Mass Quote Acknowledgement is used as the application level response to a Mass Quote <i> message. The Mass Quote Acknowledgement contains a field for reporting the reason in the event that the entire
quote is rejected (QuoteRejectReason <300>). The Mass Quote Acknowledgement also contains a field for each quote that is used in the event that the quote entry is rejected (QuoteEntryRejectReason <368>). The ability to reject an individual quote entry is important so that the majority of quotes can be successfully applied to the market instead of having to reject the entire
Mass Quote for a minority of rejected quotes.
Derivative markets are characterized by high bandwidth consumption due to a change in an underlying security price causing multiple (often in the hundreds) of quotes to be recalculated and retransmitted to the market. For that reason the
ability for market participants (and the market ) to be able to set the level of response requested to a Mass Quote <i> message is specified using the QuoteResponseLevel