Quote on a Request for Order
Message is “Quote” (35=S)
| Tag | Name | Required | Notes |
|---|---|---|---|
| 131 | QuoteReqID | Optional | RFO session only: the QuoteReqID being responded to |
| 62 | ValidUntilTime | Optional | Received on forwarded quotes only (Legacy RFQ): the time the quote was forwarded plus 25 seconds. Not read on inbound quotes. |
| 117 | QuoteID | Required | Unique quote ID; same ID used for updates and cancels |
| 537 | QuoteType | Optional | 0=Summon·1=Summon with a limit, or Legacy RFQ |
| 301 | QuoteResponseLevel | Optional | 2=Acknowledge All |
| 54 | Side | Required | 1=Buy·2=Sell |
| 132 | BidPx | Required | Price when Side=Buy; zero otherwise |
| 133 | OfferPx | Required | Price when Side=Sell; zero otherwise |
| 645 | MktBidPx | Optional | Dealer only: tiered bid price |
| 646 | MktOfferPx | Optional | Dealer only: tiered offer price |
| 134 | BidSize | Required | Quantity in configured units (bonds by default) when Side=Buy; zero otherwise |
| 135 | OfferSize | Required | Quantity in configured units (bonds by default) when Side=Sell; zero otherwise |
| 60 | TransactTime | Required | Time the quote was submitted |
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).
QuoteQualifiersGroup(735 NoQuoteQualifiers)
Optional qualifier block on Quote messages indicating AllOrNone condition.
| Tag | Name | Required | Notes |
|---|---|---|---|
| 735 | NoQuoteQualifiersCount | Optional | Number of quote qualifier entriesSet to the number of entries that follow. Not sent when the group has no entries. |
| The fields below repeat once per entry (count in NoQuoteQualifiers) | |||
| 695 | QuoteQualifier | Optional | A=AllOrNone |
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. |
StipulationsBlock(232 NoStipulations)
Optional Minima constraints on a resting order or quote. When present, restricts the quantities a taker may fill against this maker order. Encoded as a FIX stipulations repeating group.
| Tag | Name | Required | Notes |
|---|---|---|---|
| 232 | NoStipulationsCount | Optional | Number of Minima stipulations in the repeating groupSet to the number of entries that follow. Not sent when the group has no entries. |
| The fields below repeat once per entry (count in NoStipulations) | |||
| 233 | StipulationType | Required | MINQTY=Minimum Quantity·MININCR=Minimum Increment·MINDNOM=Minimum Balance Remaining (MINDNOM; OpenYield usage)MINQTY, MININCR, or MINDNOM |
| 234 | StipulationValue | Required | Numeric value for the stipulation |
The responder sends a Quote (35=S) message in response to the QuoteRequest (35=R) message. Only one side of the quote is used, chosen by the quote's Side (54): Buy reads BidPx (132) and BidSize (134); Sell reads OfferPx (133) and OfferSize (135). QuoteReqID (131) is the only link to the request: send the side, security and size you intend to trade. Responses are accepted until ExpireTime (126), 30 seconds after the request, and go on the book like any other quote.
For example, the following places a bid quote (54=1) SHERW-RR-00000002 for 100 bonds of US023135CF19 at 97.6479, against the request from Receive a New Request for Order (RFO20250214-SD-000000000002):
OpenYield responds with an acknowledgment (297=0 Accepted):