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.