The ANX order engine supports multiple currencies, however it achieves this in a single order book. This improves liquidity whilst still offering customers their preferred currency option to trade in. The multi-currency order book operates under the following constraints:
- Orders are submitted into the order book in their native currency
- Orders are displayed in the order book in the currency that the user has selected from the available drop down list
- Orders that have been submitted in a different currency to that selected by the user are calculated against the system exchange rates.
The ANX order book holds every order in its native currency. If you submit a HKD order, it remains in HKD. If two HKD orders match there is no FX. The advantage with the ANX order book is its ability to use our actual bank FX costs to present a resting order to an incoming order in the incoming currency. Therefore if your order is in HKD and a resting order is in USD, your order will only match the resting order if it still meets the limit you have specified (or alternatively it’s placement in the ladder for a market order).
It’s a relatively complex algorithm but one that we believe provides true “fairness” to all participants.Lastly, the FX rates are adjusted in real time to match the actual FX rates provided to us by our bank. A user could obtain an indication of the FX rates simply by visiting the FX rates page at any major bank website.