These scenarios test sending tradable RFQ requests on the RQ session.
Note
The same tests apply whether you use the RFO model or the Traditional RFQ setup. With the Traditional RFQ setup, these must be certified separately from Ping for Liquidity. With the RFO model, quotes arrive on FIX-OB. With Traditional RFQ, they arrive on FIX-RQ.
Send Tradable RFQ Request, Receive Quotes within Window
Goal: Send a tradable RFQ request correctly and receive the responses.
| Step | By | Action |
|---|
| 1 | You | Send a tradable RFQ request |
| 2 | OpenYield | Within the window, respond with a quote for the size and price you want |
| Where | Observation |
|---|
| FIX-RQ | Your request is received |
| FIX-OB or FIX-RQ (traditional) | The quotes are sent to you |
Receive Update Quotes
Goal: Receive a quote change within the extended window.
| Step | By | Action |
|---|
| 1 | You | Send a tradable RFQ request |
| 2 | OpenYield | Within the window, respond with a quote for the size and price you want |
| 3 | OpenYield | Update the price |
| Where | Observation |
|---|
| FIX-RQ | Your request is received |
| FIX-OB or FIX-RQ (traditional) | The quote and the updated quote are sent to you |
Receive Cancel Quotes
Goal: Receive a quote cancel within the extended window, before execution.
| Step | By | Action |
|---|
| 1 | You | Send a tradable RFQ request |
| 2 | OpenYield | Within the window, respond with a quote for the size and price you want |
| 3 | OpenYield | Pull the quote |
| Where | Observation |
|---|
| FIX-RQ | Your request is received |
| FIX-OB or FIX-RQ (traditional) | The quote and the quote cancel are sent to you |
Complete Fill Quote
Goal: Check that your executions against quotes work.
| Step | By | Action |
|---|
| 1 | You | Send a tradable RFQ request |
| 2 | OpenYield | Within the window, respond with a quote for the size and price you want |
| 3 | You | Hit/lift the complete quote, or accept it (traditional) |
| Where | Observation |
|---|
| FIX-RQ | Your request is received |
| FIX-OB or FIX-RQ (traditional) | The quotes are sent to you |
| FIX-TR or FIX-RQ (traditional) | You place an order, or accept the quote |
| FIX-TR | You receive an execution report |
Partial Fill Quote
Not available with Traditional RFQ.
Goal: Check that your partial executions against quotes work.
| Step | By | Action |
|---|
| 1 | You | Send a tradable RFQ request |
| 2 | OpenYield | Within the window, respond with a quote for the size and price you want |
| 3 | You | Hit/lift part of the quote |
| Where | Observation |
|---|
| FIX-RQ | Your request is received |
| FIX-OB | The quotes are sent to you |
| FIX-TR | You place an order |
| FIX-TR | You receive an execution report |