Getting Started with Summon

Summon lets any subscriber ask for liquidity in a bond. You send a QuoteRequest (35=R) on the Summon session (-RQ). OpenYield sends it to the responders whose connections are set up to receive requests, and they quote back onto the live order book. This page has the three ways to Summon and the timings; other pages link here for the numbers.

Request Types

Summon Summon with a limit Legacy RFQ
You send QuoteType 537=0, no price QuoteType 537=1 and a price (44) QuoteType 537=1, from a connection set up for Legacy RFQ; a price is optional
At 5 seconds Nothing Your limit goes on the book Each response is forwarded to you once, as a quote on RQ; a price, if you sent one, goes on the book as a limit
You trade by Hitting a response on TR Hitting a response on TR, or your limit filling Accepting a forwarded quote, or hitting a response on TR
Update Replaced; responders get the request again with the new size Changes your limit; responders are not told As Summon with a limit
Cancel Canceled; responders get the request again with 38=0 Canceled; responders are not told As Summon with a limit

QuoteType (537) is required, and it decides the handling; the price does not. A price sent with 537=0 places no order: it is used only in the order-value check. A request with 537=1 and no price places nothing at 5 seconds, and its responders are not told of updates or cancels.

Timings

All times are measured from the request.

When What happens
0 seconds Responders receive the request, with ValidUntilTime (62) set to 5 seconds and ExpireTime (126) set to 30 seconds after it.
0 to 30 seconds Responses, and updates and cancels of them, are accepted. Each response goes on the book.
5 seconds Summon with a limit: your limit goes on the book on a new OrderID (OD), and you receive New (39=0). Legacy RFQ: each response is forwarded to you once, as it stands then. Its ValidUntilTime (62) is 25 seconds after the forward.
30 seconds Responses, updates and cancels are rejected from now on. OpenYield cancels responders' quotes and requesters' limits, but only for connections set up for it; otherwise they stay on the book. This is set per connection: ask your OpenYield contact how yours is set up.

For a Summon with a limit, an update or cancel within 5 seconds changes what goes on the book at 5 seconds: see Update and Cancel.

Sessions

  • Requests, acknowledgements, rejects, responses and forwarded quotes: RQ.
  • Fills: TR and DC, never RQ.
  • Responses on the book: OB or MD, like any other quote.

Good to Know

  • Use one security per request.
  • Requests carry no requester identity and no price. Forwarded quotes carry no responder identity.
  • A response is linked to its request only by QuoteReqID (131). Its side, security and size are not checked against the request.

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