This message is used to market merchandise which the broker is buying or selling in either a proprietary or agency capacity. The indications can be time-bound with a specific expiration value. Indications are distributed with the understanding that other firms may react to the message first and that the merchandise may no longer be available due to prior trades.

Various transaction types are available: "new", "cancel", and "replace". "Cancel" and "replace" both modify the state of the message specified by IOIRefID (26).