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.
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.
The time in force for a quote is determined by agreement between counterparties.
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