Is there an established industry standard or best practice for supporting RFQ negotiation time extensions using FIX Tag 126 (ExpireTime)?
In our current workflow, whenever a negotiation is within 10 seconds of expiring, any positive quote or counter-response automatically extends the timer by 45 seconds. However, this can cause negotiations to loop indefinitely and require expiry time extension to be communicated to both the parties. We are planning to use the Quote Status message to communicate the negotiation extension as it contains the expiry time and use the RFQ ID ?