Quote (MsgType = S, FIXML = Quot)

The Quote (S) message is used as the response to a Quote Request (R) or a Quote Response (AJ) 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.

For Fixed Income in the indicative and tradeable quoting models, the quotes are typically sent directly to an interested counterparty as opposed to a market place. See Volume 7 - PRODUCT: FIXED INCOME for specific descriptions and usage details.

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 will specify 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) )

Tag Field Name FIXML Req'd Comments
<Standard Message Header> Y MsgType = S
131 QuoteReqID @ReqID N Required when quote is in response to a Quote Request (R) message
117 QuoteID @QID Y
693 QuoteRespID @RspID N Required when responding to the Quote Response (AJ) message. The counterparty specified ID of the Quote Response (AJ) message.
537 QuoteType @Typ N Quote Type. If not specified, the default is an indicative quote
735 NoQuoteQualifiers QuotQual N
=> 695 QuoteQualifier @Qual C Required if NoQuoteQualifiers (735) > 0
301 QuoteResponseLevel @RspLvl N Level of Response requested from receiver of quote messages.
<Parties> N
336 TradingSessionID @SesID N
625 TradingSessionSubID @SesSub N
<Instrument> Y
<Financing Details> N
711 NoUnderlyings Undly N Number of underlyings
=> <Underlying Instrument> C Must be provided if Number of underlyings > 0
54 Side @Side C Required for Tradeable or Counter quotes of single instruments
<Order Qty Data> C Required for Tradeable quotes or Counter quotes of single instruments
63 SettlType @SettlTyp N
64 SettlDate @SettlDt C Can be used with forex quotes to specify a specific "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 currency of the quoted prices. May differ from the 'normal' trading currency of the instrument being quoted.
<Stipulations> N
1 Account @Acct N
660 AcctIDSource @AcctIDSrc N
581 AccountType @AcctTyp N Type of account associated with the order (Origin).
555 NoLegs Quot 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
=> 686 LegPriceType @PxTyp C Represents type of price presented in LegBidPx (681) and LegOfferPx (684) . Required if LegBidPx (681) or LegOfferPx (684) is present.
=> 681 LegBidPx @BidPx N
=> 684 LegOfferPx @OfrPx N
=> <Leg Benchmark Curve Data> N
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 @OfrPx 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 @MktOfrPx N Can be used by markets that require showing the current best bid and offer
647 MinBidSize @MinBidSz N Specifies the minimum bid size. Used for markets that use a minimum and maximum bid size.
134 BidSize @BidSz N Specifies the bid size. If MinBidSize (647) is specified, BidSize (134) is interpreted to contain the maximum bid size.
648 MinOfferSize @MinOfrSz N Specifies the minimum offer size. If MinOfferSize (648) is specified, OfferSize (135) is interpreted to contain the maximum offer size.
135 OfferSize @OfrSz N Specified the offer size. If MinOfferSize (648) is specified, OfferSize (135) is interpreted to contain the maximum offer size.
62 ValidUntilTime @ValidUntilTm N The time when the quote will expire.
188 BidSpotRate @BidSpotRt N May be applicable for F/X quotes.
190 OfferSpotRate @OfrSpotRt N May be applicable for F/X quotes.
189 BidForwardPoints @BidFwdPnts N May be applicable for F/X quotes.
191 OfferForwardPoints @OfrFwdPnts N May be applicable for F/X quotes.
631 MidPx @MidPx N
632 BidYield @BidYld N
633 MidYield @MidYld N
634 OfferYield @OfrYld N
60 TransactTime @TxnTm N
40 OrdType @OrdTyp N Can be used to specify the type of order the quote is for
642 BidForwardPoints2 @BidFwdPnts2 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 @OfrFwdPnts2 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
656 SettlCurrBidFxRate @SettlCurrBidFxRt 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 message
657 SettlCurrOfferFxRate @SettlCurrOfrFxRt 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 message
156 SettlCurrFxRateCalc @SettlCurrFxRtCalc N Can be used when the quote is provided in a currency other than the instruments trading currency.
13 CommType @CommTyp N Can be used to show the counterparty the commission associated with the transaction.
12 Commission @Comm N Can be used to show the counterparty the commission associated with the transaction.
582 CustOrderCapacity @CustCpcty N For Futures Exchanges
100 ExDestination @ExDest N Used when routing quotes to multiple markets
528 OrderCapacity @Cpcty N
423 PriceType @PxTyp N
<Spread or Benchmark Curve Data> N
<Yield Data> 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