Quote <S> message – FIX 5.0 SP2 – FIX Dictionary

FIX 5.0 SP2 : Quote <S> message

Description

The Quote message is used as the response to a Quote Request or a Quote Response 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 7 PRODUCT: 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 message the response would be made using the Quote Status Report 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 message will specify the appropriate QuoteReqID <131>, unsolicited quotes can be identified by the absence of a QuoteReqID <131>.

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 <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 message or by sending a quote message with bid and offer prices and sizes all set to zero (BidPx <132>, OfferPx <133>, BidSize <134>, OfferSize <135>)

Structure

Tag	Field Name	Req'd	Comments
Component Block - <StandardHeader>		Y	MsgType = S
131	QuoteReqID	N	Required when quote is in response to a Quote Request message
117	QuoteID	Y
693	QuoteRespID	N	Required when responding to the Quote Response message. The counterparty specified ID of the Quote Response message.
537	QuoteType	N	Quote Type If not specified, the default is an indicative quote
Component Block - <QuotQualGrp>		N
301	QuoteResponseLevel	N	Level of Response requested from receiver of quote messages.
Component Block - <Parties>		N	Insert here the set of "Parties" (firm identification) fields defined in "Common Components of Application Messages"
336	TradingSessionID	N
625	TradingSessionSubID	N
Component Block - <Instrument>		Y	Insert here the set of "Instrument" (symbology) fields defined in "Common Components of Application Messages"
Component Block - <FinancingDetails>		N	Insert here the set of "FinancingDetails" (symbology) fields defined in "Common Components of Application Messages"
Component Block - <UndInstrmtGrp>		N	Number of underlyings
54	Side	N	Required for Tradeable or Counter quotes of single instruments
Component Block - <OrderQtyData>		N	Required for Tradeable quotes or Counter quotes of single instruments
63	SettlType	N
64	SettlDate	N	Can be used with forex quotes to specify a specific "value date". For NDFs this is required.
193	SettlDate2	N	Can be used with OrdType = "Forex - Swap" to specify the "value date" for the future portion of a F/X swap.
192	OrderQty2	N	Can be used with OrdType = "Forex - Swap" to specify the order quantity for the future portion of a F/X swap.
15	Currency	N	Can be used to specify the currency of the quoted prices. May differ from the 'normal' trading currency of the instrument being quoted
Component Block - <Stipulations>		N	Insert here the set of "Stipulations" (repeating group of Fixed Income stipulations) fields defined in "Common Components of Application Messages"
1	Account	N
660	AcctIDSource	N
581	AccountType	N	Type of account associated with the order (Origin)
Component Block - <LegQuotGrp>		N	Required for multileg quotes
132	BidPx	N	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	N	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	N	Can be used by markets that require showing the current best bid and offer
646	MktOfferPx	N	Can be used by markets that require showing the current best bid and offer
647	MinBidSize	N	Specifies the minimum bid size. Used for markets that use a minimum and maximum bid size.
134	BidSize	N	Specifies the bid size. If MinBidSize is specified, BidSize is interpreted to contain the maximum bid size.
648	MinOfferSize	N	Specifies the minimum offer size. If MinOfferSize is specified, OfferSize is interpreted to contain the maximum offer size.
135	OfferSize	N	Specified the offer size. If MinOfferSize is specified, OfferSize is interpreted to contain the maximum offer size.
62	ValidUntilTime	N	The time when the quote will expire
188	BidSpotRate	N	May be applicable for F/X quotes
190	OfferSpotRate	N	May be applicable for F/X quotes
189	BidForwardPoints	N	May be applicable for F/X quotes
191	OfferForwardPoints	N	May be applicable for F/X quotes
631	MidPx	N
632	BidYield	N
633	MidYield	N
634	OfferYield	N
60	TransactTime	N
40	OrdType	N	Can be used to specify the type of order the quote is for
642	BidForwardPoints2	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	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	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	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	N	Can be used when the quote is provided in a currency other than the instruments trading currency.
13	CommType	N	Can be used to show the counterparty the commission associated with the transaction.
12	Commission	N	Can be used to show the counterparty the commission associated with the transaction.
582	CustOrderCapacity	N	For Futures Exchanges
100	ExDestination	N	Used when routing quotes to multiple markets
528	OrderCapacity	N
423	PriceType	N
Component Block - <SpreadOrBenchmarkCurveData>		N
Component Block - <YieldData>		N
58	Text	N
354	EncodedTextLen	N	Must be set if EncodedText field is specified and must immediately precede it.
355	EncodedText	N	Encoded (non-ASCII characters) representation of the Text field in the encoded format specified via the MessageEncoding field.
1065	BidSwapPoints	N	Bid swap points of an FX Swap quote.
1066	OfferSwapPoints	N
1133	ExDestinationIDSource	N
1166	QuoteMsgID	N	Optionally used to supply a message identifier for a quote.
1171	PrivateQuote	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.
110	MinQty	N	For use in private/directed quote negotiations.
775	BookingType	N
529	OrderRestrictions	N
120	SettlCurrency	N	Required for NDFs to specify the settlement currency (fixing currency).
Component Block - <RateSource>		N
Component Block - <StandardTrailer>		Y