In some markets it is the practice to request quotes from brokers prior to placement of an order. The quote request message is used for this purpose. This message is commonly referred to as an QuoteRequest <R> (RFQ)
Quotes can be requested on specific securities, on specified stipulations when specific security is not known or forex rates. The quote request 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.
For tradeable quote requests it is possible to specify the time period in which the request is valid for and the time period which the resulting quote must be valid for.
See VOLUME 7 - PRODUCT: FOREIGN EXCHANGE and USER GROUP: EXCHANGES AND MARKETS sections for detailed usage notes specific to Foreign Exchange and exchanges/marketplaces respectively.
|Component Block - <StandardHeader>||Y||MsgType = R|
|644||RFQReqID||N||For tradeable quote model - used to indicate to which RFQ Request this Quote Request is in response.|
|11||ClOrdID||N||Required only in two party models when QuoteType <537> = '1' (Tradeable) and the OrdType <40> = '2' (Limit).|
|1171||PrivateQuote||N||Used to indicate whether a private negotiation is requested or if the response should be public. Only relevant in markets supporting both Private and Public quotes. If field is not provided in message, the model used must be bilaterally agreed.|
|Component Block - <RootParties>||N||Insert here the set of "Root Parties" fields defined in "common components of application messages" Used for acting parties that applies to the whole message, not individual legs, sides, etc..|
|Component Block - <QuotReqGrp>||Y||Number of related symbols (instruments) in Request|
Must be set if EncodedComplianceText <2352> field is specified and must immediately precede it.
|354||EncodedTextLen||N||Must be set if EncodedText field is specified and must immediately precede it.|
|355||EncodedText||N||Encoded (non-ASCII characters) representation of the Text field in the encoded format specified via the MessageEncoding field.|
|Component Block - <StandardTrailer>||Y|