In the non-disclosed convention, e.g. US/European model, this message can be used to request a bid based on the sector, country, index and liquidity information provided. BidDescriptors describe the portfolio of stocks being traded in a number of "bid descriptors" entries.

In the disclosed convention, e.g. Japanese model, this message can be used to request bids based on preceding New Order List <35=E>s. BidComponents is used to define which New Order List <35=E> messages a bid is being sought for and the directions of the required bids.

BidDescriptors and BidComponents are mutually exclusive, depending which convention is being used.

SideValue1 (396) and SideValue2 (397) are used to show the monetary total value of the transaction in either direction (buy or sell) without revealing whether the buy-side intends to buy or sell.

BidRequestTransType (374) = "cancel" may be used to indicate to sell-side firms that they no longer need to store details of the BidRequest as they have either lost the bid or the list has been canceled.