Saxo Bank enables Extended Asset Types for all new applications
Multi-asset trading and investment specialist Saxo Bank has released a new version of its OpenAPI, the backbone of trading platforms such as SaxoTraderGO.
To facilitate a better separation of instruments with different properties, Saxo Bank has decided to redefine the AssetType enumeration. This refined definition is referred to as “Extended AssetTypes“.
Extended AssetTypes is now enabled for all new applications and the explorer in the developer portal also works with this new definition. The reference documentation for each service group is in the process of being updated.
Extended AssetTypes are created to make the AssetTypes more granular. The AssetType “Stock” contained not only equities, but also different types of funds. The universe became so big over time, creating the need to be more precise, for example when searching for instruments and handling them in a more specific (or correct) way.
To support this, Saxo have now split the “old” AssetType “Stock” into “Stock”, “ETC” (Exchange-Traded Commodity), “ETF” (Exchange-Traded Funds), “ETN” (Exchange-Traded Notes), “Funds” and “Rights”. Saxo have done the same for their “CFD” equivalents.
When your application calls OpenAPI, the API will check if your application has been configured to work with the new extended AssetType definition. By definition all applications created prior to Nov 1 2021 are configured to operate with the old definition and applications created after Nov 2021 will be created to work with the new definition.
The new asset type definition will be present across all OpenAPI endpoints.
The biggest difference and benefit of switching to Extended AssetTypes will be noted when searching for instruments. Limiting a search to just “Stock” will lead to a smaller search result. To get the old behavior your code will have to provide the full range of the new AssetTypes.
Let’s note that the preceding version of Saxo’s OpenAPI added a new service group specifically to support Corporate Actions.
The Corporate Actions service group provides resources to help end clients view and act on corporate actions and proxy votes related to their current holdings.
Corporate Actions are events initiated by companies who are issuers of securities. These events give opportunities to the owners of these securities to receive benefits or take part in certain activities. Holdings are units of shares or other instruments of owners, which are usually the starting point of all the corporate actions.