I am trying to understand the market practice or general guidance around whether the price quoted in an RFQ should exclude any type of fees (e.g. platform fee, clearing fee) or should it be an all-in pricing?
FIX does provide specific tags for fees - commission(12), ,miscfees group. So should tag 44 be just the dealer price?
Any advise would be appreciated!
Thanks,
Anant
Price on a quote is typically what the dealer is willing to bid/ask at excluding fees, taxes, etc. but may include any “mark up” the dealer applies (e.g. spread or profit) which is different than commission. Also what that price presents may also depend on the asset class and jurisdiction.
Thanks for your response. Would you also expect the counter price (quoted by client) as transmitted from the venue to the dealer to be excluding fees etc?
typically during negotiation fees, taxes are excluded.