FAQ

General

How do I get started with FIX connectivity to OpenYield?

Start by signing a Subscriber Agreement with OpenYield. Once executed, your OpenYield contact will provide connection credentials, developer user access and session parameters. A kickoff/walkthrough call is available if needed.

We are already connected to other ATSs — is the OpenYield FIX spec standard?

OpenYield uses a standard FIX 4.4 implementation without customizations. If you are already running FIX sessions with other venues, the incremental integration work is typically minimal.

We don't have the bandwidth to connect right now — what should we do?

Let your OpenYield contact know your timeline. Credentials and session parameters can be issued in advance so that when you are ready, the technical setup time is minimized.

Connectivity

Do I need to whitelist my IP address to connect?

Yes, it's required for production access, but not for our testing/UAT environment. Please send your static IP address (or CIDR range) to OpenYield as part of production onboarding.

Do I need to use stunnel to connect?

It's required for production access, but not for our testing/UAT environment or direct connections. In testing/UAT you have direct internet access to both the FIX ports and the stunnel ports.

What host and port do I connect to?

Connection details (host, port, SenderCompID, TargetCompID) are provided upon completion of your Subscriber Agreement. Reach out if you haven't received these or need them reissued.

What happens on disconnection?

OpenYield will automatically detect the disconnection and cancel all your orders. OpenYield will also prevent in-flight matches while these orders are being canceled to reduce the risk of fills when you are not connected.

Sessions

Which sessions should I use?

• All subscribers must have a TR (trade) session. This is the session used to send live orders, receive fills back and determine whether you are active.
• For market data, you can use the MD (Market Data) or OB (Order Book) sessions (or both).
• If you need to deliver executions to alternate systems, use the DC (Drop Copy) session.
• If you're using the RFO workflow, use the RQ (Request Quote) session.

By default, OpenYield enables an instance of every session for every subscriber.

What is the difference between the two MarketData sessions: MD and OB?

• MD (Market Data) is an equity-style, level 1 top-of-book only "tape" session, delivering only the best bid, best offer, high, low and trade messages.
• OB (Order Book) is the full depth of book feed (level 2/3), delivering and maintaining all resting orders for a security.

Can I have more than one instance of a session?

Yes, we can set you up with multiple session instances if your systems need it. For example, if you need to drop copy to two different systems, we can provide 2 DC sessions.

Building and Testing

What do I get from OpenYield to build and test a new FIX connection?

We deliver a testing/UAT FIX connection set to get you started. We also offer logins to our testing/UAT user interface to enable developers to observe, interact with and trade against their FIX connection. You also can download our FIX spec in JSON form, and provide it to an AI agent to build, verify or test your work. Note that the testing environment has simulators that make markets for you over a limited number of securities.

How do I ask questions of the OpenYield Engineers?

We will provide you with an OpenYield contact and our support email address. If you have it, we prefer to provide a live Slack channel to use for real time conversations and ongoing support.

What happens when we are finished building?

Let your OpenYield contact know. They will quickly schedule a certification call and provide you with the certification checklist. On that call, we will walk through the sessions and processes you've implemented, run the selected scenarios, and confirm that there are no issues or errors. Once certified, we will trigger the production onboarding process.

Do I need to re-certify connections for new customers if I am an O/EMS?

No — we'll use the same configuration for all your customers, so there's no need to re-certify. We will, of course, provide Ports, COMPIDs and Party Codes for the new customer.

Trading

How does OpenYield match and fill orders?

OpenYield is a modern fixed income marketplace where all liquidity is firm. As such, OpenYield always fills from top-of-book on price/time priority. This is similar to all other asset class exchanges, but in contrast to traditional fixed income ATSs that match per order.

To place orders, should I use the Equity Style Order flow or Fixed Income Style quote flow?

If you can, we recommend the equity-style order flow as it offers different order types. See Order vs Quote for more details.

Why do you have two different ways to send orders?

OpenYield is the marketplace for everyone to trade bonds. We offer the fixed-income quote model to support legacy systems that cannot run the equity-style order flow model.

Do you support subject orders and last look?

OpenYield does not. We cater to modern, algo-enabled liquidity which works best in a 100% firm marketplace.

What if I do not want multiple tickets when hit/lifting orders?

OpenYield has innovated on a new SFC (Single Fill or Cancel) order type. See Time in Force for details.

Do you have tiered pricing?

We do. We support two tiers for professional subscribers, a regular tier that is presented to retail subscribers and an optional professional tier presented to other dealers and professional investors (if set). You can optionally provide a tiered price, or OpenYield can automate the tiered level for you if needed. Talk to your OpenYield contact for more information.

What quantity do I send to update an order?

Send us the maximum quantity that you want to fill at any time. By default, OpenYield manages the remaining just like all non-fixed income marketplaces to preven over-filling. If this does not work with your system or process, we also offer a traditional order quantity model or cancel-on-fill. See Order Quantity Models for more detail.

RFO (Request for Order)

What is RFO?

RFO (Request for Order) is OpenYield's take on a modern RFQ (Request for Quotation) process. It's quick, 5 seconds to respond, and it's all over in 30 seconds. And it's lit — all quotes are placed in the live order book.

What is Summon?

Summon is a common use case of RFO that enables subscribers to summon liquidity for a security. For example, what if you want to trade a municipal bond, but there is no current resting liquidity (or no bids) present? Sending in an indicative RFO request will trigger algorithmic responders to make a market in that security for 30 seconds.

Can I integrate a legacy RFQ system?

Yes, if it's quick enough. OpenYield can set up your RQ session to send a snapshot of quotes back to you after 5 seconds and accept hit/lift messages during the remaining 25 seconds of the market. We will then place the hit/lift on the live market to cross.

RFO is too fast for my system — how can I still benefit from OpenYield's live markets?

Set a reserve price on your request. In this case, OpenYield will automate the entire process for you. We will request liquidity for you, and, after 5 seconds, place an aggressing order on the market at your reserve level. If it crosses, great. If not, our responders can see your contra-level and can move their liquidity to you if they choose. After 25 more seconds, we will pull your order off the market if not filled.