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".
| Tag | Name | Type | Required | Description |
|---|---|---|---|---|
| Component | ||||
| 131 | String | Required when quote is in response to a QuoteRequest(35=R) message
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| 117 | String | |||
| 390 | String | Unique identifier for the bid side of the quote
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| 1867 | String | Unique identifier for the ask side of the quote
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| 1751 | String | Can be used when modifying an existing quote
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| 1166 | String | Optionally used to supply a message identifier for a quote
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| 693 | String | Required when responding to the QuoteResponse(35=AJ) message. The counterparty specified ID of the QuoteResponse(35=AJ) message
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| 1080 | String | May be used to refer to a related quote
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| 1081 | Char Enum | Conditionally required if RefOrderID(1080) is specified
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| 537 | Int Enum | If not specified, the default is an indicative quote
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| 2403 | Int Enum | |||
| 1171 | Boolean Enum | Used to indicate whether a private negotiation is requested or if the response should be public. Only relevant in markets supporting both Private and Public quotes. If field is not provided in message, the model used must be bilaterally agreed
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| 2837 | Boolean Enum | |||
| Component | ||||
| 828 | Int Enum | |||
| 2115 | Int Enum | |||
| 301 | Int Enum | |||
| Component | May be used by the quote provider to indicate pre-trade transparency waiver determination in the context of MiFID II
| |||
| Component | ||||
| Component | ||||
| 336 | String Enum | |||
| 625 | String Enum | |||
| Component | ||||
| Component | ||||
| Component | ||||
| 54 | Char Enum | Required for 1-sided tradeable or counter quotes of single instruments. Omit for 2-sided tradeable quote
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| Component | Conditionally required for Tradeable or Counter quotes of single instruments when applicable for the type of instrument
| |||
| 63 | String Enum | |||
| 64 | LocalMktDate | Can be used with forex quotes to specify a specific "value date"
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| 193 | LocalMktDate | Can be used with OrdType = "Forex - Swap" to specify the "value date" for the future portion of a F/X swap
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| 192 | Quantity | Can be used with OrdType = "Forex - Swap" to specify the order quantity for the future portion of a F/X swap
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| 15 | Currency | Can be used to specify the currency of the quoted prices. May differ from the 'normal' trading currency of the instrument being quoted
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| 2897 | String Enum | |||
| 120 | Currency | Required for NDFs to specify the settlement currency (fixing currency)
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| 2899 | String Enum | |||
| Component | ||||
| Component | ||||
| 1 | String | |||
| 660 | Int Enum | |||
| 581 | Int Enum | |||
| 522 | Int Enum | |||
| 377 | Boolean Enum | |||
| Component | Required for multileg quotes
| |||
| 132 | Price | If F/X quote, should be the "all-in" rate (spot rate adjusted for forward points). Note that either BidPx, OfferPx or both must be specified
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| 133 | Price | If F/X quote, should be the "all-in" rate (spot rate adjusted for forward points). Note that either BidPx, OfferPx or both must be specified
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| 645 | Price | Can be used by markets that require showing the current best bid and offer
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| 646 | Price | Can be used by markets that require showing the current best bid and offer
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| 647 | Quantity | Used for markets that use a minimum and maximum bid size
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| 134 | Quantity | If MinBidSize(647) is specified, BidSize(134) is interpreted to contain the maximum bid size
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| 1749 | Quantity | |||
| 648 | Quantity | Used for markets that use a minimum and maximum offer size
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| 135 | Quantity | If MinOfferSize(648) is specified, OfferSize(135) is interpreted to contain the maximum offer size
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| 1750 | Quantity | |||
| 110 | Quantity | For use in private/directed quote negotiations
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| 1629 | Int | |||
| 1916 | Int Enum | |||
| 62 | UTCTimestamp | The time when the quote will expire
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| 188 | Price | |||
| 190 | Price | |||
| 189 | PriceOffset | |||
| 191 | PriceOffset | |||
| 1065 | PriceOffset | |||
| 1066 | PriceOffset | |||
| 631 | Price | |||
| 632 | Percentage | |||
| 633 | Percentage | |||
| 634 | Percentage | |||
| 60 | UTCTimestamp | |||
| Component | ||||
| 40 | Char Enum | Can be used to specify the type of order the quote is for
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| 642 | PriceOffset | Bid F/X forward points of the future portion of a F/X swap quote added to spot rate. May be a negative value
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| 643 | PriceOffset | Offer F/X forward points of the future portion of a F/X swap quote added to spot rate. May be a negative value
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| 656 | Float | Can be used when the quote is provided in a currency other than the instrument's 'normal' trading currency. Applies to all bid prices contained in this quote message
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| 657 | Float | Can be used when the quote is provided in a currency other than the instrument's 'normal' trading currency. Applies to all offer prices contained in this quote message
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| 156 | Char Enum | Can be used when the quote is provided in a currency other than the instruments trading currency
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| Component | Can be used to show the counterparty the commission associated with the transaction
| |||
| 582 | Int Enum | |||
| 100 | Exchange | Used when routing quotes to multiple markets
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| 1133 | Char Enum | |||
| 775 | Int Enum | |||
| 528 | Char Enum | |||
| 529 | MultipleCharValue Enum | |||
| 1934 | Int Enum | |||
| 423 | Int Enum | |||
| Component | ||||
| 2533 | Float | SpreadOrBenchmarkCurveData component may be used to specify the benchmark
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| 2534 | Float | SpreadOrBenchmarkCurveData component may be used to specify the benchmark
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| Component | Spread(218) may be used for a mid-spread value
| |||
| Component | ||||
| Component | ||||
| Component | ||||
| 1937 | Int Enum | May be used to indicate the quote/negotiation is for the specified post-execution trade continuation or lifecycle event
| ||
| 2374 | String | |||
| 2372 | Length | Must be set if EncodedTradeContinuationText(2371) field is specified and must immediately precede it
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| 2371 | Data | Encoded (non-ASCII characters) representation of the TradeContinuationText(2374) field in the encoded format specified via the MessageEncoding(347) field
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| 2362 | String | |||
| 2964 | Int Enum | |||
| 1685 | Int Enum | |||
| 376 | String | |||
| 2404 | String | |||
| 2351 | Length | Must be set if EncodedComplianceText(2352) field is specified and must immediately precede it
| ||
| 2352 | Data | Encoded (non-ASCII characters) representation of the ComplianceText(2404) field in the encoded format specified via the MessageEncoding(347) field
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| 58 | String | |||
| 354 | Length | Must be set if EncodedText field is specified and must immediately precede it
| ||
| 355 | Data | Encoded (non-ASCII characters) representation of the Text field in the encoded format specified via the MessageEncoding field
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| 443 | UTCTimestamp | Conditionally required when QuoteQual(695) = d (Deferred spot) is specified
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| Component |