These scenarios test responding to tradable RFQ requests on the RQ session.
Note
The same tests apply whether you use the RFO model or the Traditional RFQ setup. With the Traditional RFQ setup, these must be certified separately from Ping for Liquidity.
Receive Tradable RFQ Request, Respond with Quote within Window
Goal: Receive a tradable RFQ request correctly and respond to it.
Step
By
Action
1
OpenYield
Send a tradable RFQ 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 a tradable RFQ 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 a tradable RFQ 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 a tradable RFQ 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 a tradable RFQ 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 a tradable RFQ 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