Saxo Bank rolls out new version of OpenAPI for Excel

Maria Nikolova

Version 1.3.0 introduces a couple of potentially breaking changes for users of the API.

Online trading and fintech services provider Saxo Bank has earlier this week released a new version of its OpenAPI for Excel.

Version 1.3.0 is the first major update since version 1.1.1 to introduce a couple 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.

With version 1.3.0, all UDFs in the “OpenAPI Trading” category have been removed from the add-in. To comply with requirements for algo trading tools, users on the Excel platform will have to construct orders ‘from scratch’ using the provided HTTP request functions in Excel:

  • OpenAPIPost() to create a new order, either to open a position or close an existing position.
  • OpenAPIPatch() to modify the details of an existing order.
  • OpenAPIDelete() to remove an existing order.

Except for OpenAPIDelete(), these functions require a body to be provided in the request, which contains the details of the order. This body has to be constructed separately in VBA and should include the required fields as specified by the /trade/v2/orders endpoint. The body is a string containing JSON-structured data.

The following UDFs will no longer be supported:

  • OpenAPIPlaceOrder()
  • OpenAPIEditOrder()
  • OpenAPICancelOrder()
  • OpenAPIAddRelatedOrder()
  • OpenAPIClosePosition()

Clients on earlier versions of the add-in will not directly be blocked from using these functions. It is advised to migrate timely, as new requirements for order placement will not be implemented for deprecated functions. These UDFs will stop working altogether once the requirements for order placement are enforced (planned Q3 2019).

Further, Saxo’s OpenAPI will soon 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 the third quarter of 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.

In practice, the only change required for current clients on OpenAPI for Excel will be to add the “ManualOrder” field to their order requests. Each individual order is required to have this flag set to either “true” for a manual order, or “false” for an automated order.

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