OANDA, a leading retail foreign exchange broker based in the US, has released an updated version of its trusted Exchange Rates API, now including real-time currency rates.
Updated every five seconds, the rates available on the new API provide a more accurate reflection of current market prices. The new API also offers 96 fixing rates daily, more than any other currency data feed on the market, which is available at 15-minute intervals to provide bid, ask, and midpoint rates, aligned to customers’ time zone.
Vatsa Narasimha, President and Chief Executive Officer, OANDA Corporation, said: “An over-the-counter market, there is no central exchange for currency pricing, which can make it difficult to gauge accurate FX rates. However, because OANDA has been collecting FX data for almost 30 years, we are uniquely positioned to combine this knowledge with access to a full range of interbank liquidity, proprietary trading technology, and pricing algorithms in order to create an accurate market consensus across a wide range of FX instruments, including real-time foreign exchange rates.”
“Trusted for accuracy and reliability, our rates are acknowledged by several tax authorities and governmental agencies around the world, and are widely considered to be the gold standard in exchange rate data”, Narasimha added.
With the new API, corporate treasurers and finance directors will have a greater degree of visibility over the FX market. In result, it will help them mitigate risk, reduce currency exposure and improve cash flow.
The API will also be of value to product managers and application developers who require reliable forex data to power their web services, pricing engines, and digital products.
Keara Killian, Treasurer at AppNexus, a world-leading independent advertising technology company, said: “Ad tech is becoming increasingly more sophisticated, and platforms must serve millions of buyers and sellers that transact in the billions of dollars. As such, we are always searching for opportunities to create efficiencies in the marketplace. In addition to connecting our platform to real-time FX market data, we leverage OANDA’s API to enable currency options for our customers. As a result, our customers enjoy increased precision in our pricing models.”
In June 2017, OANDA made the news at The Industry Spread for having partnered with TradingView to enable mutual clients to trade directly from TradingView’s charts using their OANDA account.
As the CFTC announced that FXCM would be banned from operating in the US market, OANDA CEO Vatsa Narasimha made a statement defending the decision as a “move to protect the interests of traders”.