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:

The forex Symbol (55) is defined in Electronic Broking Services, Ltd. (see http://www.ebs.com ) format: "CCY1/CCY2".
- Rates are expressed as "currency1 in currency2" (or "currency2 per currency1") and are calculated as CCY2 divided by CCY1 (NOT CCY1 divided by CCY2)
- e.g. "GBP/USD" represents a rate expressed as USD per GBP, "USD/JPY" represents a rate expressed as JPY per USD, etc.).
- CCY1 and CCY2 are ISO currency codes
The value of the Currency (15) field represents the denomination of the quantity fields (e.g. JPY represents quantity of JPY).
See VOLUME 7 - PRODUCT: FOREIGN EXCHANGE of FIX specification
Forex quotes can be requested as indicative or at a specific quantity level. If an indicative quote is requested ( OrderQty (38) and Side (54) are absent), the broker has discretion to quote at either a specific trade level and side or to provide an indicative quote at the mid-point of the spread. The broker can also choose to respond to an indicative quote by sending multiple Quote (S) messages specifying various levels and sides.

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

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