Background

ExecutionAcknowledgement/ 35=BN is commonly supported by most ECNs to ACK or NACK a client's ExecutionReport.We treat ExecutionAcknowledgement (and OrderTimeout) as the end of the order life cycle in the maker workflow (please refer ESP/RFS/RFQ State Transition Model), where Whisperer clients are the market makers.

However, Integral is an anomaly and does not send an ExecutionAcknowledgement to notify the client that their ExecutionReport was Accepted. Several other ECNs do not support ExecutionAcknowledgement when the order was Rejected by the maker.

To normalise the order lifecycle in the maker workflow, MarketFactory will introduce a synthetic ExecutionAcknowledgement in the maker gateways to address the gaps in venue behaviour.

Affected Venues

• cboefx_fixproxy
• fxall_activetrading_maker
• fxall_quicktrade_maker
• integral_esp_maker
• integral_rfs_maker
• lseg_fxall_maker
• t360_supersonic_maker
• t360_tex_maker

Change

To address a normalisation gap in the maker workflow order lifecycle, MarketFactory will introduce a synthetic ExecutionAcknowledgement, in the absence of a venue ACK, in response to the maker's Filled or Rejected ExecutionReport.

Timeline

• 12 Sept 2025 - UAT - MarketFactory will introduce the synthetic ExecutionAcknowledgement for clients to test the affected venues in UAT.
• 16 Sept 2025 - PROD - Whisperer release 2025.09.16.WE with the synthetic ExecutionAcknowledgement change will be available for clients.

Please note that the synthetic ExecutionAck from Whisperer does not apply to the Firm trading workflow, where the venue notifies (the maker) of the fills using ExecutionReport in response to MassQuote from the maker.