Draft#3: Quote Request Reject Message

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Imported from previous forum

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[ original email was from Jim Northey - jnorthey@lasalletech.com ]
At this time it is common practice in indicative markets to reject a Quote Request using zero price zero quantity quote with a reason.

For tradeable quoting models the quote is not the normal response to a quote request.

The use a quote to reject a quote request also requires contextual logic to determine what type of quote is received.

For these reasons, it seems more sensible to add a Quote Reject Request. This provides a consistent method for rejecting quote requests.

-From discussion between Jim Northey and Peter White

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This has been addressed for the final release of FIX 4.3 (post-Draft #3). Thank you.

Quote-related adjustments post-Draft #3 to correct documentation errors/consistency issues: [PC20010822_4]

  • Added Quote Request Reject message.
  • Added new MsgType value (“AG”) for Quote Request Reject message.
  • Added new field QuoteRequestRejectReason (tag 658).
  • Added Text, EncodedText, and EncodedTextLen fields to Quote and QuoteRequest messages.

> At this time it is common practice in indicative markets to reject a Quote Request using zero price zero quantity quote with a reason.
>
> For tradeable quoting models the quote is not the normal response to a quote request.
>
> The use a quote to reject a quote request also requires contextual logic to determine what type of quote is received.
>
> For these reasons, it seems more sensible to add a Quote Reject Request. This provides a consistent method for rejecting quote requests.
>
> -From discussion between Jim Northey and Peter White
>