Each venue has a convention concerning the side that the maker presents prices and orders as. Generally, these are referred to as the "maker's" view (i.e. prices and orders are sent to and from the maker from the maker perspective) or the "client" view (i.e prices and orders are sent to and from the maker as they are seen from the counterparty perspective). The table below summarises how each venue expects prices/trades to be presented.
| Venue | Pricing Side | Order Side |
|---|---|---|
| Currenex ESP | Side is from the market participants (Taker) perspective, the MM should respond with Offer prices for a Buy Stream Request and Bid prices to a Sell stream Request | Side is from the market participants (Taker) perspective |
| Currenex FIX RFQ | Side is from the market participants (Taker) perspective, the MM should respond with Offer prices for a Buy Quote Request and Bid prices to a Sell Quote Request | Side is from the market participants (Taker) perspective |
| HotSpot ESP | The side indicates the direction and intent of *CCY1 the client participant (Taker not market makers) perspective. | If specified, Side always indicates the direction of *CCY1 |
| HotSpot Full Amount | The side indicates the direction and intent of *CCY1 the client participants (Taker not market makers) perspective | The side indicates the direction and intent of *CCY1 the client participants (Taker not market makers) perspective |
| Bloomberg FXGo ESP | The side indicates the direction and intent of *CCY1 the client participants (Taker not market makers) perspective | The side indicates the direction and intent of *CCY1 the client participants (Taker not market makers) perspective |
| Bloomberg FXGo RFQ | The side indicates the direction and intent of *CCY1 the client participants (Taker not market makers) perspective. The side for the net amount for the entire block. If the net amount is ZERO the Side (54) indicator can be set to either Buy or Sell. | The side indicates the direction and intent of *CCY1 the client participants (Taker not market makers) perspective |
| Fastmatch ESP | From price taker’s perspective, not market maker’s | From taker’s perspective, not market maker’s |
| FXAll QuickTrade (RFQ) |
| |
| FXAll OrderBook (RFS) | ||
| Integral ESP | The side of the pricing is from the customer’s perspective and in terms of the dealt instrument Currency. | , The Side field specifies the side (buy/sell) of the order from the customer’s perspective and in terms of the dealt currency (*CCY1) specified on the order: • Side (#54)=1 (Buy): The customer buys the dealt currency. • Side (#54)=2 (Sell): The customer sells the dealt currency. |
| GTX ESP | The side indicates the direction and intent of *CCY1 the client participants (Taker not market makers) perspective | The side indicates the direction and intent of *CCY1 the client participants (Taker not market makers) perspective |
Footnote
*Ticker Symbol expressed in the CCY1/CCY2 format e.g (GBP/USD)
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