Solid FX Time Out Policy

1. Intended audience

This time out policy is applicable to all market participants of the Solid FX platform.

2. Introduction

Solid strives to offer a fair and professional trading environment for all its market participants. In this light, Solid has defined a time out policy to protect both its market participants and itself. By defining clear time out rules, Solid aims to avoid unclarity about the status of an order. However, each market participant may request a review on an executed order, including timed-out orders.

3. Precautions

The Solid FX platform is constantly monitoring the response time on orders sent. To avoid streaks of timed out orders, Solid FX protects its market participants by temporarily disabling a session where a time out occurs. After a series of consecutive time outs, the session will be disabled until EOD, or until manually enabled again.

4. Time out rules

Client orders

  • A time out period is applicable for each client order, except during events.
  • Solid FX will answer each client order within the agreed time out period, calculated from the moment the order is processed by Solid FX.
  • If no agreement has been made, the default time out period will be used.
  • Solid FX determines the final status of an order.
  • A client does not have the possibility to reject an execution.

LP orders

  • A time out period is only applicable if Solid has an agreement with the LP on this matter.
  • An LP order is marked as timed out if Solid FX has not received a final ExecutionReport within the agreed time out period, calculated from the moment the order is submitted by Solid FX.
  • Solid FX determines the final status of an order.
  • Solid FX will send a DontKnowTrade (DK) or similar FIX message upon a received ExecutionReport after the applicable time out period.
  • The DK message is the only valid notification that any fill including previous fills on the same order are not accepted and will be canceled.
  • Solid FX will send an additional email to confirm the status of the timed-out order. A reply on this email as soon as possible is highly appreciated.
    • Unanswered order: request to confirm cancellation.
    • Fill: request to confirm cancellation.
    • Reject/Cancel: informational notification.
  • It is strongly recommended to implement the ability to process a received DK message.
  • Solid FX cannot be held responsible for positions resulting from a timed-out order.

If no agreement has been made, or if an LP does not support a DK or similar message, there is no time out period applicable. However, Solid FX expects from its LPs that they will answer orders in a timely manner.

5. Review request

A market participant may submit a review request on any executed order, including timed out orders. If the conclusion of the review is that an order has been erroneously marked as timed-out, Solid will take precautions to avoid this in future occasions.

There are circumstances (e.g. network issues) which can cause an order to time out while neither SFX nor a counterparty can be held responsible for the time out.

5. Disclaimer

If any of the contents of this policy are subject to interpretation, Solid will decide on the appropriate interpretation.