Direct Maker (Fixed Income Style Trading)

Post liquidity using quotes — the preferred flow for Fixed Income platforms that use a quote-based model rather than equity-style orders.

• Quotes use a stable quote ID: send the same ID when updating a quote rather than a new one each time. This differs from the order flow, where each update requires a new order ID.
• A quote can be updated (price or quantity) or cancelled at any time while it rests on the book.
• Two-sided markets are supported by sending a separate bid quote and a separate offer quote. A single message for both sides is not supported.
• OpenYield liquidity is firm: when an aggressive order matches your quote, the trade executes immediately. There is no last-look, hit/lift, or accept/pass step. Fills arrive in real time; a completion ticket closes the quote once fully filled.
• OpenYield automatically reduces the remaining quantity on each partial fill and redistributes the updated quote to the market. You do not need to send quantity updates after a fill unless you want to change the quantity beyond what remains.