Saxo OpenAPI adds new validation in order placement and order precheck
Multi-asset investment specialist Saxo Bank continues to enhance its OpenAPI, with the latest release offering improvements to the Trade service group.
New validation in order placement and order precheck has been added: ErrorCode: NotSuitable.
Depending on the local jurisdiction of Saxo bank users, Saxo will block orders if a user is deemed not appropriate for performing this trade. Factors that are used to determine which orders to block depends on multiple factors, including but not limited to:
- User’s country
- User’s appropriateness level
- User’s classification (retail/professional)
- Whether the order would increase or decrease exposure.
An example of an order that would be blocked is:
An order that would increase exposure in a FxSpot instrument for an Australian retail user who hasn’t completed their appropriateness test for FxSpot or who has completed the test but has been deemed not appropriate.
Please, note that as regulation around the world changes constantly, so will the rules Saxo uses to block orders. OpenAPI will correctly apply the latest rules to orders and return the correct result.
Since all logic is implemented fully in OpenAPI the only thing your application has to do is to handle the new error code returned when an order is rejected due to user’s appropriateness. There is no change to successful orders in any cases.
The new error code returned is “NotSuitable”, and the format follows Saxo’s standard error message format.
Users may take the relevant test from within one of Saxo’s platforms.
Saxo Bank’s OpenAPI offers:
- Access to all resources and functionality required to build a high-performance multi-asset trading platform.
- Better integration with Saxo Bank for partners and affiliates through a growing set of resources, such as Saxo’s Onboarding API.
In the most recent release of the OpenAPI, the Portfolio service group got equipped with several new fields. A new field “ClientKey” was added. Also, a new field “UnderlyingCurrentPrice” was added to “NetPositionView” section.
The developers have also introduced three new values for AssetType: CBBCategoryN, CBBCategoryR and InlineWarrant. Saxo will eventually have support for these three new asset types, so at some point orders and positions with these values for AssetType may start to appear.
In the Client Management service group, a new section “Relationships” was added.
In the Trade group, a resource “Trades” has been added. It is applicable only for a very small select set of partners.