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 <S> (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: