EQUITY : Quoting

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Imported from previous forum

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Hi,

I have a number of questions / suggestions for using the Quote Request and Quote Response messages relating to Equities

  1. Can anyone provide me with an idea of the demand for trading equities based on quote requests and quote responses?
  2. May I propose that in the next version of FIX the following fields additions are considered
    a. Quote Request Message
    i. SettlmntTyp, tag 63 & FutSettDate, tag 64, - the price of the quote may vary based on the funding requirements so these fields would be useful
    ii. CashOrderQty, tag 152 - this allows quotes to be produced based on consideration rather than quantity.
    b. Quote Response Message
    i. MktBidPx and MktOfferPx - we have an obligation when quoting to show the current best bid and offer on the primary market as well as our Bid and Offer prices.
    ii. SettlCurrFXRate, tag 155 & SettlCurrFXRateCalc, tag 156 - these are used when the quote is provided in a currency other then the instruments trading currency
    iii. CommType, tag 12 & Comission, tag 13 - used to show the client the comission being charged on the transaction
    iv. MinBidSize & MinOfferSize - we treat the BidSize and OfferSize as a maximum, it is also useful to have the option of specifying a minimum value.

Sorry if this is the wrong forum for these questions, my thanks for your time.

Ian Frith
Director - Head of Global Order Management
Dresdner Kleinwort Wasserstein