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=SellYour intent: Buy = request offers (OWIC); Sell = request bids (BWIC). |
| 38 | OrderQty | Required | Quantity in configured units (bonds by default). Set to 0 to cancel. |
| 63 | SettlType | Optional | 0=Regular settlement·6=Future dated settlementResponder-received only: Regular (0) for T+1, Future dated (6) when settlement is later |
| 64 | SettlDate | Optional | Responder-received only: settlement date (YYYYMMDD) any resulting trade will carry |
| 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 a percentage of face value. When canceling (OrderQty=0), also set to 0. |
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 |
|---|---|---|---|
| 453 | NoPartyIDsCount | Required | Number of party block entriesSet to the number of entries that follow. |
| The fields below repeat once per entry (count in NoPartyIDs) | |||
| 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 | Conditional | Your MPID shown to contra firms. Optional if OpenYield can determine it via rules; required if you have multiple MPIDs or are configured to send it. |
| 5 | Investor ID | Optional | Account / sub-account code, if the subscriber is configured for sub-accounts |
| 24 | Customer Code | Conditional | Pass-through tag; OpenYield returns this unchanged on all responses. Use for internal codes, strategy, algo, desk, portfolio, etc. |
| 11 | Order Origination Trader | Conditional | Obfuscated trader code for GUI users. OpenYield reflects it on all responses. |
Optionally add a PartySubID block (802/523/803) under role 4 if the subscriber has multiple accounts at the same DTCC clearing firm (set PartySubIDType 803=10, PartySubID 523=clearing account code).
SecurityBlock
The security being traded.
| Tag | Name | Required | Notes |
|---|---|---|---|
| 55 | Symbol | Required | Same value as SecurityID (48) |
| 48 | SecurityID | Required | Security identifier (ISIN, CUSIP, or FIGI per configuration) |
| 22 | SecurityIDSource | Required | 1=CUSIP·4=ISIN·A=Bloomberg Symbol (FIGI) |
| 460 | Product | Conditional | 1=Agency·3=Corporate·6=Government·11=MunicipalRequired on OpenYield responses; optional on subscriber messages. |
Responders receive a sanitized QuoteRequest (35=R) message to respond to. The initiator and reserve price details are not present, and OpenYield adds the timing fields (UTC).
ValidUntilTime (62) indicates the closing time of the collection window, within which quote responses are needed. ExpireTime (126) indicates the time the firm window ends.
SettlDate (64) is the settlement date any resulting trade will carry, and matches the SettlDate on the execution report. SettlType (63) is Regular (63=0) for standard T+1 settlement, or Future dated (63=6) when settlement is later, such as for a new issue that has not yet settled.
Side (54) is what your side will be on execution. It is set to Buy (54=1) if you receive a Bid Wanted (BWIC), where the initiator is selling and you would buy, or Sell (54=2) if you receive an Offer Wanted (OWIC), where the initiator is buying and you would sell.
For example, you receive a Bid Wanted (the initiator is selling, so your side is 54=1, Buy) for 100 (38=100) of US023135CF19, settling regular on 2025-02-18 (T+1 over the Presidents' Day holiday), with a 5-second collection window and a 5-second firm window:
Responders do not receive updates or cancellations of the request from the initiator, as the workflow is too quick. Your quote remains on the market until the firm window ends (see Automated Quote Cancel).