This message contains quotes for a single instrument, an indication of the current price. It's used in response to a Quote Request <35=R> and may also be unsolicited.

If responding to a Quote Request <35=R>, this message must include the QuoteReqID (131) from the request. Unsolicited quotes will omit that field.

If the quote requires a response then QuoteResponseLevel (301) should be populated.

A quote can be canceled either using the Quote Cancel <35=Z> message or by sending a quote message with BidPx (132), OfferPx (133), BidSize (134) and OfferSize (135) all set to zero.

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

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.

This message should not be used in tradeable and restricted-tradeable quoting markets 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 market data messages.

Orders can be created from quotes. Quoted orders include the QuoteID (117) and OrdType (40) = "previously quoted".