Execution: fairEx

Smart order routing.
Every venue, one blotter.

Multi-venue execution across government bonds, investment-grade and high-yield credit, interest rate swaps, and inflation. Web API, broad fixed-income venue coverage, with rules-driven routing, pre-trade controls, and best-execution evidencing.

Speak to the team How it works

See it in action

One ticket.
Every venue.

A single order enters the blotter and routes across every connected venue and protocol in real time: order book, dealer request, and streaming. Watch the full execution cycle from order entry to best-execution evidence.

What is fairEx

Intelligent routing,
engineered for best execution.

fairEx is the execution layer of Ediphy Markets. A Web API and blotter sit in front of the fixed-income venue landscape across order book, dealer request, and streaming, with a pre-trade approval layer that selects the venue for each order. Every decision is rules-driven, audit-logged, and governed by your best-execution policy. This is smart order routing, not indiscriminate distribution: rather than broadcasting every dealer request across all venues and leaving liquidity providers to respond, fairEx routes each order on protocol fit, venue state, and the characteristics of the order itself.

What you get

The execution layer for fixed income.

Everything required to execute across the fixed-income venue landscape as a single market, routing, coverage, evidence, integration.

ROUTING

Multi-venue routing

Orders land on a single interface and route across order book, dealer request, and streaming venues according to protocol fit and venue state. A single order routes across multiple venues, with fills consolidated to one blotter record.

ORDER BOOK · DEALER REQUEST · STREAMING

PRE-TRADE CONTROLS

Pre-trade protection

Price and size protection are both built in. If the execution price diverges from liveMid by more than a defined tolerance, the order is cancelled before it reaches the venue. Size limits are enforced the same way, so an oversized order cannot slip through. Every decision is audit-logged for MiFID II compliance.

BEST-EX · PRICE PROTECTION · SIZE LIMITS · MIFID II

COVERAGE

Broad venue coverage

Broad fixed-income venue coverage, order book and dealer request, across government bonds, investment-grade and high-yield credit, interest rate swaps, and inflation. One onboarding, one contractual relationship, one connectivity footprint, with no bespoke integrations per venue.

BONDS · CREDIT · RATES · INFLATION

EVIDENCE

Best-execution evidencing

Every routing decision logged with quote state and timestamped rationale. MiFID II best-execution evidence produced as a by-product of trading.

MIFID II · AUDIT TRAIL

Pre-trade intelligence

Price the order
before you route it.

fairEx runs on the same analytics stack used to measure execution quality: liveMid and Liquidity Scores. The routing decision at execution time uses the same numbers you use to attribute performance afterwards. One stack and consistent signals, so execution quality is measured against the same reference that informed the routing decision.

Advanced workflows

Strategy execution and
spread strategies.

Beyond single-line execution: liquidity-aware strategy-based slicing, curve and spread strategies across order book and dealer request, and portfolio trading workflows. fairEx adapts to venue state and order size in real time, applying the discipline of manual execution at the speed of an automated system.

Resting orders

Set your level.
fairEx handles the rest.

Rest an order with a limit or stop and fairEx executes it automatically when the market reaches your level, across any supported protocol. No watching the screen, no timing the entry by hand: the order sits in the system and fires the moment your conditions are met.

API

Connect to the
fairEx API.

The fairEx execution layer is fully accessible via the Ediphy Web API. Submit orders, manage positions, and stream execution events programmatically. Full reference documentation is available at developers.ediphy.io.

python · order.py 
import requests

session = requests.Session()
session.headers.update({
    "Authorization": "Bearer <api_key>",
    "Content-Type":  "application/json",
})

order = {
    "instrument": {
        "type":     "bond",
        "isin":     "XS2345678901",
        "currency": "EUR",
    },
    "side":            "buy",
    "quantity":        {"notional": 5_000_000},
    "limit":           {"price": 99.75},
    "time_in_force":   "GTT",
    "expire_at":       "2026-06-15T16:00:00Z",
    "client_order_id": "eur-ig-order-20260615-001",
}

response = session.post(
    "https://api.ediphy.io/ems/v1/orders", json=order
)
response.raise_for_status()

result = response.json()
print(f"Order submitted: {result['order_id']}")

Bearer token or mTLS authentication. Full reference at developers.ediphy.io.

Why Ediphy

Built natively against
the fixed-income microstructure.

fairEx was built for fixed income from first principles. Fixed income rewards a different set of decisions from other asset classes, protocol-venue fit for a given line on a given day, and the specific way each instrument trades. The routing engine was built against that microstructure from the first line of code.