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FX Quotes

Bilaterally agree rates for OTC FX trading with other participants on the network.

Overview​

FX Quotes enables you to agree a rate for an FX trade, which can then be settled using the Link and Settle service.

RTGS.global provides the communication mechanism only, aligned to the FIX Standard specification. RTGS.global does not provide rates or take any margin on agreed trades.

Two API versions are available:

  • V3 (current) — FIX 4.4 compatible. The Funds Controller acts as the FX provider, returning indicative quotes derived from their rates at the time of the request.
  • V2 — FIX 4.2 compatible. Full bilateral negotiation where each message is explicitly exchanged between participants.

V3​

Indicative quotes

V3 quotes are estimates derived from rates provided by the Funds Controller at the time of the request. The final executed amount is determined at the point of settlement and may differ from the quote. All quotes are non-binding and subject to expiry.

  1. Quote request — Submit via POST /v3/fx/quote/request, specifying the currency pair (Symbol), side (Buy/Sell), and either the base (OrderQty) or quote (OrderQty2) quantity
  2. Quote response — The Funds Controller responds with a quote including the offered rate, amounts in both currencies, and an expiry time (quoteNotificationV3 event)
  3. Exchange — Accept the quote via POST /v3/fx/exchange, providing the QuoteId, your base and quote currency account details, and the ClOrdId you intend to use for settlement. Set the rtgs-global-signed-for HTTP header to the Funds Controller's RTGS.global ID
  4. Execution report — The Funds Controller confirms or cancels the order (executionReportNotificationV3 event)

If the execution report confirms the trade, proceed to Link and Settle to settle. Use ClOrdId (from the exchange) as the Link Identifier — this chains the identifiers end-to-end: QuoteReqId → ClOrdId → LinkId.

V2​

  1. Request for Quote — Initiate a Request for Quote via POST /v2/quote/request, specifying the currency pair, amount to buy/sell, and intended recipient(s)
  2. Quote response — Counterparty participants respond with a Quote Message detailing the offered rate and resulting amounts in both currencies
  3. New Order Single — Examine responses and send a New Order Single via POST /v2/quote/new-order-single to the counterparty whose quote suits you best
  4. Execution Report — The counterparty responds via POST /v2/quote/execution-report confirming whether the order is accepted and can be settled, or cancelled

If the Execution Report confirms the trade, proceed to Link and Settle to complete settlement.