Legacy RFQ

This flow requires special configuration and separate certification for your connection.

For requesters whose systems don't read the order book, OpenYield can send the responses to a request with 537=1 directly to you, 5 seconds after your request. Behind the scenes it is still a Summon.

OpenYield forwards each response to your request once, at 5 seconds, as it stands then. Later updates and cancels are not forwarded. You accept a forwarded quote with a QuoteResponse (35=AJ).

Accepting a quote places a new limit order on the live marketplace. A few important differences from a traditional RFQ apply:

• Quotes are not locked. Accepting a quote does not guarantee execution. The order fills against whatever is on the book at your price or better, which may or may not include the quote you accepted.
• Size is driven by your accept. The order's size is the size on your QuoteResponse. Its price is yours, or the quote's if you send 0. More than one response may fill it.
• Residual rests on the book. If the order is not fully filled, it rests as a limit order. OpenYield removes it 30 seconds after your request only if your connection is set up for it.

See Legacy RFQ for the details.