Quote

From FIXwiki
Jump to: navigation, search

FIX Message Quote (MsgType=S)

MsgType FIX Specification First introduced
MsgType=S PreTrade messages - QuotationNegotiation FIX.4.0

The Quote message is used as the response to a Quote Request or a Quote Response 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 message can be used to send unsolicited quotes in both indicative, tradeable, and restricted tradeable quoting markets.

The quote message contains a quote for a single product.

If the issuer of the quote requires a response (i.e. notification that the quote message has been accepted) then the QuoteResponseLevel field should be populated on the quote message - the response would be made using the Quote Status Report 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 message will specify the appropriate QuoteReqID, unsolicited quotes can be identified by the absence of a QuoteReqID.

See VOLUME 7 - PRODUCT: FOREIGN EXCHANGE and USER GROUP: EXCHANGES AND MARKETS sections for more detailed usage notes specific to Foreign Exchange and Exchanges/Marketplaces respectively.

Orders can be generated based on Quotes. Quoted orders include the QuoteID and are OrdType=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 message or by sending a quote message with bid and offer prices and sizes all set to zero (BidPx, OfferPx, BidSize, OfferSize)


Message Contents By FIX Version


Notes

Please post comments, clarifications, examples here. Click on the edit button on the right and away you go! 
Don't forget to refer to the FPL Discussion Groups to back up anything you write. You will often find the authoritative statements on matters of FIX specification interpretation there. Links from FIXwiki pages to relevant discussions on the FPL site are very valuable.
For example if you were writing a clarification on how to specify the "quantity" of an order in FIX, you might add the following relevant link, http://www.fixprotocol.org/discuss/read/f5014573, to back up your points.