The initiator may change the quantity and reserve price on their RFO, any other changes will be rejected. If the RFO is on the market (during the Firm Window), then OpenYield will update the resting Limit Order. This can be used to refine the reserve price closer to or through responses received.
An update is indicated by using the same 131=QuoteReqID as the initial request.
Update during Collection Window
In this case, the update is received before the order is placed in the market.
The initial request has a reserve of 98.5 (Field 44)
8=FIX.4.4 9=192 35=R 34=336 49=BASTION-RQ 52=20250214-20:21:06.531 56=OPENYIELD-RQ 131=REQ-MUN-0002 146=1 55=US023135CF19 48=US023135CF19 22=4 537=1 54=2 38=100 44=98.5 453=2 448=Bastion 452=3 448=OYLD 452=1 10=238
OpenYield stages the order
8=FIX.4.4 9=321 35=8 34=339 49=OPENYIELD-RQ 52=20250214-20:21:06.556 56=BASTION-RQ 6=0 11=REQ-MUN-0002 14=0 17=RSP20250214-SD-000000000002 22=4 31=0 32=0 37=ORD20250214-SD-000000000005 38=100 39=A 44=0 48=US023135CF19 54=2 55=US023135CF19 118=0 136=0 150=0 151=100 159=0 236=0 381=0 453=3 448=Bastion 452=3 448=BAST 452=4 448=OYLD 452=1 10=081
You update the request before the collection window ends, setting the price to 98.0
8=FIX.4.4 9=190 35=R 34=337 49=BASTION-RQ 52=20250214-20:21:09.107 56=OPENYIELD-RQ 131=REQ-MUN-0002 146=1 55=US023135CF19 48=US023135CF19 22=4 537=1 54=2 38=100 44=98 453=2 448=Bastion 452=3 448=OYLD 452=1 10=140
The updated request turns into an order at the end of collection
8=FIX.4.4 9=321 35=8 34=340 49=OPENYIELD-RQ 52=20250214-20:21:11.001 56=BASTION-RQ 6=0 11=REQ-MUN-0002 14=0 17=RSP20250214-OD-000000000018 22=4 31=0 32=0 37=ORD20250214-OD-000000000008 38=100 39=0 44=0 48=US023135CF19 54=2 55=US023135CF19 118=0 136=0 150=0 151=100 159=0 236=0 381=0 453=3 448=Bastion 452=3 448=BAST 452=4 448=OYLD 452=1 10=039
Update after Collection
In this case, the update is received after the order is placed on the market.
The initial request is
8=FIX.4.4 9=190 35=R 34=9 49=BASTION-RQ 52=20250214-17:40:00.874 56=OPENYIELD-RQ 131=REQ-MUN-0005 146=1 55=US023135CF19 48=US023135CF19 22=4 537=1 54=2 38=100 44=98.5 453=2 448=Bastion 452=3 448=OYLD 452=1 10=151
The stager acknowledges it as staged
8=FIX.4.4 9=320 35=8 34=11 49=OPENYIELD-RQ 52=20250214-17:40:00.904 56=BASTION-RQ 6=0 11=REQ-MUN-0005 14=0 17=RSP20250214-SD\-000000000006 22=4 31=0 32=0 37=ORD20250214-SD-000000000024 38=100 39=A 44=0 48=US023135CF19 54=2 55=US023135CF19 118=0 136=0 150=0 151=100 159=0 236=0 381=0 453=3 448=Bastion 452=3 448=BAST 452=4 448=OYLD 452=1 10=025
And a few seconds later, the marketplace acknowledges the order is placed
8=FIX.4.4 9=320 35=8 34=12 49=OPENYIELD-RQ 52=20250214-17:40:05.001 56=BASTION-RQ 6=0 11=REQ-MUN-0005 14=0 17=RSP20250214-OD\-000000000097 22=4 31=0 32=0 37=ORD20250214-OD-000000000023 38=100 39=0 44=0 48=US023135CF19 54=2 55=US023135CF19 118=0 136=0 150=0 151=100 159=0 236=0 381=0 453=3 448=Bastion 452=3 448=BAST 452=4 448=OYLD 452=1 10=003
You then send a price update, to say move the reserve price closer to the bids or to cross them:
8=FIX.4.4 9=189 35=R 34=10 49=BASTION-RQ 52=20250214-17:40:06.195 56=OPENYIELD-RQ 131=REQ-MUN-0005 146=1 55=US023135CF19 48=US023135CF19 22=4 537=1 54=2 38=100 44=98 453=2 448=Bastion 452=3 448=OYLD 452=1 10=102
The marketplace confirms the order is replaced
8=FIX.4.4 9=320 35=8 34=13 49=OPENYIELD-RQ 52=20250214-17:40:06.212 56=BASTION-RQ 6=0 11=REQ-MUN-0005 14=0 17=RSP20250214-OD-000000000099 22=4 31=0 32=0 37=ORD20250214-OD-000000000023 38=100 39=5 44=0 48=US023135CF19 54=2 55=US023135CF19 118=0 136=0 150=5 151=100 159=0 236=0 381=0 453=3 448=Bastion 452=3 448=BAST 452=4 448=OYLD 452=1 10=021