Ediphy Pricing
One engine. Every asset class. Front-to-back.
Independent valuations, governed independently of execution. Pricing, risk, P&L, VaR and XVA on the same marks, documented, consistent. Supports MiFID II best execution and FRTB validation.
Every asset class. The full instrument scope.
The product, screen by screen.
Real screens from the live Ediphy system. Click any numbered callout to zoom into the detail.
Front office to compliance. Every function covered.
Scenario Analysis
Built around the frameworks that matter.
Best-execution documentation and pre-trade TCA outputs, formatted for submission.
Independent price series for IMA back-testing, structured for model-approval submissions.
MTM valuations for trade reporting across cleared and bilateral OTC derivatives.
Independent fair-value marks with full observable-input provenance.
One fabric. Every number
from the same record.
One consistent record
Pricing, risk, and reporting always agree. Reconciliation becomes a non-event.
CONSISTENT · RECONCILED
Full time-travel lineage
Complete time-travel through data, configuration, and code. Every calculation explainable, every input traceable.
EXPLAINABLE
Managed, API-first
Cloud-deployed, fully managed, API-accessible. Enterprise-grade infrastructure without the IT overhead.
MANAGED · API · SCALABLE
A legacy platform replaced,
without the integration risk.
A top-tier European market maker was struggling with a legacy platform that required extensive fragile integrations and manual workflows for pricing and order management. By working with Ediphy to deploy a new best-of-breed solution, the firm was able to considerably de-risk the project and accelerate its time-to-market.
All integrations consistent by construction, data-intensive functions like pricing, risk, and reporting delivered with native Ediphy components. The result was a next-generation, cohesive workflow and data environment for their front-office users.
Integrated.
Existing workflows, terminals, and proprietary models connect to Ediphy without migration or rebuild, adding depth and reliability without disruption.
Your Models. Our Infrastructure.
Proprietary pricing models and parameters run inside Ediphy's infrastructure. Your IP stays yours, running inside Ediphy's infrastructure.
Terminal & Desktop Integration
Direct integration with the major market-data terminals and desktops. Ediphy valuations appear alongside your existing data, in the tools the desk already uses.
Omni-Channel API
FIX, WebSocket, and REST with consistent schemas across all endpoints.
Inside Ediphy Pricing.
fairPad
Type a trade in plain market language. Instant price and risk on Ediphy's governed marks.
WORKBENCH · OTC FI · COMING SOON
ENTERPRISE · PRICINGEdiphy Signal
RV ideas your sales desk can screen, build, and distribute. Grounded in Ediphy's governed marks.
SELL-SIDE · RV IDEAS · ORDER FLOW
The full instrument universe. Priced.
Institutional pricing across all asset classes. Deep coverage where it matters, from vanilla to bespoke.
Instrument Scope
Coverage by Asset Class
| Asset Class | Group | Instruments |
|---|---|---|
| Rates | Cash & Linear | Futures · Future Options · FRAs / Deposits · Repo |
| Swaps | Vanilla · Amortizing · Basis / Cross-Currency · Non-Deliverable · CMS · Asset · Total Return | |
| Bonds | Vanilla Bonds | |
| Options & Vol | European · Bermudan · Caps / Floors · CMS Caps / Floors · CMS Spread Products | |
| Structured | RMBS / CMBS / ABS | |
| FX | Cash & Linear | Outrights / Spot · Forwards / NDFs · Futures · Future Options |
| Swaps | Vanilla · Basis / Cross-Currency · Non-Deliverable | |
| Options & Vol | European · American · Barrier · Asian · Digital | |
| Credit | Swaps | Asset Swaps · Total Return Swaps |
| Bonds | Vanilla · Exotic | |
| Options & Vol | European Options | |
| Structured | CDS / CDS Index · CLOs · RMBS / CMBS / ABS · CDO / Tranched | |
| Equity | Cash & Linear | Outrights / Spot · Forwards / NDFs · Futures · Future Options |
| Swaps | Total Return Swaps | |
| Options & Vol | European · American · Bermudan · Barrier · Asian · Variance / Vol Swaps · Basket / Index | |
| Structured | Autocallables | |
| Commodity | Cash & Linear | Outrights / Spot · Forwards / NDFs · Futures · Future Options |
| Swaps | Vanilla Swaps | |
| Options & Vol | European · American · Asian · Spread Products | |
| Inflation | Cash & Linear | Futures |
| Swaps | Vanilla Swaps | |
| Bonds | Vanilla Bonds | |
| Options & Vol | European · Caps / Floors |
Detailed specifications: currencies, tenors, structures, available on request.
Request Full SpecificationsOne standard. Across every instrument.
An independent fair-value price for the instrument, produced independently of any execution flow.
Every contributing input stamped with origin and timestamp, so the price is fully traceable back to observed activity.
Where observable data is sparse or stale, the price carries a quality flag, surfaced explicitly, never hidden.
Methodology documentation available per price for audit and model validation teams.
Applies to every instrument in the coverage table above.
Methodology →Always Expanding.
Coverage is reviewed and extended on an ongoing basis, driven by client governance requirements. Bespoke structured instruments are assessed individually.
Inside Ediphy Pricing.
fairPad
Type a trade in plain market language. Instant price and risk on Ediphy's governed marks.
WORKBENCH · OTC FI · COMING SOON
ENTERPRISE · PRICINGEdiphy Signal
RV ideas your sales desk can screen, build, and distribute. Grounded in Ediphy's governed marks.
SELL-SIDE · RV IDEAS · ORDER FLOW
Documented pricing. No black boxes.
Every price comes with its full construction: inputs, methodology, and a quality signal when data is thin. Produced independently of any execution flow.
Same process. Every instrument.
Every price is built to the same standard, whether the instrument is a vanilla rate or a bespoke structured-credit position. The rigour does not change with complexity.
Market Inputs
Pricing is anchored to observable market activity across multiple venues, screened for quality. Each input is stamped with origin and timestamp for full traceability.
Governed Independently of Execution
Prices are produced through a process governed independently of any execution flow.
Flagged, Not Hidden
Outputs are validated against observed activity, with sparse or stale data flagged explicitly.
Independent Fair-Value Price
An independent fair-value price for the instrument. Every price carries full input provenance and a quality flag where data is sparse or stale.
Built for scrutiny.
Internal audit, model risk review, or regulatory reporting: every price is documented, traceable, and open to challenge.
Full methodology documentation is available to customers for model validation and internal audit purposes, covering assumptions, version history, and applicable instrument scope.
- – Documentation per asset class
- – Known limitation statements
- – Version change log
All pricing inputs are documented with their source and basis. Clients receive the full input provenance alongside the price, provided as a standard output with every price.
- – Source and basis per input
- – Provenance documented per price
- – Input staleness flagged
Every challenge is logged and responded to with a documented resolution. Overrides accepted where the client has superior information, rationale and source on the record.
- – Documented resolution per challenge
- – Override log with rationale
- – Challenge history available via API
Continuous Oversight.
Reviews run on a defined cadence, any material change triggers an ad hoc review regardless of schedule. All findings are maintained in the model register and available on request; nothing is suppressed.
What We Don't Claim
We are a pricing service: we apply models, construct curves, and produce prices for valuations, risk, and regulatory reporting. The output is an opinion, a well-documented one.
We communicate our limitations explicitly rather than hiding them.
Less liquid instruments carry more model uncertainty
When observable market data is sparse, the price is less certain and we flag it accordingly. We do not manufacture false precision.
Model prices are not executable quotes
Our fair-value price reflects where the market is, not a guarantee of execution. For illiquid instruments, dealing spreads may be wide.
Model-derived prices require additional client-side controls
Where observable inputs are limited, our prices require additional client-side validation. We provide the price and documentation, we don't replace the client's own price testing.
Coverage
Coverage spans rates, FX, credit, and equity volatility broadly. Highly bespoke or exotic structures may fall outside current scope. See the Coverage page to request additional instruments.
Inside Ediphy Pricing.
fairPad
Type a trade in plain market language. Instant price and risk on Ediphy's governed marks.
WORKBENCH · OTC FI · COMING SOON
ENTERPRISE · PRICINGEdiphy Signal
RV ideas your sales desk can screen, build, and distribute. Grounded in Ediphy's governed marks.
SELL-SIDE · RV IDEAS · ORDER FLOW
Built for the Institutional Stack.
FIX 4.2/4.4/5.0, REST, WebSocket. Consistent schemas across all endpoints.
Up and running in three steps.
Sandbox access is available immediately, no production credentials required. Switch environments by changing a single base URL.
Authenticate
Issue credentials via the developer portal. API Key for server-to-server integrations; OAuth 2.0 for enterprise deployments requiring token rotation.
– API Key: header X-Api-Key
– OAuth 2.0: Bearer {token}
– Environments: sandbox + production
Request Prices
Single or batch. Point-in-time snapshot or latest available. Every response includes the fair-value price, timestamp, and schema version.
– Single: GET /v1/price/{isin}
– Batch: POST /v1/price/batch
– Historical: as_of query param
Subscribe to Feed
WebSocket streaming. Subscribe to your full universe or a filtered subset. Configurable update frequency, tick-by-tick through to EOD batch.
wss://<api-host>/v1/stream
– Filter by ISIN, asset class, currency
– Reconnect handling built in
REST API
REST Endpoints.
JSON over HTTPS. Every response is schema-versioned.
GET /v1/price/{isin}?as_of=2026-03-26T14:00:00Z
Authorization: Bearer {token}
Accept: application/json
POST /v1/price/batch
Authorization: Bearer {token}
Content-Type: application/json
{
"isins": [
"GB00B16GWD56",
"DE000110230",
"FR0014008IUI"
],
"as_of": "2026-03-26T14:00:00Z"
}
{
"isin": "GB00B16GWD56",
"description": "UK Gilt 4.25% 2055",
"currency": "GBP",
"mid": 98.245,
"as_of": "2026-03-26T14:00:00Z",
"schema_version": "2026-01"
}
Response includes the fair-value price, timestamp, and schema version.
FIX Gateway.
Native FIX connectivity for OMS and EMS integrations. Ediphy pricing is delivered via standard Mass Quote and Market Data Request messages, extended with custom tags for pricing metadata.
Compatible with all major OMS/EMS platforms, no middleware required. Session-level encryption via TLS. Initiator or acceptor session modes available.
# QuickFIX/N session config
[DEFAULT]
ConnectionType=initiator
SenderCompID=CLIENT_FIRM
TargetCompID=EDIPHY_PRICES
HeartBtInt=30
SocketConnectHost=<fix-host>
SocketConnectPort=9443
UseSSL=Y
ResetOnLogon=Y
[SESSION]
BeginString=FIX.4.4
StartTime=07:00:00
EndTime=20:00:00
TimeZone=Europe/London
# Market Data Request (MsgType=V)
35=V|262=REQ001|263=1|264=0
267=2|269=0|269=1
146=1|55=GB00B16GWD56Streaming
WebSocket Streaming.
Subscribe to instrument universes via persistent WebSocket connection. Receive updates as prices change, on a fixed cadence, or as a single EOD batch. Ediphy maintains the connection, clients handle reconnect automatically via the SDK or built-in reconnect headers.
Subscription filters support ISIN list, asset class, currency, and custom groupings defined in the developer portal.
– Update frequencies: tick-by-tick · 1s · 5s · 30s · EOD
– Snapshot on subscribe: current price state sent immediately on connection
– Sequence numbers on every message – detect and request gap fills
– Binary (MessagePack) or JSON encoding selectable per connection
// Connect
wss://<api-host>/v1/stream
?token={api_key}
&encoding=json
// Subscribe message (send after open)
{
"type": "subscribe",
"isins": [
"GB00B16GWD56",
"DE000110230"
],
"frequency": "5s",
"snapshot_on_subscribe": true
}
{
"type": "price_update",
"seq": 10482,
"isin": "GB00B16GWD56",
"mid": 98.251,
"ts": "2026-03-26T14:00:05.000Z"
}
Rate Limits & SLAs
Service Tiers.
All tiers share the same API surface and schema. Enterprise limits are negotiated per deployment, contact us for dedicated throughput requirements.
| Tier | Rate Limit | Uptime SLA | Support | Streaming |
|---|---|---|---|---|
| Sandbox | 100 req/min | No SLA | Documentation only | Simulated data |
| Standard | 1,000 req/min | 99.9% | Email, next business day | WebSocket included |
| Enterprise | Unlimited | Negotiated SLA | Dedicated account manager | Dedicated cluster |
Inside Ediphy Pricing.
fairPad
Type a trade in plain market language. Instant price and risk on Ediphy's governed marks.
WORKBENCH · OTC FI · COMING SOON
ENTERPRISE · PRICINGEdiphy Signal
RV ideas your sales desk can screen, build, and distribute. Grounded in Ediphy's governed marks.
SELL-SIDE · RV IDEAS · ORDER FLOW
Independent pricing for institutional desks.
Contact our solutions team for a technical deep dive into coverage, methodology governance, and integration.