Quote Request (MsgType = R)

In some markets it is the practice to request quotes from brokers prior to placement of an order. The Quote Request (R) message is used for this purpose.

Quotes can be requested on specific securities or for forex rates.

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.

The symbol used for forex quotes is, in ISO codes, "currency1.currency2" (e.g. GBP.USD) and the quote will be returned as a rate expressed as currency1/currency2.

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 (S) messages specifying various levels and sides.

Tag Field Name FIXML Req'd Comments
<Standard Message Header> Y MsgType = R
131 QuoteReqID Y
55 Symbol Y
65 SymbolSfx N
48 SecurityID N
22 IDSource N
106 Issuer N
107 SecurityDesc N
140 PrevClosePx N Useful for verifying security identification
54 Side N
38 OrderQty N
<Standard Message Trailer> Y