...

Bid|Offer vs Buy|Sell Perspective

The Whisperer Enterprise SBE Schema is Maker/Taker agnostic, meaning that Quote Requests, Quotes, Orders and Executions may flow either to or from the client - the direction obviously being dependent on the Venue that the client is connected to.

...

• One-way requests must be quoted one-way (only). This means that the Maker cannot hedge their bets by, for example, providing both bid and offer spot rates. This ensures clarity and means that any pricing errors may easily be identified.
• For vanilla outright and swap scenarios, MarketFcatory MarketFactory will ensure that the correct side of spot is provided, as per the above table.
• For Block scenarios, only one-way pricing is relevant.
• For each leg, MarketFactory will verify that the Spot rate value derived from the quoted all-in rate and forward points matches the actual provided spot rate.