Are there any scenarios where an ACK is sent for a QuoteRequest (35=R) message? I understand that FIX messages per say don’t need to be acknowledged because FIX protocol guarantees message delivery. For example, in the scenario where a QuoteRequest is sent then the FIX connection disconnects.
Hey Steve, from what I’ve seen FX Banks typically don’t send any “acks” to Quote Requests. I know there is a Quote Acknowledgement message (MsgType b) but it’s up to the bank to decide whether they implement that message type or not. MsgType b contains tag 297 (QuoteAckStatus) which provides the status of the quote request.
For more info visit the links below:
This only relates to legacy version FIX 4.2 as MsgType(35)=b is the MassQuoteAck(35=b) message since FIX 4.3. The field QuoteAckStatus(297) has also been renamed to QuoteStatus(297) as of FIX 4.3.
The positive response to a quote request is a Quote(35=S), a negative response is QuoteRequestReject(35=AG) message.
@mparente2, please always provide links to FIXimate, the authoritative source for FIX messages, in this case the links to FIXimate3 for legacy versions (select FIX 4.2).
FIX 4.2 QuoteAcknowledgement message
FIX 4.2 QuoteAckStatus(297) field
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Will use FIXimate going forward apologies.
A few of the major RFQ platforms will issue a QuoteStatusReport(35=AI) message to acknowledge that an RFQ was received, and/or in the case of a three-party model, that an RFQ was successfully passed on. As mentioned above, a QuoteStatus(297) is commonly used to provide the appropriate context (“accepted”). It is also common to reference the ID of the original RFQ message in the QuoteStatusReport message.
Also as mentioned above, rejections are often handled with a QuoteRequestReject(35=AG) message - That said some firms use the QuoteStatusReport(35=AI) message with a corresponding “rejection” value in the QuoteStatus field.
If the QuoteRequest(35=R) is to be reject it really needs to be QuoteRequestReject(35=AG) to reject that request and not the QuoteStatusReport(35=AI).