28 October 2016

The launch of Order Driven Execution

​Order Driven Execution for FX spot, FX Forwards and CFDs will launch for Saxo’s retail customers on 15 November, 2016 in SaxoTraderGO and on 17 Novembe...

​Order Driven Execution for FX spot, FX Forwards and CFDs will launch for Saxo’s retail customers on 15 November, 2016 in SaxoTraderGO and on 17 November, 2016 in SaxoTrader. For your branded platforms, the implementation is in the week of 21 November. The corresponding branded demo environments will be updated on 14 November.

Notable changes include:

  • FX Spot and FX Forward execution defaults to a Limit IOC (Immediate-or-Cancel) order, providing traders with greater control over the way orders are traded through a pre-defined Price Tolerance
  • Price Tolerance on a Limit IOC order defines the minimum (when selling) price differential or maximum (when buying) price differential that a trader is comfortable accepting. For FX spot and FX Forwards, the default is set to 0.01% of the spot price for all currency pairs, but it is configurable on the individual currency pair level
  • To extend the breadth of FX liquidity available to traders, Saxo will be able to connect to a broader set of market venues that typically only operate under an Order Driven Model. This means that it will be quicker and easier to get orders into these venues
  • Introduction of partial fills for FX spot and FX Forwards
  • Execution in all other product types defaults to a Resting Market order and traders may experience positive or negative price movements. Resting orders may further be subject to partial fills
  • Change to the colour of the trade tiles

On the Institutional Marketing Portal you can find a communication package for Order Driven Execution, which you can use to prepare documentation for your customers. The email communication Saxo sent last week to direct retail customers is here for your reference.

If you have any questions, please contact your Account Manager.