previously indicated / previously quoted OrdTypes

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Imported from previous forum

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I am unsure about the exact business meaning intended by the ‘previously indicated’ and ‘previously quoted’ OrdTypes on the New Order - Single message. Do they imply that the order is a limit order at the price (if any) in the referenced IOI or Quote, maybe with an implied ‘Immediate or Cancel’ TimeInForce? Without such an implication, it would seem that this would be a dangerous OrdType, since an IOI and some Quotes don’t guarantee a particular price.

Are these OrdType’s used much in actual practice? What about the option of using a more directive OrdType (limit, etc.), along with simple population of the IOIid or QuoteID field to remind the counterparty of previous ioi or quote message - is that used?

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My understanding is that they were added to support “hitting” an IOI or Quote which would, to me, imply an IOC and a limit price.

I am unsure about the exact business meaning intended by the ‘previously
indicated’ and ‘previously quoted’ OrdTypes on the New Order - Single
message. Do they imply that the order is a limit order at the price (if
any) in the referenced IOI or Quote, maybe with an implied ‘Immediate or
Cancel’ TimeInForce? Without such an implication, it would seem that
this would be a dangerous OrdType, since an IOI and some Quotes don’t
guarantee a particular price.

Are these OrdType’s used much in actual practice? What about the option
of using a more directive OrdType (limit, etc.), along with simple
population of the IOIid or QuoteID field to remind the counterparty of
previous ioi or quote message - is that used?