow either to or from the API client - the direction obviously being dependent on the Venue that the client is connected to.
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This is set out in tabular form below:
| Taker Trades | against Maker | |
|---|---|---|
| Base Ccy | Terms Ccy | |
| BUY | SELL | OFFER |
| SELL | BUY | BID |
| Note |
|---|
| In short, QuoteRequest, NewOrderMultileg and ExecutionReport all always express a transaction from the Taker perspective. Quotes always express prices from the Maker perspective. |
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