Description

The Quote message is used as the response to a Quote Request or a Quote Response message in both indicative, tradeable, and restricted tradeable quoting markets.

In tradeable and restricted tradeable quoting models, the market maker sends quotes into a market as opposed to sending quotes directly to a counterparty.

For Fixed Income in the indicative and tradeable quoting models, the quotes are typically sent directly to an interested counterparty as opposed to a market place. See Volume 7 - PRODUCT: FIXED INCOME for specific descriptions and usage details.

The quote message can be used to send unsolicited quotes in both indicative, tradeable, and restricted tradeable quoting markets.

The quote message contains a quote for a single product.

If the issuer of the quote requires a response (i.e. notification that the quote message has been accepted) then the QuoteResponseLevel <301> field should be populated on the quote message - the response would be made using the QuoteStatusReport <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.

Quotes supplied as the result of a QuoteRequest <R> message will specify the appropriate QuoteReqID <131>, unsolicited quotes can be identified by the absence of a QuoteReqID <131>.

See VOLUME 7 - PRODUCT: FOREIGN EXCHANGE and USER GROUP: EXCHANGES AND MARKETS sections for more detailed usage notes specific to Foreign Exchange and Exchanges/Marketplaces respectively.

Orders can be generated based on Quotes. Quoted orders include the QuoteID <117> and are OrdType <40>=Previously Quoted

The time in force for a quote is determined by agreement between counterparties.

A quote can be canceled either using the QuoteCancel <Z> message or by sending a quote message with bid and offer prices and sizes all set to zero (BidPx <132>, OfferPx <133>, BidSize <134>, OfferSize <135>)

Structure

Tag Field Name Req'd Comments
Component Block - <StandardHeader> Y MsgType <35> = S
131 QuoteReqID N Required when quote is in response to a Quote Request message
117 QuoteID Y
390 BidID N

Unique identifier for the bid side of the quote.

1867 OfferID N

Unique identifier for the ask side of the quote.

1751 SecondaryQuoteID N

Can be used when modifying an existing quote.

1166 QuoteMsgID N Optionally used to supply a message identifier for a quote.
693 QuoteRespID N Required when responding to the Quote Response message. The counterparty specified ID of the Quote Response message.
1080 RefOrderID N

May be used to refer to a related quote.

1081 RefOrderIDSource N

Conditionally required if RefOrderID <1080> is specified.

537 QuoteType N

Quote Type

If not specified, the default is an indicative quote

2403 QuoteModelType N
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.
2837 SingleQuoteIndicator N
Component Block - <QuotQualGrp> N
828 TrdType N
2115 NegotiationMethod N
301 QuoteResponseLevel N Level of Response requested from receiver of quote messages.
Component Block - <QuoteAttributeGrp> N

May be used by the quote provider to indicate pre-trade transparency waiver determination in the context of MiFID II.

Component Block - <ValueChecksGrp> N
Component Block - <Parties> N Insert here the set of "Parties" (firm identification) fields defined in "Common Components of Application Messages"
336 TradingSessionID N
625 TradingSessionSubID N
Component Block - <Instrument> Y Insert here the set of "Instrument" (symbology) fields defined in "Common Components of Application Messages"
Component Block - <FinancingDetails> N Insert here the set of "FinancingDetails" (symbology) fields defined in "Common Components of Application Messages"
Component Block - <UndInstrmtGrp> N Number of underlyings
54 Side N Required for Tradeable or Counter quotes of single instruments
Component Block - <OrderQtyData> N Required for Tradeable quotes or Counter quotes of single instruments
63 SettlType N
64 SettlDate N

Can be used with forex quotes to specify a specific "value date".

For NDFs this is required.

193 SettlDate2 N Can be used with OrdType = "Forex - Swap" to specify the "value date" for the future portion of a F/X swap.
192 OrderQty2 N Can be used with OrdType = "Forex - Swap" to specify the order quantity for the future portion of a F/X swap.
15 Currency N Can be used to specify the currency of the quoted prices. May differ from the 'normal' trading currency of the instrument being quoted
2897 CurrencyCodeSource N
120 SettlCurrency N Required for NDFs to specify the settlement currency (fixing currency).
2899 SettlCurrencyCodeSource N
Component Block - <RateSource> N
Component Block - <Stipulations> N Insert here the set of "Stipulations" (repeating group of Fixed Income stipulations) fields defined in "Common Components of Application Messages"
1 Account N
660 AcctIDSource N
581 AccountType N Type of account associated with the order (Origin)
522 OwnerType N
377 SolicitedFlag N
Component Block - <LegQuotGrp> N Required for multileg quotes
132 BidPx N If F/X quote, should be the "all-in" rate (spot rate adjusted for forward points). Note that either BidPx, OfferPx or both must be specified.
133 OfferPx N If F/X quote, should be the "all-in" rate (spot rate adjusted for forward points). Note that either BidPx, OfferPx or both must be specified.
645 MktBidPx N Can be used by markets that require showing the current best bid and offer
646 MktOfferPx N Can be used by markets that require showing the current best bid and offer
647 MinBidSize N Specifies the minimum bid size. Used for markets that use a minimum and maximum bid size.
134 BidSize N Specifies the bid size. If MinBidSize is specified, BidSize is interpreted to contain the maximum bid size.
1749 TotalBidSize N
648 MinOfferSize N Specifies the minimum offer size. If MinOfferSize is specified, OfferSize is interpreted to contain the maximum offer size.
135 OfferSize N Specified the offer size. If MinOfferSize is specified, OfferSize is interpreted to contain the maximum offer size.
1750 TotalOfferSize N
110 MinQty N For use in private/directed quote negotiations.
1629 ExposureDuration N
1916 ExposureDurationUnit N
62 ValidUntilTime N The time when the quote will expire
188 BidSpotRate N May be applicable for F/X quotes
190 OfferSpotRate N May be applicable for F/X quotes
189 BidForwardPoints N May be applicable for F/X quotes
191 OfferForwardPoints N May be applicable for F/X quotes
1065 BidSwapPoints N Bid swap points of an FX Swap quote.
1066 OfferSwapPoints N
631 MidPx N
632 BidYield N
633 MidYield N
634 OfferYield N
60 TransactTime N
Component Block - <TrdRegTimestamps> N
40 OrdType N Can be used to specify the type of order the quote is for
642 BidForwardPoints2 N Bid F/X forward points of the future portion of a F/X swap quote added to spot rate. May be a negative value
643 OfferForwardPoints2 N Offer F/X forward points of the future portion of a F/X swap quote added to spot rate. May be a negative value
656 SettlCurrBidFxRate N Can be used when the quote is provided in a currency other than the instrument's 'normal' trading currency. Applies to all bid prices contained in this quote message
657 SettlCurrOfferFxRate N Can be used when the quote is provided in a currency other than the instrument's 'normal' trading currency. Applies to all offer prices contained in this quote message
156 SettlCurrFxRateCalc N Can be used when the quote is provided in a currency other than the instruments trading currency.
Component Block - <CommissionData> N

Can be used to show the counterparty the commission associated with the transaction.

582 CustOrderCapacity N For Futures Exchanges
100 ExDestination N Used when routing quotes to multiple markets
1133 ExDestinationIDSource N
775 BookingType N
528 OrderCapacity N
529 OrderRestrictions N
1934 RegulatoryReportType N
423 PriceType N
Component Block - <PriceQualifierGrp> N
2533 BidSpread N

SpreadOrBenchmarkCurveData component may be used to specify the benchmark.

2534 OfferSpread N

SpreadOrBenchmarkCurveData component may be used to specify the benchmark.

Component Block - <SpreadOrBenchmarkCurveData> N

Spread <218> may be used for a mid-spread value.

Component Block - <RelativeValueGrp> N
Component Block - <YieldData> N
Component Block - <RoutingGrp> N
1937 TradeContinuation N

May be used to indicate the quote/negotiation is for the specified post-execution trade continuation or lifecycle event.

2374 TradeContinuationText N
2372 EncodedTradeContinuationTextLen N

Must be set if EncodedTradeContinuationText <2371> field is specified and must immediately precede it.

2371 EncodedTradeContinuationText N

Encoded (non-ASCII characters) representation of the TradeContinuationText <2374> field in the encoded format specified via the MessageEncoding <347> field.

2362 SelfMatchPreventionID N
1685 ThrottleInst N
376 ComplianceID N
2404 ComplianceText N
2351 EncodedComplianceTextLen N

Must be set if EncodedComplianceText <2352> field is specified and must immediately precede it.

2352 EncodedComplianceText N

Encoded (non-ASCII characters) representation of the ComplianceText <2404> field in the encoded format specified via the MessageEncoding <347> field.

58 Text N
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.
443 StrikeTime N

Conditionally required when QuoteQualifier <695> = d (Deferred spot) is specified.

Component Block - <StandardTrailer> Y

Related Messages