Quote  (MsgType = S)

The Quote (S) message is used as the response to a Quote Request (R) 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.

The Quote (S) message can be used to send unsolicited quotes in both indicative, tradeable, and restricted tradeable quoting markets

The Quote (S) message contains a quote for a single product.

If the issuer of the quote requires a response (e.g. notification that the Quote (S) message has been accepted) then the QuoteResponseLevel (301) field should be populated on the Quote (S) message - the 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 are tagged with the appropriate QuoteReqID (131) , unsolicited quotes can be identified by the absence of a QuoteReqID (131) .

If the message is used for foreign exchange, conventions for identifying the forex transaction are as follows:

• The forex Symbol (55) is defined in "EBS" (Electronic Banking System) 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

Orders can be generated based on Quotes. Quoted orders include the QuoteID (117) and are OrdType (40) =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 (S) message with bid and offer prices and sizes all set to zero ( BidPx (132) , OfferPx (133) , BidSize (134) , OfferSize (135) )