Data quality · Currency pairs

FX, measured against the market.

No central tape in FX, so pairs are held against a selected consensus of separate price streams, plus a cross-rate test the book must pass against itself.

Measured against a selected market reference

See the measurements Forex feed

EURUSD against the reference

One sample per second across the run.

0.13 pipEURUSD median deviation

Headline measurements

Measured, not asserted.

30k matched samples across 20 names, one per second.

Price fidelity

0.13bp

Median midpoint deviation from the selected multi-source consensus, symbol balanced.

How is this measured?

Definition: Median across symbols of each symbol's median |TickerLayer mid − reference mid| / reference mid × 10,000.
Reference: selected multi-source consensus
Aggregation: Per symbol first, then the median of per-symbol medians so active names cannot dominate.
Window: 25 minutes, sampled every 1 s
Universe: fx-core-20 v1, 20 of 20 symbols
Samples: 30k matched samples
Method: fx-consensus-v1

Cross-rate consistency

0.12bp

Median residual across 8 currency triangles built only from TickerLayer legs.

How is this measured?

Definition: For EURUSD × USDJPY → EURJPY and seven more triangles: |cross − synthetic| / cross × 10,000, median over the run.
Why: A coherent FX book must reconcile with itself; this needs no external reference.
Window: 25 minutes, sampled every 1 s
Universe: fx-core-20 v1, 20 of 20 symbols
Samples: 30k matched samples
Method: fx-consensus-v1

Tail deviation p95

0.48bp

Within 1 bp in 98.5% of samples. The references disagree by 0.69 bp between themselves.

How is this measured?

Definition: Median across symbols of each symbol's 95th percentile absolute deviation.
Dispersion: Median absolute difference between the reference sources at the same sample; the natural floor of any measured deviation.
Window: 25 minutes, sampled every 1 s
Universe: fx-core-20 v1, 20 of 20 symbols
Samples: 30k matched samples
Method: fx-consensus-v1

REST and WebSocket agree

92.6%

Same quote on both interfaces across 149 checks.

How is this measured?

Definition: A REST quote compared with WebSocket frames received within ±1.5 s of the request; exact when bid and ask are identical to one of them.
Cadence: One check every ten seconds, symbols rotating through the universe.
Window: 25 minutes, sampled every 1 s
Universe: fx-core-20 v1, 20 of 20 symbols
Samples: 30k matched samples
Method: fx-consensus-v1

Distribution

Where the deviation actually lands.

Every matched sample by absolute deviation. Threshold shares are symbol balanced.

Distribution of absolute deviation

Share of all matched samples in basis points.

under 0.25 bp74.6%
0.25 to 0.5 bp18.2%
0.5 to 1 bp5.7%
1 to 2 bp1.5%
over 2 bp0.1%

Threshold alignment

Symbol balanced share of samples within each band.

Within 0.5 bp92.8%
Within 1 bp98.5%
Within 2 bp99.9%
p99 absolute deviation1.16 bp

Signature test

Cross-rate consistency.

EURUSD times USDJPY has to equal EURJPY. Eight triangles, rebuilt from TickerLayer legs alone.

EURUSDUSDJPYEURJPY

0.12 bp

median residual · p95 0.36 bp · 1,484 samples

GBPUSDUSDJPYGBPJPY

0.12 bp

median residual · p95 0.43 bp · 1,484 samples

AUDUSDUSDJPYAUDJPY

0.12 bp

median residual · p95 0.40 bp · 1,484 samples

EURUSDUSDCHFEURCHF

0.07 bp

median residual · p95 0.27 bp · 1,484 samples

EURUSDUSDCADEURCAD

0.90 bp

median residual · p95 1.32 bp · 1,484 samples

EURUSDGBPUSDEURGBP

0.07 bp

median residual · p95 0.24 bp · 1,484 samples

AUDUSDNZDUSDAUDNZD

0.10 bp

median residual · p95 0.35 bp · 1,484 samples

EURUSDAUDUSDEURAUD

0.08 bp

median residual · p95 0.26 bp · 1,484 samples

Universe detail

Every symbol in the universe.

One row per name in the benchmark universe, with the figures a customer would compute from the same feed.

Symbol	Samples	Median dev bp	p95 bp	Signed bp	Median pip	Within 0.5 bp	Within 1 bp	Spread bp
EURUSD	1,484	0.11	0.34	+0.01	0.13	99.7%	100.0%	0.34
GBPUSD	1,484	0.11	0.42	-0.02	0.15	96.6%	99.7%	0.44
USDJPY	1,484	0.27	0.76	-0.15	0.42	78.5%	98.3%	0.91
USDCHF	1,484	0.10	0.43	0.00	0.08	96.8%	99.7%	0.49
USDCAD	1,484	0.09	0.32	+0.05	0.13	98.4%	100.0%	0.58
AUDUSD	1,484	0.11	0.38	+0.04	0.08	97.2%	99.9%	0.42
NZDUSD	1,484	0.17	0.56	+0.08	0.10	93.6%	98.5%	1.20
EURGBP	1,484	0.12	0.49	+0.09	0.10	95.8%	100.0%	0.58
EURJPY	1,484	0.16	0.73	-0.04	0.29	90.5%	96.7%	0.61
GBPJPY	1,484	0.20	0.85	-0.08	0.42	85.1%	96.0%	0.82

1 to 10 of 20 symbols

Freshness and consistency

Delivery, agreement, reproducibility.

Timing is kept apart from price fidelity on purpose.

Update cadence

200ms

Median gap between consecutive frames per symbol on the public stream.

REST vs WebSocket exact

92.6%

149 checks, midpoint gap p95 0.00 bp.

Settled bars reproducible

100.0%

91 one-minute bars re-fetched later; close unchanged in 100.0%.

Reference model

Selected multi-source consensus

The reference midpoint is the consensus of two separately sourced FX price streams that do not feed TickerLayer: a broker dealing feed with bid and ask, and an institutional aggregated price feed.

Universe

20 pairs: majors, liquid crosses, two emerging-market pairs.

Reference

Consensus of two separately sourced FX streams outside the aggregation.

Session

Weekday sessions only; weekends and holidays are excluded.

Benchmark run

One run behind every figure.

We keep measuring and publish each run as it lands.

Benchmark run: TLQ-FX-20260910-0845
Methodology: fx-consensus-v1
Universe: fx-core-20 v1, 20 of 20 measured
Observation window: Sep 10, 2026, 08:45 to 09:10 UTC
Window length: 25 min, sampled every 1 s
Matched samples: 30k
Published: Sep 10, 2026, 09:10 UTC

Benchmark results describe observed behaviour under the stated methodology during the published window. They are not a guarantee of future performance and not a service level agreement unless separately agreed in writing. These comparisons evaluate TickerLayer quotes against selected market references during the stated observation window. They do not imply exchange affiliation, endorsement, or certification.

Frequently asked questions

Why is there no official EURUSD price?

Spot FX trades over the counter across many dealers and venues. There is no consolidated tape, so a benchmark builds a reference from separate streams and says how they were combined.

What does cross-rate consistency prove?

That the feed is internally coherent. If EURUSD and USDJPY are right, EURJPY must reconcile with their product. The residual needs no external source.

Are pips or basis points the better unit?

Pips are natural per pair but not comparable across pairs. Aggregates use basis points and each pair also shows its pip figures.

What is reference dispersion?

How much the reference streams disagree with each other at the same moment. It is the natural floor for any deviation measured against them.

How often is forex data updated?

Once per second the observer matches the latest TickerLayer state with the latest reference state; the stream itself updates many times a second on major pairs.

Is forex data available on weekends?

The market is closed from Friday evening to Sunday evening New York time; benchmark runs are taken during weekday sessions only.