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New order execution model for FX and CFDs

Saxo has changed the way that FX Spot, FX Forward and CFD trade requests are executed from a Quote Driven Model to an Order Driven Model. An Order Driven Model provides increased liquidity, transparency and control, with the potential for benefiting from price improvement. 

How has this changed the way you trade?

Limit IOC (Immediate-or-Cancel) orders with Price Tolerance​
 


A Limit IOC order is an instruction to fill as much of the order as possible, immediately, within a pre-defined tolerance of the market price. 

FX Spot and FX Forward orders default to a Limit IOC order with Price Tolerance of 0.01%.
 
  • When selling, Price Tolerance defines the minimum price differential that you are comfortable accepting. Price Tolerance is subtracted from the current Bid price, and is displayed as a limit price (Limit @ x.xxxxx) on the trade tile. 
     
  • When buying, Price Tolerance defines the maximum price differential that you are comfortable accepting. Price Tolerance is added to the current Ask price, and is displayed as a limit price (Limit @ x.xxxxx) on the trade tile.
 

Market IOC (Immediate-or-Cancel) orders
 

 
A Market IOC order is an instruction to buy or sell as much of the order as possible, immediately.
 
Removing Price Tolerance will convert the order type from a Limit IOC order to a Market IOC order for FX Spot and FX Forwards, and a Resting Market order for all other product types.
 
CFD Indices, Commodities, Interest Rates and Bonds will default to a Resting Market order.

Partial Fills

A partial fill may occur in the event that there is not enough liquidity available at the limit price and/or at the size that you wish to trade.
 
  • If an IOC order is partially filled any remaining amount will be cancelled.
  • If a Resting order is partially filled any remaining amount will rest on the order book for the duration of the order.
 

 

 

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