The following sections outline the key Business changes introduced with Whisperer Direct Enterprise with respect to Whisperer Classic.

Organisational

• Maker/Taker-agnostic: The Venue always dictates the supported message flow, the API does not make any assumptions about counterparty roles, eliminating the need for separate Maker and Taker Whisperer APIs/builds/installations.

Market Data

• Explicit identification of "Pre-Open" status (to assist allowing for backwardated prices)
• LotSize

Product Types

All FX product types supported:

• FX Spot
• FX Forward
• FX Non-Deliverable Forward - Fixing date and reference now supported.
• FX Swap
• FX Non-Deliverable Swap
• FX Block
• Future

Regulatory Fields

In order to ensure that MarketFactory does not impede the exchange of regulatory information between trading counterparties and intermediaries (ECNs), we are ensuring that all regulatory fields that are specified in a Venue API are supported in the Whisperer API, and mapped.

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It needs to be understood that there is significant variation in the interpretation and implementation of all regulatory requirements across the FX market. By ensuring that all variants are accommodated, it follows that the Whisperer Direct Enterprise SBE schema offers a clear view of market best practice, and the potential impact to Customers intending to integrate with a wide range of Venues.

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• If a regulatory field on an inbound message is not populated, then it is because the Venue does not provide it.
• If a regulatory field is populated on an outbound message, but the Venue does not support it, then it will be ignored.
• Reporting obligations bilaterally agreed between Customer and Venue may vary between Maker and Taker roles. The Whisperer API will be agnostic to this.

Counterparties

• Counterparty Firm/LEI/Trader details now provided via Parties block.

Quotation Trading Models

Full support for ESP and RFQ/RFS models:

• Pre-trade allocations.
• Order messages linked with QuoteReqID to assist supportability.
• Indicative/Tradeable QuoteType (aka Quote condition) now supported, to allow Maker ESP/RFS quote withdrawal.

Orders

Additional Time In Force support:

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Cancel/replace now allows for provision of MinQty and StopPx.

REMOVED

Software Limit Monitor

Whilst the SLM remains a component of Whisperer 3.13/14, in MFSBE4 SLM API support is now deprecated in favour of our clients using Reflector, or at least using the same notification interface as used by Reflector (WHSPRR-1676):

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