The initiator may change the quantity and reserve price on their RFO; any other changes are rejected. If the RFO is on the market (during the firm window), OpenYield updates 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 QuoteReqID (131) as the initial request.
Update During the Collection Window
In this case, the update is received before the order is placed on the market.
The initial request has a reserve price of 98.5 (44=98.5):
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=327 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=100 157=0 159=0 236=0 381=0 453=3 448=Bastion 452=3 448=BAST 452=4 448=OYLD 452=1 10=098
You update the request before the collection window ends, setting the reserve price to 98 (44=98):
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 becomes a live order at the end of the collection window:
8=FIX.4.4 9=327 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=100 157=0 159=0 236=0 381=0 453=3 448=Bastion 452=3 448=BAST 452=4 448=OYLD 452=1 10=056
Update After the Collection Window
In this case, the update is received after the order is placed on the market.
The initial request:
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 staging engine acknowledges it as staged:
8=FIX.4.4 9=326 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=100 157=0 159=0 236=0 381=0 453=3 448=Bastion 452=3 448=BAST 452=4 448=OYLD 452=1 10=042
A few seconds later, the marketplace acknowledges that the order is placed:
8=FIX.4.4 9=326 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=100 157=0 159=0 236=0 381=0 453=3 448=Bastion 452=3 448=BAST 452=4 448=OYLD 452=1 10=020
You then send a price update, for example to move the reserve price closer to, or through, the bids:
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 that the order is replaced (ExecType 150=5, OrdStatus 39=5):
8=FIX.4.4 9=326 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=100 157=0 159=0 236=0 381=0 453=3 448=Bastion 452=3 448=BAST 452=4 448=OYLD 452=1 10=038