This message is used to request a Quote <35=S>, an indication of the current price of an instrument. It can be used to request quotes for one or more products.

This message is commonly referred to as an RFQ, a "request for quote". In some markets, it's common to request quotes from brokers prior to placing an order.

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, this message may be preceded by the RFQ Request <35=AH> message.

For tradeable quote requests, it is possible to specify the time the request is valid for, and that the resulting quote must be valid for.