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Comment: Published by Scroll Versions from this space and version 1.5.56

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Note
titleUnsupported Functionality

Functionality currently not yet supported in Whisperer:

  • Time Options
  • MultiAllocations

Pricing

As well as Bilateral Quote negotiation, 360T TEX also supports Basket functionality where Quote messages are received from multiple providers.

For Basket functionality clients should specify a QuoteRequest with multiple PartyRoles as ExecutionVenue. List A list of all available providers are provided to LPs per SecurityType is provided for the client in the the UserNotification(LoggedOn) message's  Text field in json format, as per the example below: 

Code Block
titleExample:
collapsetrue
8=FIXT.1.1|9=106|35=CB|49=GW.ven.t360_tex.RFS|56=testuser|34=3|52=20231212-10: 54: 02.073125423|926=1|58={
  "Status": "Venue connected.",
  "LPs": {
    "BLK": [
      "RBS.LND.DEMO",
      "SOCGEN.LND.DEMO",
      "COBA.DEMO",
      "RBC.DEMO",
      "CITIBANK.DEMO",
      "BOAL.DEMO"
    ],
    "FWD": [
      "RBS.LND.DEMO",
      "SOCGEN.LND.DEMO",
      "COBA.DEMO",
      "RBC.DEMO",
      "CITIBANK.DEMO",
      "BOAL.DEMO"
    ],
    "SPT": [
      "RBS.LND.DEMO",
      "SOCGEN.LND.DEMO",
      "COBA.DEMO",
      "RBC.DEMO",
      "CITIBANK.DEMO",
      "BOAL.DEMO"
    ],
    "SWP": [
      "RBS.LND.DEMO",
      "SOCGEN.LND.DEMO",
      "COBA.DEMO",
      "RBC.DEMO",
      "CITIBANK.DEMO",
      "BOAL.DEMO"
    ],
    "NDF": [
      "RBS.LND.DEMO",
      "SOCGEN.LND.DEMO",
      "COBA.DEMO",
      "RBC.DEMO",
      "CITIBANK.DEMO",
      "BOAL.DEMO"
    ],
    "NDS": [
      "RBS.LND.DEMO",
      "SOCGEN.LND.DEMO",
      "COBA.DEMO",
      "RBC.DEMO",
      "CITIBANK.DEMO",
      "BOAL.DEMO"
    ]
  }
}|10=187|


For Basket functionality, clients can specify a QuoteRequest with multiple PartyRole ExecutionVenue.

There are 3 options available  available for clients to utilize this functionality.

  • Single LP (Bilateral) - QuoteRequest contains  contains NoPartyIDs group with single PartyID as LP name, and clients will receive single PartyRole ExecutionVenue with PartyID populated with a LP. Clients will receive Quote message from requested LP.
  • Multiple LP's LPs (Basket) - QuoteRequest contains NoPartyIDs  group is provided with multiple PartyID's, one for each LP, and clients will receive single MassQuote message with multiple PartyRole ExecutionVenues with PartyIDs populated with LPs. Clients will receive MassQuote messages with each LP as an individual a QuoteEntry.
  • All LP'sLPs  (Basket) - NoPartyIDs group is not provided and thus MassQuote is received for all available LP's where each LP is an individual QuoteEntryQuoteRequest does not contain PartyRole ExecutionVenue in NoPartyIDs. Clients will subscribe to all available LPs and they will receive Massquote messages with each LP as a QuoteEntry.


Warning
titleMandatory field - LegMaturityDate

For NDF/NDS/NDB, it is mandatory to populate LegMaturityDate in the QuoteRequest. Otherwise, the Venue will interpret the request as deliverable rather than non deliverable.

This is breaking the normalised client behaviour on this venue.  But rather than enforcing this field for all other venues, this is considered the best approach for now on this specific venue.

Note
titlePricing Constraints
  • QuoteRequests - The default maximum number of parallel requests is 20. Please contact 360T support if you require a higher number.
  • Blocks - The venue does not support TwoWay pricing for Blocks, and such request are rejected by WE.
  • Allocations - The venue only supports Single a single allocation per leg. Clients can trade on different accounts by sending the account in the LegAllocAccount in NoLegAllocs group in the QuoteRequest.
  • Stream Duration- The client can specify desired desired ExpireTime as an optional BodyPassThru field in the QuoteRequest. This limit by default is 1 minute for Spot and 5 minutes for all other products, but can be configured per customer and product.

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Note
titleTrading Constraints
  • NDF SettlCurrency - As per the venue, settlement occurs outside 360T TEX and the settlement currency is up to the 2 counterparts to decide.
  • ExecutionReport Delays - If an ExecutionReport with state Filled or Rejected is not received by the client within 10 seconds, clients must immediately contact 360T TEX support to clarify the deal status.

Forward Time Options

Clients interested in trading Forward Time Options should be on Whisperer schema version 19457 or later. 

Please take note of the following when trading Forward Time Options:

  • SecurityType - Should be FTO in SecurityType and LegSecurityType.
  • TimeOptionStartTenor - Conditionally required to specify the start of the settlement period in standard tenor.
  • TimeOptionStartDate - Conditionally required when TimeOptionStartTenor = BKN to specify the start date of the settlement period.
  • LegSettlType - Specifies a standard tenor for the end of the settlement period. This is a required field when trading Forward Time Options.
  • LegSettlDate - Specifies the end date of the settlement period in a Forward Time Option. Conditionally required when LegSettlType = BKN.

Please refer to 2025-02-18 - Whisperer API Upgrade to v19457 for further info.