Difference between Quote(35=S) and QuoteResponse(35=AJ)

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Imported from previous forum

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Hi,
Can anyone please explain me whats the difference between Quote(35=S) and QuoteResponse(35=AJ) messages. As per my study I learned that its better to use MarketDataRequest(35=V) even for quote data, but I still didn’t know why ???

3

Hi,
Can anyone please explain me whats the difference between Quote(35=S) and QuoteResponse(35=AJ) messages. As per my study I learned that its better to use MarketDataRequest(35=V) even for quote data, but I still didn’t know why ???

You have not mentioned which asset class and business workflow you are looing at, but within the Global Fixed Income Subcommittee, we have created best practices that document the use of Quote and QuoteResponse for various standard OTC workflows.

Volume 3 of the best practices provides considerable detail:
http://www.fixprotocol.org/documents/6957/Best%20Practices%20for%20Trading%20Fixed%20Income%20Instruments%20-%20Cash%20Bonds.zip

4

Hi,
Can anyone please explain me whats the difference between Quote(35=S) and QuoteResponse(35=AJ) messages. As per my study I learned that its better to use MarketDataRequest(35=V) even for quote data, but I still didn’t know why ???

You have not mentioned which asset class and business workflow you are looing at, but within the Global Fixed Income Subcommittee, we have created best practices that document the use of Quote and QuoteResponse for various standard OTC workflows.

Volume 3 of the best practices provides considerable detail:
http://www.fixprotocol.org/documents/6957/Best%20Practices%20for%20Trading%20Fixed%20Income%20Instruments%20-%20Cash%20Bonds.zip

Hi,
Thanks for your quick response. Til now I am working with only Equities and Equity derivatives.

5

Hi,
Can anyone please explain me whats the difference between Quote(35=S) and QuoteResponse(35=AJ) messages. As per my study I learned that its better to use MarketDataRequest(35=V) even for quote data, but I still didn’t know why ???

The QuoteResponse is used specifically is a negotiation workflow. The Quote itself can be a response to a QuoteRequest or can be used by market makers to submit bid/ask quotes into an exchange.

If you are looking to disseminate streaming quotes/prices out to market participants, MarketData messages is more suitable for that.

The real answer lies in “it depends on what you want to do”.