Spotware Systems, a trading software development company for the foreign exchange (FX) and contracts-for-difference (CFDs) industry, has added a FIX API trading capability for hedge funds through its cTrader platform.
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Last year, the group first unveiled landmark changes to its cTrader platform solution, including support for the FIX API protocol, which extended this feature for retail traders. Since then, cTrader’s FIX API now includes a wide range of application messages for Request for Positions and Position Report, thereby enabling traders to manage open positions via FIX API.
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The development of making cTrader FIX API compatible for hedge fund accounts is important as it helps streamline retail broker operations, namely with regard to prior complications surrounding the conversion and retention process.
According to James Glyde, CCO, Spotware Systems, in a recent statement on the support: “We are pleased to be able to deliver another key differentiator between cTrader and other platforms as we continue to increase the value we give to traders and provide honest and useful conversion and retention tools for our broker-clients.”
“FIX API is typically used for netting purposes due to the institutional origin and popular application of the API. This limitation continues to exist despite the growing sophistication of retail traders and their demand to have access to institutional grade technology yet continue trading with the familiar hedging account type which their strategies are based upon,” he added.