Order vs. Quote

OpenYield supports two models for submitting passive (resting) liquidity on the Trading session. This page explains the difference and helps you choose the right one.

Equity Style Order (Recommended)

The Equity Style Order model uses NewOrderSingle (35=D), the standard order entry message used across equities, futures, and modern fixed income platforms. OpenYield is built around this model — it maps directly to the internal order lifecycle and supports the full range of order types and behaviors.

Use this model if you are building a new integration or your platform can send NewOrderSingle.

Advantages:

• Supports market orders, limit orders, and IOC/FOK time-in-force variations
• Simpler state model: one message per action (new, update, cancel)
• Cancel/replace (OrderCancelReplaceRequest, 35=G) allows atomic price and quantity updates
• Order IDs follow a clear ClOrdID chain that is easy to reconcile

Fixed Income Style Quote (Legacy Only)

The Fixed Income Style Quote model uses Quote (35=S), a message type common in older fixed income and dealer-to-dealer platforms. It exists in OpenYield solely to support legacy systems that cannot send NewOrderSingle.

Use this model only if your platform cannot send NewOrderSingle (35=D).

There is no functional advantage to using quotes over orders. Resting quotes are treated identically to resting limit orders once accepted — they appear on the Order Book feed and fill the same way. The Quote model supports a narrower set of behaviors and requires additional handling for acknowledgement messages.

Summary

	Equity Style Order	Fixed Income Style Quote
Message	NewOrderSingle (35=D)	Quote (35=S)
Recommended for	All new integrations	Legacy fixed income platforms only
Order types	Market, limit, IOC, FOK	Limit (passive only)
Update	OrderCancelReplaceRequest (35=G)	Cancel and resubmit
Internal treatment	Native	Mapped to order at acceptance

If you have any flexibility in your platform, implement the Equity Style Order model.