Imported from previous forum
[ original email was from Francesc Prats - fprats@meff.com ]
Here, in MEFF (the Spanish Futures and Options Exchange), sometimes we request quotes to members prior to placement of an order (this action we name it as Indication of Interest or IOI).
Now, I see that FIX definition of that is called Quote Request and I’m not sure of understanding what does IOI message FIX definition mean and if there are some relation between IOI and Quote Request.
[ original email was from Francesc Prats - fprats@meff.com ]
Thanks a lot, Danny.
-----Mensaje original-----
De: danny shobrook [mailto:danny_shobrook@aptcompsys.com]
Enviado el: viernes 8 de marzo de 2002 12:40
Para: fprats@meff.com
Asunto: Difference between IOIs and Quotes
Can’t find your entry on the FIX site, so I am responding personally.
IOI - is normally sent out by the broker to a number of clients without them formally requesting the IOIs. Secondly, there is no guarantee that if you try to trade on an IOI that there is inventory behind it or that someone else has not already traded.
Quote - is normally actively requested by trader - as in "give me a quote" and there will be some obligation to have inventory behind that quote and that if you trade within a set period of time you will be able to fulfill your order at the quoted price.
Rgds
Danny
Apt Computer Systems Ltd
-----Mensaje original-----
De: The FIX Protocol Organization [mailto:updates@fixprotocol.org]
Enviado el: viernes 8 de marzo de 2002 11:27
Para: FIX@angel.net; Member@angel.net
Asunto: General Q/A : Difference between IOI and Quote Request
> Here, in MEFF (the Spanish Futures and Options Exchange), sometimes we request quotes to members prior to placement of an order (this action we name it as Indication of Interest or IOI).
> Now, I see that FIX definition of that is called Quote Request and I’m not sure of understanding what does IOI message FIX definition mean and if there are some relation between IOI and Quote Request.
>