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Table of Contents

Target Platforms

This gateway supports both BAML InstinctFX and BAMLX:

  • BAML InstinctFX offers ESP and RFS workflows. On ESP Workflow, It supports Spot, Forward and NDF pricing and orders. RFS workflow additionally supports Swaps and NDS. Clients who wants to trade Forwards and NDFs will need to be configured on InstinctFX by BAML. 
  • BAMLX offers ultra low latency pricing and orders for SPT trading where clients will have reduced rejection rates and Spot orders are filled faster in comparison to Instinct FX.

Workflow

Taker ESP

Taker RFS

Supported Instruments

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Please refer to Supported Instruments to view across all venues.

PartyIDs

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Please refer to PartyIDs to view across all venues.

Regulatory Fields

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Please refer to Regulatory Fields to view across all venues.

Passthru Fields

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Please refer to Passthru Fields to view across all venues.

Details

Pricing

Note
titleSweepable vs FullAmount
  • Sweepable - not supported.
  • FullAmount -  ESP Workflow: the Client must populate the QuoteRequest  NoUnderlyings group with an UnderlyingQty for each expected rung.


Clients can subscribe to and trade on Base and Term currency pairs for all Security Types (Spot, Forward and NDF).


On ESP Worfklow, the MF gateway will send multiple QuoteRequests to the Venue, one for each NoUnderlyings.UnderlyingQty.

Info
titleESP Venue Message Delivery

For ESP workflow, the venue behaviour in response to these quote requests depends on the venue-side  configuration agreed between Client and BAML as to whether they want the venue session to deliver individual Quotes for each QuoteRequest, or deliver them in MassQuote messages.

In either case, the client will always receive the standard ESP MassQuote messages from Whisperer.


Session Type

SecurityType

Venue Sends

Description

Quote

SPT

FWD

NDF

Quote

Quotes that the MF gateway received in response to each QuoteRequest will be assembled and published as a MassQuote with n levels of prices.

For eg: If client subscribed to 1MM, 5MM and 10MM price levels, venue will receive 3 QuoteRequest messages for each price level. In response venue will send separate Quotes for each price level. MF will publish one MassQuote message with all 3 price levels. If MF gateway received a Quote message from venue with 1MM price first., then the client will receive a MassQuote with one price level. As and when the next Quote is received with 5MM price from the venue, MF will publish another MassQuote with both 1MM and 5MM prices. 

MassQuote

SPT

FWD

MassQuote

Venue will publish one MassQuote with all requested prices levels as and when the prices for the requested levels are available. 

For eg: If a client subscribed to prices for 1MM, 3MM and 5MM, InstinctFX will publish a single MassQuote message with all 3 prices levels if prices are available. You may find only one price level [usually 1MM in this case] published in venue MassQuote soon after your subscription., but the subsequent MassQuote messages will have all 3 price levels.

Note: NDF-specific fields are not supported in the BAML MassQuote message, so if a client wants to trade on NDFs, they should be configured in a Quote session only.

Trading

Please note that the venue does not support FIX session synchronisation.


Note
titlePrice Improvement

For previously quoted orders the filled price (LegLastPx in ExecutionReport) may be better – i.e. in client's favour – than the requested dealt price (LegPrice in NewOrderMultileg).

Clients have to request this feature to be enabled on their session if they wish to make use of this feature.