Quote Request (MsgType = R, FIXML = QuotReq)

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. This message is commonly referred to as an Request For Quote (RFQ) (AH) .

Quotes can be requested on specific securities or forex rates. The Quote Request (R) message can be used to request quotes on single products or multiple products.

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.

In the tradeable and restricted tradeable quote models the Quote Request (R) may be preceded by the RFQ Request (AH) message described further below.

If the message is used for foreign exchange, conventions for identifying the forex transaction are as follows:

Tag Field Name FIXML Req'd Comments
<Standard Message Header> Y MsgType = R
131 QuoteReqID @ReqID Y
644 RFQReqID @RFQReqID N For tradeable quote model - used to indicate to which RFQ Request (AH) this Quote Request (R) is in response.
11 ClOrdID @ClOrdID C Required when QuoteType (537) is Tradeable and the OrdType (40) is Limit.
528 OrderCapacity @Cpcty N
146 NoRelatedSym QuotReq Y Number of related symbols (instruments) in Request
=> <Instrument> Y
=> <Financing Details> N
=> 711 NoUnderlyings Undly N Number of underlyings
=> => <Underlying Instrument> C Must be provided if Number of underlyings > 0
=> 140 PrevClosePx @PrevClsPx N Useful for verifying security identification
=> 303 QuoteRequestType @ReqTyp N Indicates the type of Quote Request (R) (e.g. Manual vs. Automatic) being generated.
=> 537 QuoteType @Typ N Type of quote being requested from counterparty or market (e.g. Indicative, Firm, or Restricted Tradeable)
=> 336 TradingSessionID @SesID N
=> 625 TradingSessionSubID @SesSub N
=> 229 TradeOriginationDate @OrignDt N
=> 54 Side @Side N If OrdType (40) = "Forex - Swap", should be the side of the future portion of a F/X swap. The absence of a side implies that a two-sided quote is being requested. For single instrument use.
=> 854 QtyType @QtyTyp N
=> <Order Qty Data> C Required for single instrument quoting. Required for Fixed Income if QuoteType is Tradeable.
=> 63 SettlType @SettlTyp N
=> 64 SettlDate @SettlDt C Can be used with forex quotes to specify the desired "value date"
=> 193 SettDate2 @SettlDt2 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 @Qty2 N Can be used with OrdType (40) = "Forex - Swap" to specify the order quantity for the future portion of a F/X swap.
=> 15 Currency @Ccy N Can be used to specify the desired currency of the quoted price. May differ from the 'normal' trading currency of the instrument being quote requested.
=> <Stipulations> N
=> 1 Account @Acct N
=> 660 AcctIDSource @AcctIDSrc N
=> 581 AccountType @AcctTyp N
=> 555 NoLegs Leg N Required for multileg quotes.
=> => <Instrument Leg> C Required for multileg quotes. For Swaps one leg is Buy and other leg is Sell.
=> => 687 LegQty @Qty N
=> => 690 LegSwapType @SwapTyp N
=> => 587 LegSettlType @SettlTyp N
=> => 588 LegSettlDate @SettlDt C
=> => <Leg Stipulations> N
=> => <Nested Parties> N
=> => <Leg Benchmark Curve Data> N
=> 735 NoQuoteQualifiers QuotQual N
=> => 695 QuoteQualifier @Qual C Required if NoQuoteQualifiers (735) > 1
=> 692 QuotePriceType @QuotPxTyp N Initiator can specify the price type the quote needs to be quoted at. If not specified, the Respondent has option to specify how quote is quoted.
=> 40 OrdType @OrdTyp N Can be used to specify the type of order the quote request is for.
=> 62 ValidUntilTime @ValidUntilTm N Used by the quote initiator to indicate the period of time the resulting Quote must be valid until.
=> 126 ExpireTime @ExpireTm N The time when Quote Request (R) will expire.
=> 60 TransactTime @TxnTm N Time transaction was entered.
=> <Spread or Benchmark Curve Data> N
=> 423 PriceType @PxTyp N
=> 44 Price @Px N Quoted or target price
=> 640 Price2 @Px2 N Can be used with OrdType (40) = "Forex - Swap" to specify the Quoted or target price for the future portion of a F/X swap.
=> <Yield Data> N
=> <Parties> N
58 Text @Txt N
354 EncodedTextLen @EncTxtLen C Must be set if EncodedText (355) field is specified and must immediately precede it.
355 EncodedText @EncTxt 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