This message is a response to a Mass Quote <35=i>.

If the entire quote is rejected, QuoteRejectReason (300) is used to report the reason.

If an entry is rejected, QuoteEntryRejectReason (368) is used to report the reason. 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 MassQuote.

Derivative markets are characterized by high bandwidth consumption, due to a change in an underlying security price causing multiple quotes to be recalculated and retransmitted to the market, often hundreds at a time. For that reason, the ability to set the level of response is specified using the QuoteResponseLevel (301) field.