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The quote (S) message is used as the response to a Quote Request (R) message in both indicative, tradeable, and restricted tradeable quoting markets.
In tradeable and restricted tradeable quoting models, the market maker sends quotes into a market as opposed to sending quotes directly to a counterparty.
The quote (S) message can be used to send unsolicited quotes in both indicative, tradeable, and restricted tradeable quoting markets
The quote (S) message contains a quote for a single product.
If the issuer of the quote requires a response (e.g. notification that the quote (S) message has been accepted) then the QuoteResponseLevel (301) field should be populated on the quote (S) message - the response would be made using the Quote Status Report (AI) message
The quote should not be used in tradeable and restricted tradeable quoting markets, such as electronic trading systems, 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 the market data messages.
Quotes supplied as the result of a Quote Request (R) message are tagged with the appropriate QuoteReqID (131) , unsolicited quotes can be identified by the absence of a QuoteReqID (131) .
If the message is used for foreign exchange, conventions for identifying the forex transaction are as follows:
Orders can be generated based on Quotes. Quoted orders include the QuoteID (117) and are OrdType (40) =Previously Quoted
The time in force for a quote is determined by agreement between counterparties.
A quote can be canceled either using the Quote Cancel (Z) message or by sending a quote (S) message with bid and offer prices and sizes all set to zero ( BidPx (132) , OfferPx (133) , BidSize (134) , OfferSize (135) )
|<Standard Message Header>||Y||MsgType = S|
|131||QuoteReqID||QuoteReqID||N||Required when quote is in response to a Quote Request (R) message|
|537||QuoteType||QuoteType||N||If not specified, the default is an indicative quote|
|301||QuoteResponseLevel||QuoteResponseLevel||N||Level of Response requested from receiver of quote messages.|
|581||AccountType||AccountType||N||Type of account associated with the order (Origin)|
|132||BidPx||BidPx||C||If F/X quote, should be the "all-in" rate (spot rate adjusted for forward points). Note that either BidPx (132) , OfferPx (133) or both must be specified.|
|133||OfferPx||OfferPx||C||If F/X quote, should be the "all-in" rate (spot rate adjusted for forward points). Note that either BidPx (132) , OfferPx (133) or both must be specified.|
|645||MktBidPx||MktBidPx||N||Can be used by markets that require showing the current best bid and offer|
|646||MktOfferPx||MktOfferPx||N||Can be used by markets that require showing the current best bid and offer|
|647||MinBidSize||MinBidSize||N||Specifies the minimum bid size. Used for markets that use a minimum and maximum bid size.|
|648||MinOfferSize||MinOfferSize||N||Specifies the minimum offer size. If MinOfferSize (648) is specified, OfferSize (135) is interpreted to contain the maximum offer size.|
|188||BidSpotRate||BidSpotRate||N||May be applicable for F/X quotes|
|190||OfferSpotRate||OfferSpotRate||N||May be applicable for F/X quotes|
|189||BidForwardPoints||BidForwardPoints||N||May be applicable for F/X quotes|
|191||OfferForwardPoints||OfferForwardPoints||N||May be applicable for F/X quotes|
|64||FutSettDate||FutSettDate||C||Can be used with forex quotes to specify a specific "value date"|
|40||OrdType||OrdType||N||Can be used to specify the type of order the quote is for|
|193||FutSettDate2||FutSettDate2||N||Can be used with OrdType (40) = "Forex - Swap" to specify the "value date" for the future portion of a F/X swap.|
|192||OrderQty2||OrderQty2||N||Can be used with OrdType (40) = "Forex - Swap" to specify the order quantity for the future portion of a F/X swap.|
|642||BidForwardPoints2||BidForwardPoints2||N||Bid F/X forward points of the future portion of a F/X swap quote added to spot rate. May be a negative value|
|643||OfferForwardPoints2||OfferForwardPoints2||N||Offer F/X forward points of the future portion of a F/X swap quote added to spot rate. May be a negative value|
|15||Currency||Currency||N||Can be used to specify the currency of the quoted price.|
|656||SettlCurrBidFxRate||SettlCurrBidFxRate||N||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 (S) message|
|657||SettlCurrOfferFxRate||SettlCurrOfferFxRate||N||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 (S) message|
|156||SettlCurrFxRateCalc||SettlCurrFxRateCalc||N||Can be used when the quote is provided in a currency other than the instruments trading currency.|
|12||Commission||Commission||N||Can be used to show the counterparty the commission associated with the transaction.|
|13||CommType||CommType||N||Can be used to show the counterparty the commission associated with the transaction.|
|582||CustOrderCapacity||CustOrderCapacity||N||For Futures Exchanges|
|100||ExDestination||ExDestination||N||Used when routing quotes to multiple markets|
|354||EncodedTextLen||EncodedTextLen||C||Must be set if EncodedText (355) field is specified and must immediately precede it.|
|355||EncodedText||EncodedText||C||Encoded (non-ASCII characters) representation of the Text (58) field in the encoded format specified via the MessageEncoding (347) field.|
|<Standard Message Trailer>||Y|
|FRAMES | NO FRAMES|