Quote (MsgType = S, FIXML = Quot)

The Quote (S) message is used as the response to a Quote Request (R) or a Quote Response (AJ) 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 7PRODUCT: 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 (301) field should be populated on the quote messagethe response would be made using the Quote Status Report (AI) 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 (R) message will specify the appropriate QuoteReqID, unsolicited quotes can be identified by the absence of aQuoteReqID.

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 (117) 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 (Z) message or by sending a quote message with bid and offer prices and sizes all set to zero (BidPx, OfferPx, BidSize, OfferSize)

Tag	Field Name	FIXML	Req'd	Comments
<Standard Message Header>			Y	MsgType = S
131	QuoteReqID	@ReqID	N	Encoded (non-ASCII characters) representation of the Text (58) field in the encoded format specified via the MessageEncoding (347) field.
117	QuoteID	@QID	Y	Unique identifier for quote
390	BidID	@BidID	N	Unique identifier for the bid side of the quote.
1867	OfferID	@OfrID	N	Unique identifier for the ask side of the quote.
1751	SecondaryQuoteID	@QID2	N	Can be used when modifying an existing quote.
1166	QuoteMsgID	@QtMsgID	N	Optionally used to supply a message identifier for a quote.
693	QuoteRespID	@RspID	N	Required when responding to the QuoteResponse(35=AJ) message. The counterparty specified ID of the QuoteResponse(35=AJ) message.
1080	RefOrderID	@RefOrdID	N	May be used to refer to a related quote.
1081	RefOrderIDSource	@RefOrdIDSrc	N	Conditionally required if RefOrderID(1080) is specified.
537	QuoteType	@Typ	N	If not specified, the default is an indicative quote.
2403	QuoteModelType	@QModelTyp	N	Quote model type
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.
2837	SingleQuoteIndicator	@SnglQteInd	N	Used to indicate whether the quoting system allows only one quote to be active at a time for the quote issuer or market maker.
<QuotQualGrp>			N	Required for multileg quotes
828	TrdType	@TrdTyp	N	Type of trade assigned to a trade. SecondaryTrdType(855) and TertiaryTrdType(2896) may be used in addition to TrdType(828) to assign up to three different trade types to a single trade. Note: several enumerations of this field duplicate the enumerations in TradePriceCondition(1839) field. These may be deprecated from TrdType(828) in the future. TradePriceCondition(1839) is preferred in messages that support it.
2115	NegotiationMethod	@NegottnMeth	N	Specifies the negotiation method to be used.
301	QuoteResponseLevel	@RspLvl	N	Level of Response requested from receiver of quote messages. A default value should be bilaterally agreed.
<QuoteAttributeGrp>			N	May be used by the quote provider to indicate pre-trade transparency waiver determination in the context of MiFID II.
<ValueChecksGrp>			N	Specifies the type of trade strategy.
<Parties>			N	Same as TrdRegTimestamp(769). Used in a multi-sided message to indicate relevant trade-side timestamp.
336	TradingSessionID	@SesID	N	Identifier for a trading session. A trading session spans an extended period of time that can also be expressed informally in terms of the trading day. Usage is determined by market or counterparties. To specify good for session where session spans more than one calendar day, use TimeInForce = 0 (Day) in conjunction with TradingSessionID(336). Bilaterally agreed values of data type "String" that start with a character can be used for backward compatibility.
625	TradingSessionSubID	@SesSub	N	Optional market assigned sub identifier for a trading phase within a trading session. Usage is determined by market or counterparties. Used by US based futures markets to identify exchange specific execution time bracket codes as required by US market regulations. Bilaterally agreed values of data type "String" that start with a character can be used for backward compatibility
<Instrument>			Y
<FinancingDetails>			N
<UndInstrmtGrp>			N	Free form text to specify additional information or enumeration description when a standard value does not apply.
54	Side	@Side	C	Required for 1-sided tradeable or counter quotes of single instruments. Omit for 2-sided tradeable quote.
<OrderQtyData>			C
63	SettlType	@SettlTyp	N	Indicates order settlement period. If present, SettlDate (64) overrides this field. If both SettlType (63) and SettDate (64) are omitted, the default for SettlType (63) is 0 (Regular) Regular is defined as the default settlement period for the particular security on the exchange of execution. In Fixed Income the contents of this field may influence the instrument definition if the SecurityID (48) is ambiguous. In the US an active Treasury offering may be re-opened, and for a time one CUSIP will apply to both the current and "when-issued" securities. Supplying a value of "7" clarifies the instrument description; any other value or the absence of this field should cause the respondent to default to the active issue. Additionally the following patterns may be uses as well as enum values Dx = FX tenor expression for "days", e.g. "D5", where "x" is any integer > 0 Mx = FX tenor expression for "months", e.g. "M3", where "x" is any integer > 0 Wx = FX tenor expression for "weeks", e.g. "W13", where "x" is any integer > 0 Yx = FX tenor expression for "years", e.g. "Y1", where "x" is any integer > 0 Noted that for FX the tenors expressed using Dx, Mx, Wx, and Yx values do not denote business days, but calendar days.
64	SettlDate	@SettlDt	C	Can be used with forex quotes to specify a specific "value date". For NDFs this is required.
193	SettlDate2	@SettlDt2	N	Can be used with OrdType = "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 = "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 currency of the quoted prices. May differ from the 'normal' trading currency of the instrument being quoted
2897	CurrencyCodeSource	@CcySrc	N	Identifies class or source of the Currency(15) value.
120	SettlCurrency	@SettlCcy	N	Required for NDFs to specify the settlement currency (fixing currency).
2899	SettlCurrencyCodeSource	@SettlCcySrc	N	Identifies class or source of the SettlCurrency(120) value.
<RateSource>			N	Number of Underlying InstrumentPartySubID (1053) and InstrumentPartySubIDType (1054) entries
<Stipulations>			N	PartyID value within an instrument party repeating group. Same values as PartyID (448)
1	Account	@Acct	N	Account mnemonic as agreed between buy and sell sides, e.g. broker and institution or investor/intermediary and fund manager.
660	AcctIDSource	@AcctIDSrc	N	Used to identify the source of the Account (1) code. This is especially useful if the account is a new account that the Respondent may not have setup yet in their system.
581	AccountType	@AcctTyp	N	Type of account associated with an order
522	OwnerType	@OwnerTyp	N	Identifies the type of owner.
377	SolicitedFlag	@SolFlag	N	Indicates whether or not the order was solicited.
<LegQuotGrp>			N	Required for multileg quotes
132	BidPx	@BidPx	C	If F/X quote, should be the "all-in" rate (spot rate adjusted for forward points). Note that either BidPx, OfferPx or both must be specified.
133	OfferPx	@OfrPx	C	If F/X quote, should be the "all-in" rate (spot rate adjusted for forward points). Note that either BidPx, OfferPx or both must be specified.
645	MktBidPx	@MktBidPx	N	Can be used by markets that require showing the current best bid and offer
646	MktOfferPx	@MktOfrPx	N	Can be used by markets that require showing the current best bid and offer
647	MinBidSize	@MinBidSz	N	Used for markets that use a minimum and maximum bid size.
134	BidSize	@BidSz	N	If MinBidSize(647) is specified, BidSize(134) is interpreted to contain the maximum bid size.
1749	TotalBidSize	@TotBidSz	N	Specifies the total bid size.
648	MinOfferSize	@MinOfrSz	N	Used for markets that use a minimum and maximum offer size.
135	OfferSize	@OfrSz	N	If MinOfferSize(648) is specified, OfferSize(135) is interpreted to contain the maximum offer size.
1750	TotalOfferSize	@TotOfrSz	N	Specifies the total offer size.
110	MinQty	@MinQty	N	For use in private/directed quote negotiations.
1629	ExposureDuration	@ExpsreDur	N	This is the time in seconds of a "Good for Time" (GFT) TimeInForce. Positive integer value which represents the time is seconds in which the new order remains active in the market before it is automatically cancelled (e.g. expired). Bi-lateral agreements will dictate the maximum value of this field. It is assumed that most systems will impose a max limit of 86,400 seconds (i.e. 24 hours). For Quotes: The period of time a quoted price is tradable(i.e. on-the-wire) before it becomes indicative (i.e. off-the-wire).
1916	ExposureDurationUnit	@ExpsreDurUnit	N	Time unit in which the ExposureDuration(1629) is expressed.
62	ValidUntilTime	@ValidUntilTm	N	The time when the quote will expire
188	BidSpotRate	@BidSpotRt	N	Bid F/X spot rate.
190	OfferSpotRate	@OfrSpotRt	N	Offer F/X spot rate.
189	BidForwardPoints	@BidFwdPnts	N	Bid F/X forward points added to spot rate. May be a negative value.
191	OfferForwardPoints	@OfrFwdPnts	N	Offer F/X forward points added to spot rate. May be a negative value.
1065	BidSwapPoints	@BidSwapPnts	N	The bid FX Swap points for an FX Swap. It is the "far bid forward points - near offer forward point". Value can be negative. Expressed in decimal form. For example, 61.99 points is expressed and sent as 0.006199
1066	OfferSwapPoints	@OfrSwapPnts	N	The offer FX Swap points for an FX Swap. It is the "far offer forward points - near bid forward points". Value can be negative. Expressed in decimal form. For example, 61.99 points is expressed and sent as 0.006199
631	MidPx	@MidPx	N	Mid price/rate. For OTC swaps this is the mid-market mark (for example, as defined by CFTC). For uncleared OTC swaps, LegMidPx(2346) and the MidPx(631) fields are mutually exclusive.
632	BidYield	@BidYld	N	Bid yield
633	MidYield	@MidYld	N	Mid yield
634	OfferYield	@OfrYld	N	Offer yield
60	TransactTime	@TxnTm	N	Timestamp when the business transaction represented by the message occurred.
<TrdRegTimestamps>			N	Used to report volume with a trade
40	OrdType	@OrdTyp	N	Can be used to specify the type of order the quote is for
642	BidForwardPoints2	@BidFwdPnts2	N	Bid F/X forward points of the future portion of a F/X swap quote added to spot rate. May be a negative value
643	OfferForwardPoints2	@OfrFwdPnts2	N	Offer F/X forward points of the future portion of a F/X swap quote added to spot rate. May be a negative value
656	SettlCurrBidFxRate	@SettlCurrBidFxRt	N	Can be used when the quote is provided in a currency other than the instrument's 'normal' trading currency. Applies to all bid prices contained in this quote message
657	SettlCurrOfferFxRate	@SettlCurrOfrFxRt	N	Can be used when the quote is provided in a currency other than the instrument's 'normal' trading currency. Applies to all offer prices contained in this quote message
156	SettlCurrFxRateCalc	@SettlCurrFxRtCalc	N	Can be used when the quote is provided in a currency other than the instruments trading currency.
<CommissionData>			N
582	CustOrderCapacity	@CustCpcty	N	Capacity of customer placing the order. Used by futures exchanges to indicate the CTICode (customer type indicator) as required by the US CFTC (Commodity Futures Trading Commission). May be used as required by other regulatory commissions for similar purposes.
100	ExDestination	@ExDest	N	Used when routing quotes to multiple markets
1133	ExDestinationIDSource	@ExDestIDSrc	N	The ID source of ExDestination
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).
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)
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.
1934	RegulatoryReportType	@RegRptTyp	N	Type of regulatory report.
423	PriceType	@PxTyp	N	Code to represent the price type.
<PriceQualifierGrp>			N	Used for the calculated quantity of the other side of the currency for this leg. Can be derived from LegQty and LegLastPx.
2533	BidSpread	@BidSpread	N	SpreadOrBenchmarkCurveData component may be used to specify the benchmark.
2534	OfferSpread	@OfrSpread	N	SpreadOrBenchmarkCurveData component may be used to specify the benchmark.
<SpreadOrBenchmarkCurveData>			N
<RelativeValueGrp>			N	The end date of the date range on which a complex event is effective. The start date will be set equal to the end date for single day events such as Bermuda options. The end date must always be greater than or equal to start date.
<YieldData>			N
<RoutingGrp>			N	The start date of the date range on which a complex event is effective. The start date will be set equal to the end date for single day events such as Bermuda options. The start date must always be less than or equal to end date.
1937	TradeContinuation	@TrdContntn	N	May be used to indicate the quote/negotiation is for the specified post-execution trade continuation or lifecycle event.
2374	TradeContinuationText	@TrdContntnTxt	N	Free form text to specify additional trade continuation information or data.
2372	EncodedTradeContinuationTextLen	@EncTrdContntnTextLen	N	Must be set if EncodedTradeContinuationText(2371) field is specified and must immediately precede it.
2371	EncodedTradeContinuationText	@EncTrdContntnText	N	Encoded (non-ASCII characters) representation of the TradeContinuationText(2374) field in the encoded format specified via the MessageEncoding(347) field.
2362	SelfMatchPreventionID	@SlfMtchPrvntnID	N	Identifies an order or trade that should not be matched to an opposite order or trade if both buy and sell orders for the same asset contain the same SelfMatchPreventionID(2362) and submitted by the same firm.
2964	SelfMatchPreventionInstruction	@SlfMtchPrvntnInst	N	Indicate the instruction for self-match prevention when the incoming (aggressive) order has the same SelfMatchPreventionID(2362) as a resting (passive) order.
1685	ThrottleInst	@ThrttlInst	N	Describes action recipient should take if a throttle limit were exceeded.
376	ComplianceID	@ComplianceID	N	ID used to represent this transaction for compliance purposes (e.g. OATS reporting).
2404	ComplianceText	@ComplianceTxt	N	Free text for compliance information required for regulatory reporting.
2351	EncodedComplianceTextLen	@EncComplianceTxtLen	N	Must be set if EncodedComplianceText(2352) field is specified and must immediately precede it.
2352	EncodedComplianceText	@EncComplianceTxt	N	Encoded (non-ASCII characters) representation of the ComplianceText(2404) field in the encoded format specified via the MessageEncoding(347) field.
58	Text	@Txt	N	Free format text string (Note: this field does not have a specified maximum length)
354	EncodedTextLen	@EncTxtLen	C	Must be set if EncodedText field is specified and must immediately precede it.
355	EncodedText	@EncTxt	C	Encoded (non-ASCII characters) representation of the Text field in the encoded format specified via the MessageEncoding field.
443	StrikeTime	@StrkTm	N	Conditionally required when QuoteQual(695) = d (Deferred spot) is specified.
<Standard Message Trailer>			Y