Initiate a New Request for Order
Message is “Quote Request” (35=R)
| Tag | Name | Required | Notes |
|---|---|---|---|
| 131 | QuoteReqID | Required | Unique request ID. Reuse same ID for updates and cancels. |
| 146 | NoRelatedSym | Required | Must be 1 |
| 537 | QuoteType | Required | 0=Summon·1=Summon with a limit, or Legacy RFQRequired. 0 for a Summon. 1 for a Summon with a limit (send a price in 44), or for Legacy RFQ on a connection set up for it. The price does not change how the request is handled: with 537=1 and no price, nothing goes on the book, and responders are not told of updates or cancels. |
| 54 | Side | Required | 1=Buy·2=SellYour intent: Buy = request offers (OWIC); Sell = request bids (BWIC). |
| 38 | OrderQty | Required | Quantity in configured units (bonds by default). Set to 0 to cancel. |
| 63 | SettlType | Optional | 0=Regular settlement·6=Future dated settlementResponder-received only: Regular (0) for T+1, Future dated (6) when settlement is later |
| 64 | SettlDate | Optional | Responder-received only: settlement date (YYYYMMDD) any resulting trade will carry |
| 62 | ValidUntilTime | Optional | Responder-received only: the request time plus 5 seconds. On a Summon with a limit, the requester's limit goes on the book then; in Legacy RFQ, responses are forwarded to the requester then. |
| 126 | ExpireTime | Optional | Responder-received only: the request time plus 30 seconds. Responses, updates and cancels are accepted until then. |
| 423 | PriceType | Optional | 1=Percentage (clean percent of face value) |
| 44 | Price | Optional | Limit price as a percentage of face value. With 537=1 (Summon with a limit), a limit order goes on the book 5 seconds after the request. With 537=0 (Summon), no order is placed; the price is used only in the order-value check. Not sent to responders. Not needed to cancel. |
PartyBlock-Inbound(453 NoPartyIDs)
Party block sent by subscribers on orders, quotes, and Summon 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. |
| The fields below repeat once per entry (count in NoPartyIDs) | |||
| 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 | Conditional | Your MPID shown to contra firms. Optional if OpenYield can determine it via rules; required if you have multiple MPIDs or are configured to send it. |
| 5 | Investor ID | Optional | Account / sub-account code, if the subscriber is configured for sub-accounts |
| 24 | Customer Code | Conditional | Pass-through tag; OpenYield returns this unchanged on all responses. Use for internal codes, strategy, algo, desk, portfolio, etc. |
| 11 | Order Origination Trader | Conditional | Obfuscated trader code for GUI users. OpenYield reflects it on all responses. |
Optionally add a PartySubID block (802/523/803) under role 4 if the subscriber has multiple accounts at the same DTCC clearing firm (set PartySubIDType 803=10, PartySubID 523=clearing account code).
SecurityBlock
The security being traded.
| Tag | Name | Required | Notes |
|---|---|---|---|
| 55 | Symbol | Required | Same value as SecurityID (48) |
| 48 | SecurityID | Required | Security identifier (ISIN, CUSIP, or FIGI per configuration) |
| 22 | SecurityIDSource | Required | 1=CUSIP·4=ISIN·A=Bloomberg Symbol (FIGI) |
| 460 | Product | Conditional | 1=Agency·3=Corporate·6=Government·11=MunicipalRequired on OpenYield responses; optional on subscriber messages. |
New requests are sent on the Summon session (-RQ suffix). QuoteType (537), Side (54), SecurityIDSource (22) and OrderQty (38) are required; if one is missing, OpenYield replies with a BusinessMessageReject (35=j). Send one security per request.
QuoteType (537) decides how the request is handled:
- Summon,
537=0: responders' quotes show on the order book (OB or MD) and you trade by hitting them on TR. A price (44) places no order; it is used only in the order-value check. - Summon with a limit,
537=1and a price (44): OpenYield places a limit order on the book at your price 5 seconds after the request. With537=1and no price, nothing is placed, and responders are not told of updates or cancels.
See Getting Started with Summon for what happens when.
OpenYield validates the request and also checks that:
- the security is supported on the platform
- the quantity is within compliance limits
- the price (if set) is within compliance limits of mid-market or the opening price
Side (54) is what you want to do: set it to Sell (54=2) if you want bids back (BWIC), or Buy (54=1) if you want offers back (OWIC).
ValidUntilTime (62) and ExpireTime (126) may be set, but are ignored, as are any other fields not listed in the table below.
For example, to send a Bid Wanted (54=2, Sell) to sell 100 (38=100) of US023135CF19 with a price of 101.255 (44=101.255):
OpenYield acknowledges the request with OrdStatus Pending New (39=A) and ExecType New (150=0). SD in the IDs identifies OpenYield's staging engine:
On a Summon with a limit, OpenYield places a limit order on the marketplace 5 seconds after the request and sends New (39=0) on RQ. The live order has a new OrderID (37); OD in the IDs identifies the marketplace: