In tradeable and restricted tradeable quoting models, the market maker sends quotes into a market as opposed to sending quotes directly to a counterparty.
The Quote <S> message can be used to send unsolicited quotes in both indicative, tradeable, and restricted tradeable quoting markets.
The Quote <S> message contains a quote for a single product.
If the issuer of the quote requires a response (e.g. notification that the Quote <S> message has been accepted) then the QuoteResponseLevel <301> field should be populated on the Quote <S> message - the response would be made using the Quote Status Report <AI> message
The quote should not be used in tradeable and restricted tradeable quoting markets, such as electronic trading systems, to broadcast quotes to market participants. The recommended approach to reporting market state changes that result from quotes received by a market is to use the market data messages.
If the message is used for foreign exchange, conventions for identifying the forex transaction are as follows:
The time in force for a quote is determined by agreement between counterparties.
A quote can be canceled either using the Quote Cancel <Z> message or by sending a Quote <S> message with bid and offer prices and sizes all set to zero (BidPx <132>, OfferPx <133>, BidSize <134>, OfferSize <135>)
Example: Quote <S> for Single Security
QuoteID=XXX QuoteReqID=YYY Symbol=AA MaturyMonthYear=199901 StrikePrice=25.00 CFICode="OCXXXS" BixPx=5.00 OfferPx=5.25 BidSize=10 OfferSize=10