I’m trying to follow the typical dealer-customer principal transaction flow in Version 4.4 messages. The flow is below.
Customer - Request quote
Dealer - Give quote
Customer - Accept or counter
Dealer - Accept or reject
I’m trying to figure out which 4.4 message type is used to accept the quote or counter. Thanks.
George Bollenbacher
Head, Fixed Income Research
Tabb Group, LLC
+1-646-747-3211
Hi George,
send new order single with reference field QuoteID (117) populated with the ID of the Quote linked therein to QuoteReqID in tag 131.
Rgds
Uli
Just recently, a new repo working group has been established (https://www.fixtrading.org/groups/repowg/). Maybe you want to join that group to find out more about what they are/will be working on.
There are also extensive and excellent guidelines related to fixed income, posted on the FIX website (https://www.fixtrading.org/recommended-practicesguidelines/). I suggest to download the one called “Best Practices for Bonds”. These were written back in 2014 by the Global Fixed Income Committee and are still valid. You will find numerous workflows for quote-driven workflows, CLOB workflows and post-trade workflows.
Have a look at Volume 3, Chapter 3.4 Scenario QDM1: Quote Request – Dealer Quotes – Quote Accepted and Chapter 3.5 Scenario QDM2: Quote Request – Dealer Quotes – Quote Rejected
Also Chapter 6.10 Scenario QDM29: Indicative Quote – Customer Counters – Dealer Counters
Thanks, Uli.