Imported from previous forum
[ original email was from Francesc Prats - fprats@meff.com ]
Here in MEFF, an electronic market, we have this situation:
One trader wants to sell 50 contracts for an specific instrument. In response to that request, a market-maker (or another counterparty) sends to the market a NEW ORDER message with a buy limit order for that volume (or more).
My question is: What message is more suitable?. I am not sure if the answer could be a RFQ (but the answer to this RFQ would be a New Order message, not a Quote message!), an IOI message, a News message, …