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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 may be preceded by the RFQ Request 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.

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

  • The forex Symbol (55) is defined in Electronic Broking Services, Ltd. (see http://www.ebs.com) 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 (53) fields (e.g. JPY represents quantity of JPY).
  • See VOLUME 7 – PRODUCT: FOREIGN EXCHANGE
  • Forex quotes can be requested as indicative or at a specific quantity level. If an indicative quote is requested (OrderQty (38) and Side (54) are absent), the broker has discretion to quote at either a specific trade level and side or to provide an indicative quote at the mid-point of the spread. The broker can also choose to respond to an indicative quote by sending multiple Quote (S) messages specifying various levels and sides.

Added in protocol FIX.4.0

See in: FIX.4.0, FIX.4.1, FIX.4.2, FIX.4.3, FIX.5.0, FIX.5.0SP1, FIX.5.0SP2, FIX.5.0SP2 EP240.

Field or Component Name Description Is Required Added Is Deprecated
Block StandardHeader MsgType = R Y FIX.4.0
131 QuoteReqID Y FIX.4.0
644 RFQReqID For tradeable quote model – used to indicate to which RFQ Request this Quote Request is in response. FIX.4.3
11 ClOrdID Required when QuoteType is Tradeable and the OrdType is Limit. FIX.4.4
528 OrderCapacity FIX.4.4
ImplicitBlockRepeating QuotReqGrp Number of related symbols (instruments) in Request Y FIX.4.4
58 Text FIX.4.3
354 EncodedTextLen Must be set if EncodedText (355) field is specified and must immediately precede it. FIX.4.3
355 EncodedText Encoded (non-ASCII characters) representation of the Text (58) field in the encoded format specified via the MessageEncoding (347) field. FIX.4.3
Block StandardTrailer Y FIX.4.0