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ORBITRAONE™

Markets · FX

Two currencies, one settlement.

Majors, minors, synthetic crosses and NDF-style markets, with streaming quotes, aggregated depth and session-aware risk. Both legs of every currency trade settle in the same transition.

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Illustration: Currency pairs rotate as linked rings while streaming quotes pass through the Asia, Europe and Americas trading sessions of the global day.

Overview

Closing the gap between two payments

Every currency trade is two payments. In conventional markets they often settle in different systems and time zones, and the interval between them is a risk of its own. Liquidity is fragmented too: the same pair is quoted by many providers, each showing its own depth.

On ORBITRA ONE™ both currency legs settle inside the network in one state transition, finalized by QSE. Streaming quotes and order-book depth aggregate into a single ladder, and Aegis adjusts risk to the trading session before liquidity changes, not after.

Capabilities

Engineered for currency markets

  1. 01

    Majors and minors

    The most liquid pairs and a broad set of secondary pairs, each quoted with streaming depth.

  2. 02

    Synthetic crosses

    Cross rates built from two legs through a common currency, executed as one order with each leg’s price shown.

  3. 03

    NDF-style markets

    Exposure to currencies with delivery restrictions. At maturity, the difference between the agreed rate and a declared fixing is paid in a settlement currency.

  4. 04

    Streaming quotes

    Executable price streams sit alongside the order book, each quote timestamped with its source.

  5. 05

    Depth aggregation

    Book depth and streamed liquidity combine into one ladder, so routing sees the available size before execution.

  6. 06

    Session-aware risk

    Margin and price bands follow the trading session, including weekly closes, holidays and fixing windows.

Lifecycle

The life of an FX trade

  1. 01

    Quote

    The aggregated ladder shows book depth and streamed prices for the pair.

  2. 02

    Intent

    Pair, side, amount, limit and settlement currency are signed together.

  3. 03

    Pre-risk

    Aegis measures currency exposure across the portfolio under the current session’s parameters.

  4. 04

    Execute

    The order fills on the book or against a streamed quote; synthetic crosses fill both legs together.

  5. 05

    Settle

    Currency legs move in one transition; NDF-style contracts settle the difference against the fixing.

  6. 06

    Report

    A signed record holds rate, source, fee and settlement details for reconciliation.

Protection

Controls that follow the clock

FX liquidity rises and thins with the trading day. The controls are built around that rhythm.

  • 01

    Session transitions

    Risk parameters adjust ahead of thin periods such as the weekly close, and open positions see the change before it applies.

  • 02

    Stale-quote removal

    Streams that fail Prism freshness checks drop out of aggregation instead of setting prices.

  • 03

    Fixing integrity

    NDF-style fixings reference declared sources with confidence scoring and a published fallback.

  • 04

    Currency netting

    Aegis nets exposure by currency across pairs and synthetic legs, so the portfolio shows its true position in each currency.

  • 05

    Price bands

    An order priced well away from the aggregated mid is rejected at entry instead of trading into a thin stream.

Order types

Order types for FX

Execution algorithms spread size across sessions and liquidity sources. See execution for every order type.

Core

  • Market
  • Limit
  • Stop
  • Stop-limit
  • Post-only

Advanced

  • OCO
  • Bracket
  • Trailing
  • Iceberg
  • Pegged

Algorithmic

  • TWAP
  • VWAP
  • POV
  • Arrival price
  • Liquidity seeker

Institutional

  • RFQ
  • Block
  • Basket
  • Smart routing

Specifications

Specifications

Pair scope
Majors, minors, synthetic crosses and NDF-style markets, subject to listing and jurisdiction
Liquidity
Central limit order book with aggregated streaming quotes
Settlement
Both currency legs in one atomic transition inside Orbitra L1
NDF-style settlement
Difference against a declared fixing, paid in the settlement currency
Risk
Session-aware margin and price bands in Aegis
Evidence
Signed record per fill: rate, source, fee and settlement

Leveraged FX is not available in every jurisdiction, and the pairs you can trade depend on your eligibility. See jurisdictions and trading and leverage risk.

Other markets

Markets overview

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