1
SGX FX Composite Market Data FIX
Specification
Version 6.0
10
th
November 2025
2
SGX FX Systems UK Limited
Legal Notices
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FX”). This document is protected by copyright law and international treaties. Unauthorized possession,
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Unauthorized reproduction of such programs and/or code, or any portions thereof, may result in severe civil
and criminal penalties, and will be prosecuted to the maximum extent possible under the law.
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limited to, the implied warranties of merchantability, fitness for a particular purpose, or non -infringement.
Information in this document is subject to change without notice. Technical updates are periodically added
to the information herein. SGX-FX may make improvements and/or changes to the product(s) and/or the
program(s) described in this publication at any time.
Companies, names, and data used in examples herein are fictitious unless otherwise noted. No part of this
document may be reproduced or transmitted in any form or by any means, electronic or mechanical, for any
purpose, without the express written permission of SGX-FX.
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Contents
1. Version history ........................................................................................................ 3
2. Introduction............................................................................................................. 4
3. Connectivity............................................................................................................. 5
3.1. Connection medium ............................................................................................... 5
4. Session Management .............................................................................................. 5
4.1. Message Formats .................................................................................................... 6
4.1.1. Logon.................................................................................................................. 6
5. Market Data ............................................................................................................ 6
5.1. Message Flow......................................................................................................... 6
5.2. Message Formats .................................................................................................... 7
5.2.1. Market Data Request .......................................................................................... 7
5.2.2. Market Data Request Reject ............................................................................. 10
5.2.3. Market Data – Full Refresh .............................................................................. 10
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1. Version history
A record of changes and updates
Version
Date
Description of Changes
1.0
18.10.2024
First revision
2.0
18.02.2025
Incremental Refresh message added, Full
Refresh removed (no longer supported)
4.0
30.04.2025
Updated Incremental Refresh message -
added tag 1026
5.0
12.06.2025
Updated Market Data Request examples -
some examples had incorrect tag 93001
instead of 9301
5.1
12.06.2025
Updated messages examples
5.2
16.06.2025
Updated Market Data Request message -
included a full list of accepted tenors
5.3
26.06.2025
Updated Logon message – added missing
553, 554 tags
Updated Incremental Refresh message, tag
279 - added missing value 2 - Delete
5.4
28.08.2025
Added support of 15M, 18M tenors
5.5
29.09.2025
Updated Market Data Request message -
added tag 64
6.0
10.11.2025
Full Refresh message added, Incremental
Refresh removed (no longer supported)
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2. Introduction
This document outlines the Financial Information Exchange (FIX) message format for
querying and receiving pricing from the SGX FX real-time composite system,
specifying the subset of FIX messages and fields supported by the interface. SGX FX's
market data streaming implementation is described here, based on the FIX 4.4
specification, and is intended to be read in conjunction with the FIX Protocol
Specification. The specification supports pricing on the following price streams
• Spot
• Forward
• NDF
3. Connectivity
The client is responsible for initiating the connection to SGX FX. Once the connection
is established, the client must then initiate the normal FIX logon process.
To minimize market data message latency, SGX FX does not support persisting market
data messages, nor do we support these being resent on recovery. Further, the sequence
number will be explicitly reset on logon.
3.1. Connection medium
SGX FX support the below connection over the private networks such as through
Cross-Connectivity. Additional details on these are available upon request and options
can be discussed with the SGX FX team.
4. Session Management
The SGX FX interface supports the standard FIX session protocol, including all
standard session messages:
Name
MsgType
Heartbeat
0
Logon
A
Test Request
1
Resend Request
2
Reject
3
Sequence Reset
4
Logout
5
6
Note: The "Req'd" column used in the tables for this specification contains values 'Y' for
compulsory tags, 'N' for optional and 'C' for conditionally required tags.
Repeated groups are marked by an indention in the table, for example:
146
NoRelatedSym
...
→
55
Symbol
...
4.1. Message Formats
Only the Logon message requires clarification, the other session messages are as per the
specification.
4.1.1. Logon
Tag
Field Name
Req'd
Comment
Standard Header
Y
MsgType = A
108
HeartBtInt
Y
Heartbeat interval (seconds).
98
EncryptMethod
Y
Method of encryption. Only 0 (None) supported.
141
ResetSeqNumFlag
N
Indicates both sides of a FIX session should reset
sequence numbers.
553
Username
Y
The client’s username
554
Password
Y
The client's password
Standard Trailer
Y
5. Market Data
5.1. Message Flow
The client requests a stream of prices for a currency pair, by submitting a Market Data
Request with a SubscriptionRequestType of Snapshot + Updates (value 1). If the
request is successful, Market Data messages will start to be sent to the client. They will
continue to be sent until the connection is lost or a Market Data Request with a
SubscriptionRequestType of Disable previous Snapshot + Update Request (value 2) is
sent by the client.
All data is sent as Market Data Full Refresh messages that contain the full set of price
tiers, i.e. an entry will be provided for each price and amount.
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Client will request one stream of either spot rates or forward rates for a specific tenor.
Clients can subscribe for multiple different tenor streams, e.g. spot, 1M forward, 2M
forward for the same currency pair all regarded as different streams. Attempts to submit
more than one Market Data Request for a specific stream will result in a Market Data
Request Reject message
For forward subscriptions, the spot price will be published in the forward stream (i.e. it
is not required to subscribe to both the spot and forward streams in order to get the all-
in price).
5.2. Message Formats
5.2.1. Market Data Request
Tag 50 (SenderSubID) can be used to send a stream ID which can differentiate between
different pricing tiers.
Tag
Field Name
Req'd
Comment
Y
MsgType = V
262
MDReqID
Y
Unique identifier allocated by the client for
the subscription.
When unsubscribing
(SubscriptionRequestType = 2) the same Id
must be supplied.
263
SubscriptionRequestType
Y
1 = Subscribe
2 = Unsubscribe
264
MarketDepth
Y
1= Top Of Book (0 = Full Book - supported
but returns the same result as top)
265
MDUpdateType
C
Required if SubscriptionRequestType = 1.
Supported values:
0 = Full refresh
1 = Incremental Refresh (Deprecated)
267
NoMDEntryTypes
Y
Number of MDEntryType fields to follow.
→
269
MDEntryType
Y
0 = Bid
1 = Offer
146
NoRelatedSym
Y
Number of symbols requested. Currently
only a single Symbol can be requested per
Market Data Request message. Supported
values: 1
8
55
Symbol
Y
The currency pair to subscribe to in the form
base/term where base and term are ISO
currency code, e.g. EUR/USD.
64
SettlDate
N
Specific date of trade settlement in
YYYYMMDD format. Used for validation
only – if it is present, it must match the tenor
provided
167
SecurityType
C
Indicates type of security. Required if
SubscriptionRequestType = 1.
FX_SPOT = FX Spot
FX_FWD = FX Forward
FX_NDF = Non-deliverable forward
9301
Tenor
N
Required if SubscriptionRequestType = 1
and SecurityType is FX_FWD or FX_NDF.
Valid tenors are TOD, TOM, SN, 1W, 2W,
3W, 1M, 2M, 3M, 4M, 5M, 6M, 7M, 8M,
9M, 10M, 11M, 15M, 18M, 1Y, 2Y, IMMH,
IMMM, IMMU, IMMZ, IMMH1, IMMM1,
IMMU1, IMMZ1, BJAN, EMAR, BAPR,
EJUN, BJUL, ESEP, BOCT, EDEC,
BJAN1, EMAR1, BAPR1, EJUN1, BJUL1,
ESEP1, BOCT1, EDEC1, BMFF, BMFG,
BMFH, BMFJ, BMFK, BMFM, BMFN,
BMFQ, BMFU, BMFV, BMFX, BMFZ.
Standard Trailer
Y
Tag
Field Name
Value
35
MsgType
V
262
MDReqID
Custom id
263
SubscriptionRequestType
1
264
MarketDepth
0
265
MDUpdateType
0
267
NoMDEntryTypes
2
→
269
MDEntryType
0
→
269
MDEntryType
1
146
NoRelatedSym
1
9
→
55
Symbol
EUR/USD
→
167
SecurityType
FX_SPOT
Example Spot request message:
35=V | 49=SGX FX | 56=BROKER-MD | 34=52 | 50=GOLD | 52=20160424-
22:54:31.757 | 262=BROKERFXRFS-2016042422543151 | 263=1 | 264=0 |
265=0 |267=2 | 269=0 | 269=1 | 146=1 | 55=EUR/GBP | 167=FX_SPOT |
10=139 |
Tag
Field Name
Value
35
MsgType
V
262
MDReqID
Custom id
263
SubscriptionRequestType
1
264
MarketDepth
0
265
MDUpdateType
0
267
NoMDEntryTypes
2
→
269
MDEntryType
0
→
269
MDEntryType
1
146
NoRelatedSym
1
→
55
Symbol
EUR/USD
→
64
SettlDate
20160525
→
167
SecurityType
FX_FWD
→
9301
Tenor
1M
Example Forward request message:
35=V | 49=SGX FX | 56=BROKER-MD | 34=1017 | 50=GOLD | 52=20160425-
06:46:18.493 | 262=BROKERFXRFS-2016042506461889 | 263=1 | 264=0 |
265=0 | 267=2 | 269=0 | 269=1 | 146=1 | 55=EUR/GBP | 64=20160525 |
167=FX_FWD | 9301=1M 10=138 |
Tag
Field Name
Value
35
MsgType
V
10
262
MDReqID
Custom
id
263
SubscriptionRequestType
1
264
MarketDepth
0
265
MDUpdateType
0
267
NoMDEntryTypes
2
→
269
MDEntryType
0
→
269
MDEntryType
1
146
NoRelatedSym
1
→
55
Symbol
USD/INR
→
64
SettlDate
20160605
→
167
SecurityType
FX_NDF
→
9301
Tenor
1M
Example NDF request message:
35=V | 49=SGX FX | 56=BROKER-MD | 34=24 | 50=TIER1 | 52=20160505-
21:11:06.125 | 262=BROKERFXRFS-2016050521110621 | 263=1 | 264=0 |
265=0 | 267=2 | 269=0 | 269=1 | 146=1 | 55=USD/PHP | 64=20160605 |
167=FX_NDF | 9301=1M | 10=052 |
5.2.2. Market Data Request Reject
Tag
Field Name
Req'd
Comment
Standard Header
Y
MsgType = Y
262
MDReqID
Y
Must refer to the MDReqID of the request.
281
MDReqRejReason
N
Rejection reason code. See FIX Specification
for valid values.
58
Text
N
Textual description of the rejection reason.
Standard Trailer
Y
5.2.3. Market Data – Full Refresh
Tag
Field Name
Req'd
Comment
Standard Header
Y
MsgType = W
262
MDReqID
Y
As provided in the Market Data
Request.
55
Symbol
Y
The currency pair the entry for in
form base/term, where base and
term are ISO currency code, e.g.
EUR/USD.
268
NoMDEntries
Y
Number of entries following.
→
269
MDEntryType
Y
Supported values:
11
0 = Bid
1 = Offer
→
270
MDEntryPx
Y
All-in price
→
271
MDEntrySize
Y
The trade size the MDEntryPx.
→
272
MDEntryDate
Y
The value date of the trade.
→
1027
MDEntryForwardPoints
N
Expressed in decimal form.
→
20001
ConfidenceLevel
Y
Composite price confidence level
(2-5).
Standard Trailer
Y
Example: Spot Full Refresh
Tag
Field Name
Value
35
MsgType
W
262
MDReqID
Custom id
55
Symbol
EUR/USD
268
NoMDEntries
16
→
269
MDEntryType
0
→
270
MDEntryPx
123.123
→
271
MDEntrySize
10000000
→
272
MDEntryDate
20160505
→
20001
ConfidenceLevel
5
→
269
MDEntryType
1
→
...
...
...
Example Spot full refresh message:
35=W|49=BROKER-MD|56=SGX FX|34=17|52=20160502-
21:10:38.766|262=BROKERFXRFS-201605022110382|55=AUS/USD
|268=4|269=0|270=0.76728|271=1000000|272=20160504|20001=5|269=1|270=
0.66728|271=1000000|272=20160504|273=21:10:38.766|20001=5|269=0|278=
AUS/USD72|55=AUS/USD|270=0.89944|271=2000000|272=20160504|273=
21:10:38.766|20001=5|
Example: Forward Full Refresh
Tag
Field Name
Value
35
MsgType
W
262
MDReqID
Custom id
12
55
Symbol
EUR/USD
268
NoMDEntries
16
→
269
MDEntryType
0
→
270
MDEntryPx
123.123
→
271
MDEntrySize
10000000
→
272
MDEntryDate
20160505
→
1027
MDEntryForwardPoints
0.123
→
20001
ConfidenceLevel
5
→
269
MDEntryType
1
→
...
...
...
Example Forward full refresh message:
35=W | 49=BROKER-MD | 56=SGXFX | 34=895981 | 52=20160506-
00:26:51.770 | 262=BROKERFXRFS-2016050600265044 | 268=4 | 55=USD/SGD
| 269=0 | 270= 1.359066 | 271=1000000 | 272=20160523 | 1026=1.359 |
1027=0.000066 | 20001=5 | 269=1 | 270= 1.459066 | 271=1000000|
272=20160523 | 1026=1.459 | 1027=0.000066 | 20001=5 |
269=0 | 270= 2.359066 | 271=2000000 | 272=20160523 | 1026=2.359 |
1027=0.000066 | 20001=5 | 269=1 | 270= 2.459066 | 271=2000000 |
272=20160523 | 1026=2.459 | 1027=0.000066 | 20001=5 | 10=169 |
Example: NDF Full Refresh
Tag
Field Name
Value
35
MsgType
W
262
MDReqID
Custom id
55
Symbol
USD/MYR
268
NoMDEntries
16
→
269
MDEntryType
0
→
270
MDEntryPx
123.123
→
271
MDEntrySize
10000000
→
272
MDEntryDate
20160505
→
1027
MDEntryForwardPoints
0.123
→
20001
ConfidenceLevel
5
→
269
MDEntryType
1
→
...
...
...
13
Example NDF full refresh message:
35=W | 49=BROKER-MD | 56=SGX FX | 34=931064 | 52=20160506-
00:32:03.673 | 262=BROKERFXRFS-2016050600320246 | 55=USD/MYR | 268=4
| 269=0 | 270=1.359066 | 271=1000000 | 272=20160523 | 1026=1.359 |
1027=0.000066 | 20001=5 | 269=1 | 270=1.459066 | 271=1000000|
272=20160523 | 1026=1.459 | 1027=0.000066 | 20001=5 |
269=0 | 270=2.359066 | 271=2000000 | 272=20160523 | 1026=2.359 |
1027=0.000066 | 20001=5 | 269=1 | 270=2.459066 | 271=2000000 |
272=20160523 | 1026=2.459 | 1027=0.000066 | 20001=5 | 10=190 |