Special Case: Accept a Quote
Message is “Quote Response” (35=AJ)
| Tag | Name | Required | Notes |
|---|---|---|---|
| 117 | QuoteID | Required | Quote ID from the forwarded Quote message being accepted |
| 694 | QuoteRespType | Required | 1=Hit/Lift (accept quote)·4=Pass |
| 60 | TransactTime | Required | Time of acceptance |
| 131 | QuoteReqID | Required | The original RFO request ID |
PartyBlock-Inbound(453 NoPartyIDs)
Party block sent by subscribers on orders, quotes, and RFO requests. Identifies the trading party and optional sub-accounts.
| Tag | Name | Required | Notes |
|---|---|---|---|
| 453 | NoPartyIDsCount | Required | Number of party block entriesSet to the number of entries that follow. Not sent when the group has no entries. |
| The fields below repeat once per entry — NoPartyIDs times | |||
| 448 | PartyID | Required | — |
| 452 | PartyRole | Required | Role of this party entry |
Party Roles
| Role | Name | Required | Notes |
|---|---|---|---|
| 3 | Client ID | Required | Your assigned counterparty code (not MPID) |
| 4 | Clearing Firm | Required (Y/O) | Your MPID shown to contra firms. Optional if OpenYield can determine it via rules; mandatory if multiple MPIDs or configured so. |
| 5 | Investor ID | Optional | Account / sub-account code if subscriber is configured for SubIDs |
| 24 | Customer Code | Required (Y/O) | Pass-through tag; OpenYield returns this unchanged on all responses. Use for internal codes, strategy, algo, desk, portfolio, etc. |
| 11 | Order Origination Trader | Required (Y/O) | Obfuscated trader code for GUI users. OpenYield reflects it on all responses. |
Optionally add a PartySubID block (802/523/804) under role 4 if subscriber has multiple accounts at the same DTCC clearing (set PartySubIDType 804=10, PartySubID 523=clearing account code).
SecurityBlock
The security being traded.
| Tag | Name | Required | Notes |
|---|---|---|---|
| 55 | Symbol | Required | Security identifier (ISIN, CUSIP, or FIGI per configuration) |
| 48 | SecurityID | Required | Security identifier (ISIN, CUSIP, or FIGI per configuration) |
| 22 | SecurityIDSource | Required | 1=CUSIP·4=ISIN·A=Bloomberg FIGI |
| 460 | Product | Required (Y/O) | 1=Agency·3=Corporate·6=Government·11=MunicipalRequired on OpenYield responses; optional on subscriber messages. |
This flow is only available for special case configured subscribers.
A subscriber has less than 18 seconds (or whatever our firm window is set to) to accept quotes in order to have a high probability of execution.
OpenYield ignores all Quote Responses that are not 1=Hit/Lift or 4=Pass (694). For these, OpenYield gets the information from the quote and places it on the marketplace as a limit order.
For example, to accept the first quote above, send before the window closes:
OpenYield acknowledges this as a NEW order, and places it on the order book:
the execution happens at the top of the book up to the price you send, so in this case, QRS20250214-SD-000000000002 was actually at the top of the book, so the execution happens there and you get a better price.