The Bid Request (k) message can be used in one of two ways depending on which market conventions are being followed.
In the "Non disclosed" convention (e.g. US/European model) the BidRequest (k) message can be used to request a bid based on the sector, country, index and liquidity information contained within the message itself. In the "Non disclosed" convention the entry repeating group is used to define liquidity of the program. See Appendix N - Program/Basket/List Trading of FIX Specification for an example.
In the "Disclosed" convention (e.g. Japanese model) the BidRequest (k) message can be used to request bids based on the ListOrderDetail messages sent in advance of BidRequest (k) message. In the "Disclosed" convention the list repeating group is used to define which ListOrderDetail messages a bid is being sort for and the directions of the required bids.
The pair of fields SideValue1 (396) and SideValue2 (397) are used to show the monetary total value in either direction (buy or sell) of the transaction without revealing whether it is the buy-side institution intention to buy or sell.
The two repeating groups, NoEntries and NoBidComponents (420) are mutually exclusive and a function of which bidding model is being used. If the "Non Disclosure" method is being used the portfolio of stocks being traded is described by a number of "bid desciptors" entries. If the "Disclosure" Method is being used the portfolio is fully disclosed, except for side, by a number of "list" entries enumerating the lists that list the stocks to be traded.
| Tag | Field Name | FIXML | Req'd | Comments | |||
|---|---|---|---|---|---|---|---|
| <Standard Message Header> | Y | MsgType = k | |||||
| 390 | BidID | BidID | N | Required to relate the bid response | |||
| 391 | ClientBidID | ClientBidID | Y | ||||
| 374 | BidRequestTransType | BidReqTransType | Y | Identifies the Bid Request (k) message transaction type | |||
| 392 | ListName | ListName | N | ||||
| 393 | TotalNumSecurities | TotNoSecurities | Y | ||||
| 394 | BidType | BidType | Y | e.g. "Non Disclosed", "Disclosed", No Bidding Process | |||
| 395 | NumTickets | NoTickets | N | Total number of tickets/allocations assuming fully executed | |||
| 15 | Currency | Currency | N | Used to represent the currency of monetary amounts. | |||
| 396 | SideValue1 | SideValue1 | N | Expressed in Currency (15) | |||
| 397 | SideValue2 | SideValue2 | N | Expressed in Currency (15) | |||
| 398 | NoBidDescriptors | NoBidDesc | N | Used if BidType (394) ='Non Disclosed' | |||
| => | 399 | BidDescriptorType | BidDescType | C | Required if NoBidDescriptors (398) > 0. Must be first field in repeating group. | ||
| => | 400 | BidDescriptor | BidDescriptor | N | |||
| => | 401 | SideValueInd | SideValueInd | N | Refers to the SideValue1 (396) or SideValue2 (397) . These are used as opposed to Buy or Sell so that the basket can be quoted either way as Buy or Sell. | ||
| => | 404 | LiquidityValue | LiquidityValue | N | Value between LiquidityPctLow (402) and LiquidityPctHigh (403) in Currency (15) | ||
| => | 441 | LiquidityNumSecurities | LiquidityNoSecurities | N | Number of Securites between LiquidityPctLow (402) and LiquidityPctHigh (403) in Currency (15) | ||
| => | 402 | LiquidityPctLow | LiquidityPctLow | N | Liquidity indicator or lower limit if LiquidityNumSecurities (441) > 1 | ||
| => | 403 | LiquidityPctHigh | LiquidityPctHigh | N | Upper liquidity indicator if LiquidityNumSecurities (441) > 1 | ||
| => | 405 | EFPTrackingError | EFPTrackingError | N | Eg Used in EFP (Exchange For Physical) trades 12% | ||
| => | 406 | FairValue | FairValue | N | Used in EFP trades | ||
| => | 407 | OutsideIndexPct | OutsideIndexPct | N | Used in EFP trades | ||
| => | 408 | ValueOfFutures | ValueOfFutures | N | Used in EFP trades | ||
| 420 | NoBidComponents | NoBidComps | N | Used if BidType (394) ="Disclosed" | |||
| => | 66 | ListID | ListID | C | Required if NoBidComponents (420) > 0. Must be first field in repeating group. | ||
| => | 54 | Side | Side | N | When used in request for a "Disclosed" bid indicates that bid is required on assumption that SideValue1 (396) is Buy or Sell. SideValue2 (397) can be derived by inference. | ||
| => | 336 | TradingSessionID | TrdSesID | N | Indicates off-exchange type activities for Detail. | ||
| => | 430 | NetGrossInd | NetGrossInd | N | Indicates Net or Gross for selling Detail. | ||
| => | 63 | SettlmntTyp | Settlement | N | Indicates order settlement period for Detail. | ||
| => | 64 | FutSettDate | FutSettDate | N | |||
| => | 1 | Account | Account | N | |||
| 409 | LiquidityIndType | LiquidityIndType | N | ||||
| 410 | WtAverageLiquidity | WtAvgLiquidity | N | Overall weighted average liquidity expressed as a % of average daily volume | |||
| 411 | ExchangeForPhysical | ExchForPhys | N | ||||
| 412 | OutMainCntryUIndex | OutMainCntryUIndex | N | % value of stocks outside main country in Currency (15) | |||
| 413 | CrossPercent | CrossPct | N | % of program that crosses in Currency (15) | |||
| 414 | ProgRptReqs | ProgRptReqs | N | ||||
| 415 | ProgPeriodInterval | ProgPeriodInterval | N | Time in minutes between each List Status (N) report sent by SellSide. Zero means don't send status. | |||
| 416 | IncTaxInd | IncTaxInd | N | Net/Gross | |||
| 121 | ForexReq | ForexReq | N | Is foreign exchange required | |||
| 417 | NumBidders | NoBidders | N | Indicates the total number of bidders on the list | |||
| 75 | TradeDate | TradeDate | N | ||||
| 418 | TradeType | TradeType | Y | ||||
| 419 | BasisPxType | BasisPxType | Y | ||||
| 443 | StrikeTime | StrikeTime | N | Used when BasisPxType (419) = 'C' | |||
| 58 | Text | Text | N | ||||
| 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 | ||||||
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