Imported from previous forum
Can anyone please differentiate between these two messages MsgType = R
and MsgType = 6 from the business perspective.
As I understand the one can respond via Quote Message for both of them.
An IOI is generally a message originated by the broker/dealer to their customers “indicating” that they have an “interest” in the specified security. The IOI allows the dealer to specify as much or as little information as they like (e.g. instead of specific quantity they can say “a large quantity” of IBM). There is no expectation of any response by the recipient of the IOI message.
A QuoteRequest is generally used to request specific pricing quotes 1 or more securities (the message allows for this). The recipient is expected to respond with quotes using the Quote msg or reject the request using the QuoteRequestReject.
The QuoteRequest may also be used to establish a negotiation workflow if that is supported by the counterparties.
More information on these messages can be found in Vol. 3 of the FIX specification or at fixwiki.fixprotocol.org
Can anyone please differentiate between these two messages MsgType = R
and MsgType = 6 from the business perspective.As I understand the one can respond via Quote Message for both of them.