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.

Forex quotes can be requested as indicative or at a specific quantity level. If an indicative quote is requested (OrderQty (38) and Side (54) are absent), the broker has discretion to quote at either a specific trade level and side or to provide an indicative quote at the mid-point of the spread. The broker can also choose to respond to an indicative quote by sending multiple Quote <35=S> messages specifying various levels and sides.