Receive a New Request for Order
Message is “Quote Request” (35=R)
| Tag | Name | Required | Notes |
|---|---|---|---|
| 131 | QuoteReqID | Required | Unique request ID. Reuse same ID for updates and cancels. |
| 146 | NoRelatedSym | Required | Must be 1 |
| 537 | QuoteType | Optional | 0=Indicative (Order Book Summon)·1=Tradeable (Firm RFO)Defaults to Tradeable. |
| 54 | Side | Required | 1=Buy·2=SellWhat YOU want to do: Buy=want offers back (OWIC), Sell=want bids back (BWIC). |
| 38 | OrderQty | Required | Quantity in configured units. Set to 0 to cancel. |
| 62 | ValidUntilTime | Optional | Responder-received only: end of collection window |
| 126 | ExpireTime | Optional | Responder-received only: end of firm window |
| 423 | PriceType | Optional | 1=Percentage (clean percent of face value) |
| 44 | Price | Optional | Reserve price as percent. Set to 0 to cancel |
PartyBlock-Inbound(453 NoPartyIDs)
Party block sent by subscribers on orders, quotes, and RFO requests. Identifies the trading party and optional sub-accounts.
| Tag | Name | Required | Notes |
|---|---|---|---|
| 448 | PartyID | Required | — |
| 452 | PartyRole | Required | Role of this party entry |
Party Roles
| Role | Name | Required | Notes |
|---|---|---|---|
| 3 | Client ID | Required | Your assigned counterparty code (not MPID) |
| 4 | Clearing Firm | Required (Y/O) | Your MPID shown to contra firms. Optional if OpenYield can determine it via rules; mandatory if multiple MPIDs or configured so. |
| 5 | Investor ID | Optional | Account / sub-account code if subscriber is configured for SubIDs |
| 24 | Customer Code | Required (Y/O) | Pass-through tag; OpenYield returns this unchanged on all responses. Use for internal codes, strategy, algo, desk, portfolio, etc. |
| 11 | Order Origination Trader | Required (Y/O) | Obfuscated trader code for GUI users. OpenYield reflects it on all responses. |
SecurityBlock
The security being traded.
| Tag | Name | Required | Notes |
|---|---|---|---|
| 55 | Symbol | Required | Security identifier (ISIN, CUSIP, or FIGI per configuration) |
| 48 | SecurityID | Required | Security identifier (ISIN, CUSIP, or FIGI per configuration) |
| 22 | SecurityIDSource | Required | 1=CUSIP·4=ISIN·A=Bloomberg FIGI |
| 460 | Product | Required (Y/O) | 1=Agency·3=Corporate·6=Government·11=MunicipalRequired on OpenYield responses; optional on subscriber messages. |
Responders receive a "sanitized" Request for Quotation message to respond to. The initiator and reserve price details will not be present, and OpenYield adds the timing fields.
The ValidUntilTime (64) indicates the closing time of the collection window, within which quote responses are needed. The ExpireTime (126) indicates the time the firm window ends.
The 54=Side field is what your side will be on execution. It will be set to Buy if you are receiving a Buy RFQ (BWIC) for you to buy a bond and the other side wants to sell, or Sell if you are receiving an RFQ to Sell (OWIC) a bond and the other side wants to buy.
For example, to receive in a Bid Wanted (54=Sell) to sell 100 (38=100) of US023135CF19 with a 5 second collection window and a 5 second firm window:
that any updates to this message from the initiator will not be received. Nor will cancellations, as the workflow is too quick.