SGX FX Composite Market Data FIX

Specification

Version 7.0

October 2026

SGX FX Systems UK Limited

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Contents

1. Version history ........................................................................................................ 4

2. Introduction ............................................................................................................ 5

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

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)

7.0 07.10.2026 Swap support added

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

 Swap

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

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 Y ...

→ 55 Symbol Y ...

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.

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

(

Depreca

ted)

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

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.

167 SecurityType C Indicates type of security. Required if

SubscriptionRequestType = 1.

FX_SPOT = FX Spot

FX_FWD = FX Forward

FX_NDF = Non-deliverable forward

FX_SWAP = FX Swap

9301

Tenor N Required if SubscriptionRequestType = 1

and SecurityType is FX_FWD, FX_NDF or

FX_SWAP.

For FX_SWAP only SPOT is valid.

For FX_FWD and 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

9311

Tenor2 C Only required if SecurityType = FX_SWAP.

The tenor for the far leg. Only standard

tenors are supported (1W, 2W, 3W, 1M, 2M,

3M, 4M, 5M, 6M, 7M, 8M, 9M, 10M, 11M,

15M, 18M, 1Y, 2Y)

Standard Trailer Y

Tag

Field Name

Value

MsgType

262

MDReqID

Custom id

263

SubscriptionRequestType

264

MarketDepth

265

MDUpdateType

267

NoMDEntryTypes

→ 269

MDEntryType 0

→ 269

MDEntryType 1

146

NoRelatedSym

→ 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

MsgType

262

MDReqID

Custom id

263

SubscriptionRequestType

264

MarketDepth

265

MDUpdateType

267

NoMDEntryTypes

→

269

MDEntryType

→

269

MDEntryType

146

NoRelatedSym

→

Symbol

EUR/USD

→

SettlDate

20160525

→

167

SecurityType

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

MsgType

262 MDReqID Custom

263

SubscriptionRequestType

264

MarketDepth

265

MDUpdateType

267

NoMDEntryTypes

→

269

MDEntryType

→

269

MDEntryType

146

NoRelatedSym

→

Symbol

USD/INR

→

SettlDate

20160605

→

167

SecurityType

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

MsgType = Y

262

MDReqID

Must refer to the MDReqID of the request.

281 MDReqRejReason N Rejection reason code. See FIX Specification

for valid values.

Text

Textual description of the rejection reason.

Standard Trailer

5.2.3. Market Data – Full Refresh

Tag

Field Name

Req'd

Comment

Standard Header

MsgType =

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

Number of entries following.

→

269 MDEntryType Y Supported values:

0 = Bid

1 = Offer

→

270 MDEntryPx Y Price.

→

271 MDEntrySize Y The trade size of the MDEntryPx.

→

272 MDEntryDate Y The value date of the trade.

→

1027 MDEntryForwardPoints N Provided for non SPOT;

Expressed in decimal form.

→

20001 ConfidenceLevel Y Composite price confidence level

(2-5).

→

9410 MDEntryDate2 C Provided only for FX_SWAP; The

value date of the far leg.

Standard Trailer

Example: Spot Full Refresh

Tag

Field Name

Value

MsgType

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

→

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

MsgType

262

MDReqID

Custom id

55 Symbol EUR/USD

268 NoMDEntries 16

→

269

MDEntryType

→

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

→ ... ... ...

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 |

Example Swap full refresh message:

Example: Swap Full Refresh

Tag Field Name Value

35 MsgType W

262 MDReqID Custom id

55 Symbol GBP/USD

268 NoMDEntries 2

→ 269 MDEntryType 0

→ 270 MDEntryPx -0.0000188

→ 271 MDEntrySize 1000000

→ 272 MDEntryDate 20260505

→ 20001 ConfidenceLevel 5

→ 9410 MDEntryDate2 20260512

→ 269 MDEntryType 1

→ ... ... ...

Example Swap full refresh message:

35=W | 49=BROKER-MD | 56=SGXFX | 34=895981 | 52=20260506-00:26:51.770

| 262=BROKERFXRFS-2016050600265044 | 268=2 | 55=GBP/USD | 269=0 |

270=-0.0000188 | 271=1000000 | 272=20260505 | 20001=5 | 9401=20260512

| 269=1 | 270=-0.0000196 | 271=1000000| 272=20260505 | 20001=5 |

9401=20260512