Nicholas Hastings
Nicholas Hastings

APIs – the key to unlocking the real power of electronic FX

APIs, or application program interfaces, were not made for the foreign exchange market but it seems as if they should have been, reports Nicholas Hastings.

First Published: e-Forex Magazine 74 / Technology / December, 2016

APIs have developed into a key element of electronic trading, making is faster, stronger, and even more complex as manual trading increasingly becomes a thing of the past. The concept of APIs, which in the most basic terms allows one piece of software to interact with another piece of software, is far from new. In fact, the whole idea pre-dates even the introduction of personal computing and was an essential part of software development from the earliest days. As systems developed and the web itself was created and expanded the importance of APIs just grew and grew in many areas of trading. For foreign exchange traders, the basic API is the interface that allows their platforms to connect with the market. But that is not all. APIs have multiple features that facilitate information sharing, including real time foreign exchange price quotations, trade executions and order and trade confirmations. Now, just about every major online foreign exchange brokerage service offers proprietary APIs to their...continued

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