FIX 5.0 : QuoteRequest <R> message

Structure | Related Messages

Description

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 Request For Quote <S> (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.

In the tradeable and restricted tradeable quote models the Quote <S> Request may be preceded by the RFQ Request message described further below.

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 section for detailed usage notes specific to Foreign Exchange.

Structure

Tag Field Name Req'd Comments
<MessageHeader> Y MsgType <35> = R
131 QuoteReqID Y
644 RFQReqID N For tradeable quote model - used to indicate to which RFQ Request this Quote Request is in response.
11 ClOrdID N Required when QuoteType is Tradeable and the OrdType is Limit.
528 OrderCapacity N
Component Block - <QuotReqGrp> Y Number of related symbols (instruments) in Request
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.
<MessageTrailer> Y

 

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