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. This message is commonly referred to as an Request For Quote (RFQ)
Quotes can be requested on specific securities or forex rates. The Quote Request <R> message can be used to request quotes on single products or multiple products.
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.
If the message is used for foreign exchange, conventions for identifying the forex transaction are as follows: