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 Quote Request message
| ||
| 117 | String | |||
| 693 | String | Required when responding to the Quote Response message. The counterparty specified ID of the
Quote Response message
| ||
| 537 | Int Enum | Quote Type
If not specified, the default is an indicative quote
| ||
| Component | ||||
| 301 | Int Enum | Level of Response requested from receiver of quote messages
| ||
| Component | The set of "Parties" (firm identification) fields defined in "Common Components
of Application Messages"
| |||
| 336 | String | |||
| 625 | String | |||
| Component | The set of "Instrument" (symbology) fields defined in "Common Components of
Application Messages"
| |||
| Component | The set of "FinancingDetails" (symbology) fields defined in "Common Components
of Application Messages"
| |||
| Component | Number of underlyings
| |||
| 54 | Char Enum | Required for Tradeable or Counter quotes of single instruments
| ||
| Component | Required for Tradeable quotes or Counter quotes of single instruments
| |||
| 63 | Char Enum | |||
| 64 | LocalMktDate | Can be used with forex quotes to specify a specific "value date"
| ||
| 193 | LocalMktDate | Can be used with OrdType = "Forex - Swap" to specify the "value date" for the future portion
of an F/X swap
| ||
| 192 | Quantity | Can be used with OrdType = "Forex - Swap" to specify the order quantity for the future
portion of an F/X swap
| ||
| 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
| ||
| Component | ||||
| 1 | String | |||
| 660 | Int Enum | |||
| 581 | Int Enum | Type of account associated with the order (Origin)
| ||
| 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
| ||
| 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
| ||
| 645 | Price | Can be used by markets that require showing the current best bid and offer
| ||
| 646 | Price | Can be used by markets that require showing the current best bid and offer
| ||
| 647 | Quantity | Specifies the minimum bid size. Used for markets that use a minimum and maximum bid size
| ||
| 134 | Quantity | Specifies the bid size. If MinBidSize is specified, BidSize is interpreted to contain the
maximum bid size
| ||
| 648 | Quantity | Specifies the minimum offer size. If MinOfferSize is specified, OfferSize is interpreted to
contain the maximum offer size
| ||
| 135 | Quantity | Specified the offer size. If MinOfferSize is specified, OfferSize is interpreted to contain
the maximum offer size
| ||
| 62 | UTCTimestamp | The time when the quote will expire
| ||
| 188 | Price | May be applicable for F/X quotes
| ||
| 190 | Price | May be applicable for F/X quotes
| ||
| 189 | PriceOffset | May be applicable for F/X quotes
| ||
| 191 | PriceOffset | May be applicable for F/X quotes
| ||
| 631 | Price | |||
| 632 | Percentage | |||
| 633 | Percentage | |||
| 634 | Percentage | |||
| 60 | UTCTimestamp | |||
| 40 | Char Enum | Can be used to specify the type of order the quote is for
| ||
| 642 | PriceOffset | Bid F/X forward points of the future portion of an F/X swap quote added to spot rate. May be
a negative value
| ||
| 643 | PriceOffset | Offer F/X forward points of the future portion of an F/X swap quote added to spot rate. May
be a negative value
| ||
| 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
| ||
| 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
| ||
| 156 | Char Enum | Can be used when the quote is provided in a currency other than the instruments trading
currency
| ||
| 13 | Char Enum | Can be used to show the counterparty the commission associated with the transaction
| ||
| 12 | Amount | Can be used to show the counterparty the commission associated with the transaction
| ||
| 582 | Int Enum | For Futures Exchanges
| ||
| 100 | Exchange | Used when routing quotes to multiple markets
| ||
| 528 | Char Enum | |||
| 423 | Int Enum | |||
| Component | ||||
| Component | ||||
| 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
| ||
| Component |