In some markets it is the practice to request quotes from brokers prior to placement of an order.The quote request message is used for this purpose. This message is commonly referred to as an Request For Quote (S) (RFQ)
Quotes can be requested on specific securities, on specified stipulations when specific security is not known or forex rates. The quote request 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.
For tradeable quote requests it is possible to specify the time period in which the request is valid for and the time period which the resulting quote must be valid for.
See VOLUME 7 - PRODUCT: FOREIGN EXCHANGE and USER GROUP:
EXCHANGES AND MARKETS sections for detailed usage notes specific to Foreign Exchange and exchanges/marketplaces respectively.
| Tag | Field Name | FIXML | Req'd | Comments | |||
|---|---|---|---|---|---|---|---|
| <Standard Message Header> | Y | MsgType = R | |||||
| 131 | QuoteReqID | @ReqID | Y | Encoded (non-ASCII characters) representation of the Text (58) field in the encoded format specified via the MessageEncoding (347) field. | |||
| 644 | RFQReqID | @RFQReqID | N |
For tradeable quote model - used to indicate to which RFQ Request this Quote Request is in response. |
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| 11 | ClOrdID | @ClOrdID | C |
Required only in two party models when QuoteType(537) = '1' (Tradeable) and the OrdType(40) = '2' (Limit). |
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| 775 | BookingType | @BkngTyp | N |
Method for booking out this order. Used when notifying a broker that an order to be settled by that broker is to be booked out as an OTC derivative (e.g. CFD or similar). |
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| 528 | OrderCapacity | @Cpcty | N |
Designates the capacity of the firm placing the order. (as of FIX 4.3, this field replaced Rule80A (tag 47) --used in conjunction with OrderRestrictions (529) field) (see Volume : "Glossary" for value definitions) |
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| 529 | OrderRestrictions | @Rstctions | N |
Restrictions associated with an order. If more than one restriction is applicable to an order, this field can contain multiple instructions separated by space. |
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| 1171 | PrivateQuote | @PrvtQt | N |
Used to indicate whether a private negotiation is requested or if the response should be public. Only relevant in markets supporting both Private and Public quotes. If field is not provided in message, the model used must be bilaterally agreed. |
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| 1172 | RespondentType | @RspdntTyp | N |
Specifies the type of respondents requested. |
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| 1091 | PreTradeAnonymity | @PrTrdAnon | N |
Allows trader to explicitly request anonymity or disclosure in pre-trade market data feeds. Anonymity is relevant in markets where counterparties are regularly disclosed in order depth feeds. Disclosure is relevant when counterparties are not normally visible. |
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| <RootParties> | N | Number of related symbols (instruments) in Request | |||||
| <QuotReqGrp> | Y |
Number of related symbols (instruments) in Request |
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| 376 | ComplianceID | @ComplianceID | N |
ID used to represent this transaction for compliance purposes (e.g. OATS reporting). |
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| 2404 | ComplianceText | @ComplianceTxt | N |
Free text for compliance information required for regulatory reporting. |
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| 2351 | EncodedComplianceTextLen | @EncComplianceTxtLen | N |
Must be set if EncodedComplianceText(2352) field is specified and must immediately precede it. |
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| 2352 | EncodedComplianceText | @EncComplianceTxt | N |
Encoded (non-ASCII characters) representation of the ComplianceText(2404) field in the encoded format specified via the MessageEncoding(347) field. |
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| 58 | Text | @Txt | N |
Free format text string (Note: this field does not have a specified maximum length) |
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| 354 | EncodedTextLen | @EncTxtLen | C |
Must be set if EncodedText field is specified and must immediately precede it. |
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| 355 | EncodedText | @EncTxt | C |
Encoded (non-ASCII characters) representation of the Text field in the encoded format specified via the MessageEncoding field. |
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| <Standard Message Trailer> | Y | ||||||
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