In some markets it is the practice to request quotes from brokers prior to placement of an order. The Quote Request <R> message is used for this purpose.
Quotes can be requested on specific securities or for forex rates.
Securities quotes can be requested as either market quotes or for a specific quantity and side. If OrderQty <38> and Side <54> are absent, a market-style quote (bid x offer, size x size) will be returned.
The symbol used for forex quotes is, in ISO codes, "currency1.currency2" (e.g. GBP.USD) and the quote will be returned as a rate expressed as currency1/currency2.
Forex quotes can be requested as indicative or at a specific quantity level. If an indicative quote is requested (OrderQty <38> and Side <54> are absent), the broker has discretion to quote at either a specific trade level and side or to provide an indicative quote at the mid-point of the spread. The broker can also choose to respond to an indicative quote by sending multiple Quote <S> messages specifying various levels and sides.