The following sections outline the key Business changes introduced with Whisperer Direct with respect to Whisperer Classic.

Organisational

• Maker/Taker-agnostic: The Venue always dictates the supported message flow, the API does not make any assumptions about counterparty roles, eliminating the need for separate Maker and Taker Whisperer APIs/builds/installations.

Market Data

• Explicit identification of "Pre-Open" status (to assist allowing for backwardated prices)
• LotSize

Product Types

All FX product types supported:

• FX Spot
• FX Forward
• FX Non-Deliverable Forward - Fixing date and reference now supported.
• FX Swap
• FX Non-Deliverable Swap
• FX Block
• Future

Regulatory Fields

Full Regulatory field pass-through - all explicitly supported at Body, Leg and Allocation levels, for all message types through the trade lifecycle. Market Mid Price, LEIs, flags, regulatory trade IDs etc for:

• SEF
• EMIR
• MiFID II

Counterparties

• Counterparty Firm/LEI/Trader details now provided via Parties block.

Quotation Trading Models

Full support for ESP and RFQ/RFS models:

• Pre-trade allocations.
• Order messages linked with QuoteReqID to assist supportability.
• Indicative/Tradeable QuoteType (aka Quote condition) now supported, to allow Maker ESP/RFS quote withdrawal.

Orders

Additional Time In Force support:

• GTD (Good 'til Date) - timestamp of desired order expiry (within current trading day).
• GFT (Good For Time) - number of seconds before order expiry

Additional Order types:

• Iceberg
• Pegged
• Discretion
• Trailing Stop (to double check).

Cancel/replace now allows for provision of MinQty and StopPx.

REMOVED

Software Limit Monitor

Whilst the SLM remains a component of Whisperer 3.13/14, in MFSBE4 SLM API support is now deprecated in favour of our clients using Reflector, or at least using the same notification interface as used by Reflector (WHSPRR-1676):

• TradeLimitDataMessage 
• LockUserMessage
• LockResponseMessage