Saxo Bank plans further changes for its OpenAPI

Maria Nikolova

With the OpenAPI release on or after May 1, 2020, Trade Allocation Keys will no longer be allowed to include a broker account.

Multi-asset trading and fintech expert Saxo Bank continues to enhance its OpenAPI, with more changes set to be implemented in May 2020.

It is not allowed for a broker account to participate in a block trade allocation. This restriction has been enforced in Saxo UI’s for the past two years. With the release on or after May 1, 2020, the restriction will also be enforced in OpenAPI.

If the traded amount does not match the total number of units in the key, there can be one or several remainders when allocating, typically through partial fills. Therefore an allocation key must always include at least one account designated to receive the remainder.

Until now it has been possible – through OpenAPI – to specify an allocation key, where:

  • All of the client accounts have been specified an AcceptRemainderAmount property set to false,
  • The broker account is also included, but with the AcceptRemainderAmount property set to true and a UnitValue property of 0.

As a result any remainder would be placed on the brokers account. After the upcoming release on or after May 1st, this will no longer be possible.

At that time:

  • An allocation key can only include client accounts.
  • One of these accounts must have the AcceptRemainder property to true.

Trying to create a key which violates these rules will be rejected. Trying to place an order, with a previously defined key which violates these rules, will also be rejected.

The latest release of the OpenAPI includes some fixes and enhancements. The new API version removes the SingleAndClosedPositions array in the NetPositions endpoint. The company has earlier warned that it would no longer support SingleAndClosedPositions in the NetPositions resource. This has been marked obsolete/do not use since June.

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