View Source

The Whisperer Direct SBE Schema is Maker/Taker agnostic, meaning that Quote Requests, Quotes, Orders and Executions may flow either to or from the client - the direction obviously being dependent on the Venue that the client is connected to.

The perspective of transaction sides is always from the perspective of the originator of the transaction, with Takers Buying and Selling against Makers Bids and Offers as follows:

Takers will always Buy or Sell their specified Dealt Currency - which is either

Base - aka CCY1, LHS
Terms - aka CCY2, RHS

Conversely, Makers will publish quotes as Bids and Offers against the Base of the quoted Ccy pair:

The Bid price is the rate at which the Maker will buy the base currency.
The Offer price is the rate at which the Maker will sell the base currency.

This is set out in tabular form below:

Taker Trades		against Maker
Base Ccy	Terms Ccy	against Maker
BUY	SELL	OFFER
SELL	BUY	BID

In short, QuoteRequest, NewOrderMultileg and ExecutionReport all always express a transaction from the Taker perspective. Quotes always express prices from the Maker perspective.