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Workflow

LP Resting and Algo Orders.

Supported Instruments

Please refer to Supported Instruments to view across all venues.

PartyIDs

Please refer to PartyIDs to view across all venues.

Regulatory Fields

Please refer to Regulatory Fields to view across all venues.

Passthru Fields

Please refer to Passthru Fields to view across all venues.

Details

Please note the following Whisperer constraints:

Spot Contingent Forward (Roll Trade) orders are not supported. Please contact MarketFactory support if you require this functionality.
Whisperer does not currently support GTC orders remaining open across a weekend.

LP/Algo Selection

The client must specify which LP is to receive their Algo order by populating a single 452/PartyRole = ExecutionVenue value in the NoPartyIDs repeating group in their NewOrderMultileg and MultilegOrderCancelReplaceRequest messages.

Refer to Supported Order Types (Algo Orders) for details on how to use the NoStrategyParameters block to send the details of the TargetStrategy, along with the corresponding strategy parameters.

Please refer to the individual provider addendums provided by FXSpotStream for specific details.

The table below sets out the LP/Algo combinations currently supported.

Liquidity Provider	ExecutionVenue	TargetStrategy	Notes
BankOfAmerica	BAML	BenchmarkOrFixing, TWAP, ImplementationShortfall (formerly Decipher), Whisper	Market orders: BAML will set a limit price for the order and return that price to the client. The limit price is set differently depending on which algo is selected by the user. For example, for Whisper, if there’s no limit selected, BAML uses a 3% limit in the money for the currency pair.
Barclays	BARX	BenchmarkOrFixing	-
Citi	CGMI	VWAP, TWAP, Peg, VolumeTracker	-
GoldmanSachs	GSCO	BenchmarkOrFixing, VWAP, TWAP, Peg, Dynamic	-
JPMorganChase	JPSI	BenchmarkOrFixing, VWAP, TWAP, Adaptive, Float	Day orders: known issue with JPMC UAT on Fridays - the default EOD time on their UAT Day orders is 5:00pm NYT, although the platform shuts down around 4:55pm NYT. This means that submitted orders may be rejected with: Order End time is during weekend shutdown window. If you use an expire time, please send before 16:55 EDT (NY local).
MorganStanley	MSAX	BenchmarkOrFixing, VWAP, TWAP, ArrivalPrice, Seeker	-
UBS	UBSG	BenchmarkOrFixing	-

Algo/LP	Bank Of America	Barclays	BNP Paribas	Citi	Commerz Bank	Goldman Sachs	HSBC	JP Morgan Chase	Morgan Stanley	Standard Chartered	Societe Generale	State Street	UBS
VWAP	N	N	-	Y	-	Y	N	Y	Y	N	-	N	N
TWAP	Y	N	N	Y	N	Y	N	Y	Y	N	N	N	N
Peg	-	-	-	Y	-	Y	-	-	N	-	-	-	-
**Gamma	-	-	N	-	-	N	-	-	-	-	-	-	-
Dynamic	-	-	-	-	-	Y	-	-	-	-	-	-	-
Liquidity Seeking	-	-	-	-	-	-	N	-	-	-	-	-	-
Inline	-	-	-	-	-	-	-	-	-	N	-	-	-
Implementation Shortfall	Y	-	-	N	-	-	N	-	-	-	-	-	-
Get Done	N	-	-	-	-	-	N	-	-	N	-	-	-
Liquidity+	-	-	-	-	-	-	N	-	-	-	-	-	-
Benchmark / Fixing	Y	Y	N	-	N	Y	N	Y	Y	-	N	N	Y
Float	-	-	-	-	-	-	-	N	-	N	-	N	N
Internal Tracker	-	-	-	-	-	-	-	N	-	-	-	-	-
Panther	-	-	-	-	-	-	-	N	-	-	-	-	-
Sliceberg	-	-	-	-	-	-	-	N	-	-	-	-	-
Timeslicer	-	-	-	-	-	-	-	N	-	-	-	-	-
**Master	-	-	-	-	-	-	-	N	-	-	-	-	-
AQUA POV	-	-	-	-	-	-	-	N	-	-	-	-	-
Post & Sweep	-	-	-	N	-	-	-	-	-	-	-	-	-
Sweep	-	-	-	N	-	-	-	-	-	-	-	N	-
**Reflex	-	-	-	-	-	-	-	-	N	-	-	-	-
Iceberg	N	-	-	-	-	-	-	-	N	-	-	-	-
Seeker	-	-	-	-	-	-	-	-	Y	-	-	-	-
Arrival Price	-	-	-	-	-	-	-	-	Y	N	-	-	-
Critical Mass	N	-	-	-	-	-	-	-	-	-	-	-	-
Tracker	N	-	-	-	-	-	-	-	-	-	-	-	-
Whisper	Y	-	-	-	-	-	-	-	-	-	-	-	-
Access	N	-	-	-	-	-	-	-	-	-	-	-	-
Chameleon	-	-	N	-	-	-	-	-	-	-	-	-	-
Viper	-	-	N	-	-	-	-	-	-	-	-	-	-
Iguana	-	-	N	-	-	-	-	-	-	-	-	-	-
Custom	-	-	N	-	-	-	-	-	-	N	-	-	-
TAP	-	-	-	-	-	-	-	-	-	-	-	-	N
ORCA_Direct	-	-	-	-	-	-	-	-	-	N	-	-	N
Adaptive Sweep	-	-	-	-	-	-	-	-	-	N	-	-	-
Adaptive Take	-	-	-	-	-	-	-	-	-	-	-	-	-
Hunter	-	-	-	-	N	-	-	-	-	-	-	-	-
Tracer	-	-	-	-	N	-	-	-	-	-	-	-	-
PMID	-	-	-	-	-	-	-	-	N	-	-	-	-
Fixing Swap	-	-	-	-	-	-	-	-	N	-	-	-	-
POV	-	-	-	-	-	-	N	-	-	-	-	-	-
Nightjar	-	-	-	-	-	-	-	-	-	-	N	-	-
Falcon	-	-	-	-	-	-	-	-	-	-	N	-	-
Immediate	-	N	-	-	-	-	-	-	-	-	-	-	-
LWAP	-	N	-	-	-	-	-	-	-	-	-	-	-
GatorTakeProfit	-	N	-	-	-	-	-	-	-	-	-	-	-
GatorImmediateOrCancel	-	N	-	-	-	-	-	-	-	-	-	-	-
GatorPounce	-	N	-	-	-	-	-	-	-	-	-	-	-
GatorFloat	-	N	-	-	-	-	-	-	-	-	-	-	-
GatorFlex	-	N	-	-	-	-	-	-	-	-	-	-	-
GatorTakeProfit+	-	N	-	-	-	-	-	-	-	-	-	-	-
GatorTWAP	-	N	-	-	-	-	-	-	-	-	-	-	-
GatorParticipation	-	N	-	-	-	-	-	-	-	-	-	-	-
GatorBARXPeg	-	N	-	-	-	-	-	-	-	-	-	-	-
Adaptive	-	-	-	-	-	-	-	Y	-	-	-	-	-
Volume Tracker	-	-	-	Y	-	-	-	-	-	-	-	-	-
SC FIX	-	-	-	-	-	-	-	-	-	N	-	-	-
SC Match	-	-	-	-	-	-	-	-	-	N	-	-	-

** These algos are not yet supported in FSS.

Algo Control

This venue supports both client and venue -initiated suspension and restoration of order execution:

Client-initiated:

MultilegCancelReplaceRequest.ExecInst may be set to either:
- Suspend - temporarily remove the order from the market.
- Release - return the order to the market for continued execution.

Venue-initiated:

Notification of these events will be via ExecutionReport (Restated) messages.

Please refer to the OrderStateTransitionDiagram for details of the order lifecycle.

Whisperer supports the ‘Fill Now’ function via this venue , which causes the order to fill immediately at the best price the strategy can get.

This is available for certified LPs only, when available.

The table below sets out the LP/Algo combinations for which Suspend/Release and FillNow is supported. Attempts for other LP/Algo combinations will be rejected.

Liquidity Provider	Suspend/Release TargetStrategies	FillNow	Notes
BankOfAmerica	TWAP, ImplementationShortfall (formerly Decipher), Whisper	Y	-
Barclays	-	-	Supported by LP, but for Algos not yet certified by MarketFactory.
Citi	VWAP, TWAP, Peg, VolumeTracker	N	-
GoldmanSachs	VWAP, Peg, Dynamic	N	-
JPMorganChase	VWAP, TWAP, Adaptive, Float	Y	-
MorganStanley	-	N	Not supported by LP
UBS	-	N	Not supported by LP