Saxo Bank’s OpenAPI now fully supports multi-leg orders

Maria Nikolova

A new resource – prices/multileg, which provides prices for multi-leg orders, has been added.

Multi-asset trading expert Saxo Bank has released a new version of its OpenAPI.

The latest release includes a number of additions and enhancements. For instance, a new resource – ‘CurrencyPairs’, representing all supported currency pairs has been added.

Also, a new resource – prices/multileg providing prices for multi-leg orders – has been added. With this addition there is now full support for multi-leg orders in Saxo’s OpenAPI. Multi-leg orders are used when trading option strategies.

OpenAPI supports trading industry standard and custom option strategies, such as Straddles, Condor and Butterfly strategies. These orders are a form of basket orders, where one order is placed to open multiple positions simultaneously. Each order is referred to as a “leg”, and to maintain the desired risk and exposure the exchange guarantees symmetrical filling of all legs.

Currently the pre-defined strategies are:

  • BackRatio – Consists of two options, of same type and expiry, but with different amounts and strike prices.
  • Butterfly – This is a non-directional strategy that combines legs of same expiry, but with varying amounts and strike prices.
  • CalendarSpread – A calendar spread is a long-short position is two calls or two puts. Both options have the same strike, but they have different expiration.
  • Condor – A condor strategy leverages four options with same expiry. A buy and a sell in the money, and a buy and a sell out of the money. It can also be characterized as two call spreads.
  • Diagonal – A diagonal spread is two options of the same type, one buy and one sell, but with different expiry times and different strike prices. Essentially a combination of a Vertical and Calendar spread.
  • IronButterfly – Two overlapping vertical spreads. One of the verticals is on the call side and one is on the put side.
  • IronCondor – A combined put and call spread with same expiration but varying different strikes.
  • RiskReversal – One leg is an out-of-the-money put, the other leg is an out-of-the-money call.
  • Straddle – A call and a put with the same underling strike price and maturity expiration date.
  • Strangle – A call and put with different strike prices but with the same expiry.
  • Vertical – A vertical spread has two legs. One is buy and one is sell with same expiration date, but with different strike prices.

All other combination of individual legs are considered user-defined “custom” strategies.

Let’s recall that the preceding OpenAPI update also included a raft of enhancements. A field called ‘DisableForceOpen’ or ‘IsForceOpen’ was added to positions and orders resources. This is in preparation of an upcoming feature, whereby it will be possible for a user to specify that a position should not be automatically netted. Currently the value has no effect.

Read this next

Digital Assets

DappRadar report: NFTs volume below $1 billion for the first time since June 2021

DappRadar’s July 2022 industry report found that blockchain games and their NFTs remain resilient amid a crypto winter accentuated by the debacle of Terra.

Digital Assets

Blockchain.com registers to operate crypto business in Italy

Blockchain.com had registered as a digital asset provider in Italy, following in the tracks of rivals who joined a special registry with brokerage regulator Organismo degli Agenti e dei Mediatori (OAM).

Digital Assets

Binance rolls out crypto card in Argentina with 8% cashback

Binance is launching its crypto debit card in Argentina, the first country in Latin America to have the product thanks to a partnership with Mastercard.

Digital Assets

Greece sends BTC-e operator Alexander Vinnik to US

Alexander Vinnik, an alleged Russian hacker accused of laundering $4 billion of criminal proceeds through BTC-e, has been extradited from Greece to the United States.

Retail FX

Saxo Bank reports weakest FX volume in 6 months

As many traders were away on annual summer leave, currency markets saw a relatively quiet period in July. Within that context, Copenhagen-based Saxo Bank has reported its monthly metrics, which showed a renewed decline month-over-month.

Market News

The Week Ahead: 5 August from David Madden, Market Analyst at Equiti Group

It has been an interesting week and despite a lot of negative news, equity markets enjoyed a positive run. US House Speaker, Nancy Pelosi, defied the warnings from the Chinese government and carried out a visit to Taiwan. The Beijing authorities moved military hardware close to the self-governed island to flex its muscles. Stock markets came under a little pressure as a result and risk-off assets like the Japanese yen and gold found themselves in high demand.

Opinion

Alina Strogonova of Muvon Payments: How Can Fintech Optimise Payments

Financial services in their conventional form are obsolete, according to fintech startups. New-age finance is constantly redesigning electronic money transactions and testing innovative solutions.

Digital Assets

No need for CFDs: BitMEX introduces leveraged FX perpetual swaps

Previously retail FX trading was mostly possible via CFDs (contract for difference). BitMEX’s FX perps allow both retail users and institutional traders to access FX markets through an exchange-traded contract.

Digital Assets

BEQUANT launches index measuring dollar against crypto

“Our research team has worked hard to quantify and capture the latest economic story into the broader crypto market.”

<