Quote streams
What is Quote Streams (QS)?
Quote Stream enables trading on non-firm (with last look) liquidity. Liquidity Providers stream indicative quotes for specific instruments to Takers and Masters via Finery Markets. In contrast to our Firm Liquidity pools, the execution occurs outside Finery Markets’ matching engine. These streams provide real-time market data updates and can be assigned to a specific client, a group of clients, or all clients (including new ones). Each stream is uniquely identified by a Stream ID.
How does a Quote Stream work?
Stream Setup: LPs or bridge providers can create streams via API by choosing an instrument. The liquidity provider can make the stream available to all clients, unique client groups, or IDs. Only one stream is allowed per taker-instrument combination. Finery Markets Support can also set up streams manually. For assistance, contact help@finerymarkets.com.
Market Data: LPs stream indicative quotes to the designated streams, which Takers subscribe to via WebSocket or FIX APIs. Quotes are delivered as snapshots of the order book, including bid and ask prices with corresponding sizes.
Order Execution: Takers submit orders specifying execution rules (individual QS LP , all available QS LPs, or all available liquidity). Depending on the rule, a pre-matching process cross-references Risk Management parameters and compares quotes from multiple LPs and the firm book to determine the best execution price. Finery Markets selects the optimal liquidity source and routes the order to the external venue if it’s a QS LP.
Markups: When QS LP streams to Master or Taker account types, markups don’t apply. Establish individual streams with markups. However, Master’s markup applies to sub-takers.
What is the difference between firm book and QS?
In QS, the execution occurs on the LP's side. Last look and rejections may occur due to the architecture (especially during high market volatility).
How does 'Best Price Available' mode works?
Finery Markets uses a pre-matching process to ensure optimal execution:
Snapshots of the order book are gathered from multiple LPs
The weighted average execution prices are calculated for the requested order size per LP
The best Quote Stream (QS) liquidity is compared with the aggregated firm liquidity
If the the aggregated firm liquidity is better, the order is executed in full through the firm book
If the firm book price is less competitive compared to the QS liquidity, the order is routed to the QS LP for full amount execution.
How do limit checks work?
Market data is accessible upon establishing a connection and setting a trading limit. The market data is not a subject to a credit check.
Potential trades, based on the best weighted average price and executed size, are first checked by Finery Markets’ Risk Management
If Risk Management rejects the potential trades, the order is not routed to the LP
If the potential trades pass all Risk Management checks, the required limit is blocked until the LP responds
LPs may apply additional limit checks
The limit is released upon the LP’s response, regardless of whether the order is executed or rejected.
What APIs are supported?
Quote Streams supports WebSocket, REST, and FIX APIs for both Makers (LPs) and Takers. Makers use APIs to stream quotes and manage streams, while Takers use them to subscribe to market data and execute orders. The detailed API specifications are available in the API Reference section.
Can QS connections be established via bridges?
Yes, bridge providers support FM’s QS API methods and can connect to Finery Markets on your behalf. To enable this integration, you’ll need to share your Finery Markets API keys with the bridge provider, which will manage the technical implementation.
Both maker and taker setups are supported, including streaming quotes, retrieving quotes, and placing and executing orders.
For detailed assistance and a list of supported providers, please contact us at help@finerymarkets.com.
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