Bid Price quote and order

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1

Imported from previous forum

2

If the buy-side bought a derivative, (the order is fully completed) and after few weeks the buy-side want to sell back the derivative to the same sell-side. From what I understand the process is as follows:
The buy-side sends a request to the sell-side for quote to get bid price (Bid Request message).
The sell-side sends a response to the buy-side with the bid price (Bid response message).

The question is after the buy-side receives the bid price, how he makes the Order action?
There is a specific message for bid price order or should i use in the usual Order requests (Order – Single (D))?

Thanks

3

Buy-side needs to accept (click on) the quote from the sell-side to place the Order. The FIX message should be, New Order - Single with OrdType as Previously quoted (40=D) and QuoteID (117) provided by the sell-side.
(35=D, 40=D, 177=QuoteID, 44=BidPx). Thanks