Imported from previous forum
Scenario R9 allows for a quote to be cancelled even while it’s OTW (a scenario I’ve never seen although I appreciate FIX is not wanting to preclude this logic; however if you’re OTW then surely you’re committed for that period). Does this terminate the interaction, or go to a kind of ‘suspended’ state (as per Scenario R11)?
Scenario R11 implies a ‘suspended’ state whereupon the dealer could resume quoting, in an RFS style. What would be the equivalent in an RFQ style if that is allowed?
How can the dealer completely terminate the interaction? This should be supported from any state (except perhaps while quote is OTW, same sentiment as in first para). I can’t find anywhere in the doc that explicitly mentions it, but in FI markets I’ve been involved with, the dealer can ‘REJECT’ to quit out of any further involvement in the interaction at any point (except while OTW in the RFQ style). REJECT can also be done mid-stream in an RFS model.
Maybe allow QuoteRequestReject message to be used again?
Just think we need to clear this up. By the way my comments apply to both Bonds and Swaps.
Steve