Mass Quote is sent from first party to second party. The quote has the QuoteResponseLevel set to 0 or omitted. The second party does not acknowledge the quote. If the quote is later hit, resulting in a trade, an Execution Report is sent to the first party.
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First Party |
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Second Party |
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Mass Quote message Options: One or more sets of quotes Set QuoteResponseLevel is set to 0 or omitted |
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Interprets quotes applies them to a market Interprets Response Level � provides response accordingly No response is sent |
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Execution Report Quote Results in Trade
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Mass Quote is sent from first party to second party. The quote has the QuoteResponseLevel set to 1. The second party only acknowledges the quote if there is an error. If an error is encountered by the second party while processing the quote a Quote Acknowledgement message is sent with the QuoteRejectReason set to the error encountered.
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First Party |
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Second Party |
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Mass Quote message Options: One or more sets of quotes Set Response Level to 1 |
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Interprets quotes applies them to a market |
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Interprets Quote Acknowledgement If error � then send revised quote |
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Quote Acknowledgement If an error is encountered |
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Mass Quote message |
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Interprets quotes applies them to a market |
Mass Quote is sent from first party to second party. The quote has the QuoteResponseLevel set to 2. The second party acknowledges each quote.
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First Party |
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Second Party |
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Mass Quote message Options: One or more sets of quotes Set Response Level to 2 |
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Interprets quotes applies them to a market |
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Interpret Quote Acknowledgement |
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Quote Acknowledgement |
The First Party asks the second party to cancel all quotes. A Quote Acknowledgement is sent back to the first party by the second party after quotes are canceled.
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First Party |
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Second Party |
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Quote Cancel message
QuoteCancelType = 4 (Cancel all quotes)
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Interprets Quote Cancel message and cancels quotes. |
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Interpret Quote Acknowledgement |
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Quote Acknowledgement |