Imported from previous forum
[ original email was from Prasad - ]
Hi
How does the business flow for Quote and BidRequest message differ?
Regards
Prasad
[ original email was from Dean Kauffman - Dean.Kauffman@TradeWeb.com ]
Prasad,
The Fixed Income chapter in Vol 7 of the 4.4 spec gives a thorough
description of a Quote trading model. We added the QuoteResponse in 4.4 to
provide a clearer way to continue the dialog when the side offering the
Quote chooses not to fill but to continue negotiations. The reponse to
QuoteResponse is either ExecutionReport “fill” or Quote Status Report “go
away” or Quote “counter offer”. We’re aware that there are other models,
e.g. responding to Quote or IOI with NewOrder “previously quoted”. But the
only proper response to NewOrder is ExecutionReport and there’s no wiggle
room to say “too late”, “the market has moved” or “no, but let’s keep
talking”.
Dean Kauffman
TradeWeb LLC
dean.kauffman@tradeweb.com
Hi:
Is it possible, for an initiator, to cancel a QuoteRequest?
Is it possible, for a responder, to cancel a quote?