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API integration
- 1. 1 API Integration – price discovery to payment Neil Taylor - November 2016
- 2. 2 The journey Price discovery Place Bid / Offer Trade Track Sub- account update Release / Ship Account status
- 3. 3 Price discovery • Oldest feeds (single call = return many): – Pricing and Reserves – Market Place – Live Exchange Bids / Offers • Nearly-new feeds (single call = return one) – LWIN services – Market Price – Market Price History – Indices – Market Depth • Super new (single call = return one) – Pricing API; can request any price point for any wine Price discovery
- 4. 4 Place bid or offer • Part of the “Exchange Integration” service • Allows users to place bids and offers – Either to directly match an existing bid or offer – Or to place speculative bids and offers • For stock holders to enable true multi-channel selling – Near-zero risk of double selling • For brokers to enhance their stock offering – With near-zero costs once connected Place Bid / Offer
- 5. 5 Trade • Two-way API – Place a matching bid or offer (or an existing bid or offer is matched) – Receive confirmation of trade via API • Fail-safes included – Bids / offers suspended if customer system is unresponsive • SIB only Trade
- 6. 6 Track & trace / Account status • Track – Where your order is in the system – All outstanding orders or by specific order ID – For buyers and sellers • Account status – Buying / selling headroom remaining Track
- 7. 7 Sub-account update • Cellar View 1 – Designed to pass information through to a member’s private clients – Details of stock in sub-account, passports etc. – Photo’s included if paid for • Cellar View 2 – Designed for members to keep their own systems updated – More detail than CV1 – Includes bids on stock – Includes notes on payment, transaction, etc. Sub- account update
- 8. 8 Release / Ship • Instruct Vine to do something with your wine – Instant Transfer to another sub-account – Instant Transfer to another merchant – Ship somewhere – Release to a transporter • Allows a member to enable their clients to instruct Vine via their website Release / Ship
- 9. 9 Account status • Enables a member to get the status of their account – Trading headroom – Buying / selling limits – Amounts owing or due – Dates amount or stock due – Overdue amount or stock – Account status (active / suspended) – Margin levels – Membership renewal Account status
- 10. 10 The journey…… Price discovery Place Bid / Offer Trade Track Sub- account update Release / Ship Account status ……complete
Editor's Notes
- API integration – price discovery to payment By Neil Taylor, Head of Data at Liv-ex Ltd.
- For the past five years, Liv-ex has been developing API’s (data services) that enable members to make transactions on the exchange directly from their own systems. I’m pleased to announce that this journey is now complete. All aspects of a members journey on Liv-ex are now available through API services. This ranges from identifying specific trading opportunities; listing bids or offers; completing the trade; tracking the shipment or payment; updating the member’s client sub-account; releasing the wine and finally checking account status. All can be done through direct connections to Liv-ex (and Vine) meaning operating ERP systems such as Navision, NetSuite, Magento, Vision, SAP and others can make full use of their capabilities and the massive efficiencies that automation and direct connections can deliver. Over the next few slides we will go through all the services available.
- Liv-ex prices - including Market Price, last trade, bids and offers - can be called through a variety of different ways. You can use a pre-determined list from which you call all available information, or you can call for specific data points on a wine by wine basis. Our latest API - to be released in December 2016 - will facilitate access to any price data point through a single API.
- Once a specific opportunity that has been identified, is a member’s system that can place a bid or offer directly on the Exchange. All terms an conditions remain the same – bids and offers are contractually committed and stock must be of SIB quality. Alternatively, stock holders can list a proportion or all of their stock on the exchange in a true multi-channel selling, without risk of double selling. Brokers can use Liv-ex offers to supplement their existing offerings, without the cost of holding the stock.
- Released in summer 2016, the Exchange Integration API’s now offer two-way capability to confirm trades directly. Either a member can initiate a trade by directly matching a bid or offer, or the Liv-ex system will alert them once they are matched with another member, if they already have bids or offers listed. Should the member’s system become unresponsive, any existing positons will automatically be suspended.
- Once a trade is made, you can now track where in the process your wine (or payment) is. Members can use this information to keep their clients up to date on the status of their order. From receipt of payment, transit via Prime, receipt into Vine warehouse, checking and clearing. All major stages can be tracked via the API.
- Once a member’s trades leave or are receipted into their client’s sub-accounts, their own internal systems can be updated via the API’s from Vine. A member can either use these API’s to maintain in real-time the private reserves section of their website, or they can use them to update their own stock control system. This completely removes the need to re-key data between different accounts.
- If members (or their clients) wish to release or ship wines, this can now be done directly from their own ERP system. Either via instant transfer to another account or sub-account or by shipping or releasing to a transporter.
- Finally, members can manage their Liv-ex accounts via an API. They can track their buying and selling limits, identify any overdue invoices or stock deliveries, manage their margin levels and monitor their overall account status. Again, this is all possible from inside their own ERP system. This enables the accounts department to be fully informed about all activity of their business on Liv-ex from their own screens, rather than having to log into Liv-ex separately to check. A member could establish alerts when they were getting close to their trading limits or when amounts of stock becomes overdue.
- There will of course be continuous updates and upgrades over the coming years, including adding special contracts to our integration services. It’s now possible to take full advantage of the benefits that technology offers, to improve efficiency, offer better customer service and keep fully informed when trading on Liv-ex.
- Further information about these services can be found on the Liv-ex developers website here.