New version of Saxo Bank’s OpenAPI for Excel enhances security

Maria Nikolova

The version includes an important upgrade to the security protocols used by the Excel add-in to connect to Saxo’s services.

Multi-asset trading services provider and fintech expert Saxo Bank has rolled out a new version of its OpenAPI for Excel.

Version 1.3.1 of the solution includes an important upgrade to the security protocols used by the Excel add-in to connect to Saxo’s services. The upgrade is strongly recommended for all users, as the old version will stop working once Saxo’s networking is updated to reject older protocols. This change is scheduled for November 2019.

The latest version of Saxo’s OpenAPI for Excel is released about three months after the rollout of the preceding version which saw a raft of potentially breaking changes for users.

Trade functions are now deprecated and removed from the add-in. This important change comes on the back of developments in the market requiring applications with trade access to declare order types (manual or automated). The required changes are minor for most clients, and performance improvements can be expected when switching over from the now-deprecated trade UDFs. This change only applies to clients that use Excel to place trades. Also, with version 1.3.0, all UDFs in the “OpenAPI Trading” category have been removed from the add-in.

In June this year, Saxo said its OpenAPI would be updated to require algo apps to provide an additional field in order requests indicating whether the order was generated automatically, or sent in manually by a user. The Excel add-in is classified as algo app, since it can be used to completely automate order placement through VBA.

The upcoming change, which is planned to go live during Q3 2019, will block any order that does not identify its origin using the “ManualOrder” field. Orders without this field will be rejected, as it will constitute a hard requirement by the OpenAPI.

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