Ping for Liquidity Responder Scenarios

These scenarios test responding to indicative RFO (ping for liquidity) requests on the RQ session. See Respond to a Request for Order.

Receive Indicative RFO Request, Respond with Quote within Window

Goal: Receive a ping for liquidity request correctly and respond to it.

Step	By	Action
1	OpenYield	Send an indicative RFO request
2	You	Within the window, respond with a quote for the size and price you want

Where	Observation
FIX-RQ	The request is delivered and not rejected, and your Quote is received

Update a Quote within Window

Goal: Change a quote within the extended window.

Step	By	Action
1	OpenYield	Send an indicative RFO request
2	You	Respond with a quote for the size and price you want, then change the price

Where	Observation
FIX-RQ	The request is delivered and not rejected, your Quote is received, then your updated Quote is received

Pull a Quote within Window

Goal: Cancel your quote within the extended window, before OpenYield does.

Step	By	Action
1	OpenYield	Send an indicative RFO request
2	You	Respond with a quote for the size and price you want, then pull it

Where	Observation
FIX-RQ	The request is delivered and not rejected, your Quote is received, then your cancel Quote (size and price zero) is received

Auto-Cancel Quote

Goal: Check that OpenYield pulls your quotes for you.

Step	By	Action
1	OpenYield	Send an indicative RFO request
2	You	Respond with a quote for the size and price you want
3	OpenYield	Cancel the quote at the end of the extended window

Where	Observation
FIX-RQ	The request is delivered, your Quote is received, then a cancel Quote Status Report is sent

Complete Fill Quote

Goal: Check that executions against your quotes work.

Step	By	Action
1	OpenYield	Send an indicative RFO request
2	You	Respond with a quote for the size and price you want
3	OpenYield	Execute the complete amount of the quote

Where	Observation
FIX-RQ	The request is delivered, your Quote is received, then a cancel Quote Status Report is sent
FIX-TR	You receive an execution report

Partial Fill Quote

Goal: Check that partial executions against your quotes work.

Step	By	Action
1	OpenYield	Send an indicative RFO request
2	You	Respond with a quote for the size and price you want
3	OpenYield	Execute part of the quote

Where	Observation
FIX-RQ	The request is delivered, your Quote is received, then a cancel Quote Status Report is sent
FIX-TR	You receive an execution report