Saxo Bank’s OpenAPI to introduce changes concerning order ID

Maria Nikolova

In January, Saxo’s OpenAPI will introduce a change whereby an order will retain the same order id, even if the order is filled over several exchange sessions.

Multi-asset trading expert Saxo Bank continues to enhance the capabilities of its OpenAPI. This month is set to see more changes implemented.

In January, Saxo Bank is set to introduce a change whereby an order will retain the same order id, even if the order is filled over several exchange sessions. This change is poised to make it easier to keep track of an order and the position or positions created as the result of the order being filled.

Unless developers are keeping their own records between orders places and positions created, this change should not have any implications for them. In most situations they should not need to do this, as they should be able to trust that Saxo’s list of open orders (port/v1/orders) and positions (port/v1/positions) are consistent and correct.

If however, developers are keeping their own records, they may appreciate the improved ability to keep a connection between the order and the position(s) being created as a result of an order fill, even when the order fill happens over several exchange sessions.

Another benefit is the improved experience for a user, who will be looking at an open order showing the original order amount and the total filled amount, rather than a new order on a smaller amount.

The only potential impact could be if somehow developers’ application expects that two positions cannot have the same SourceOrderId.

Saxo Bank has been regularly updating its OpenAPI. In December 2018, FinanceFeeds reported about the addition of new authentication flows and a streaming solution to the OpenAPI.

The list of changes implemented earlier includes new tick sizes when placing FX orders. Before the change, FX instruments had only had one tick size which was defined by the field ‘TickSize’ under instrument details. After the change was implemented, the API started operating with three separate tick sizes when placing orders:

  • TickSize: to be used for IOC and FOK orders.
  • TickSizeLimitOrder: to be used for Limit orders.
  • TickSizeStopOrder: to be used for Stop orders.

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