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 QuoteID (117): 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 ClOrdID (11).
• A quote can be updated (price or quantity) or canceled at any time while it rests on the book. To cancel, resend the quote with the same QuoteID and price and size set to zero. Do not use QuoteCancel (35=Z): it is Cancel All, which pulls all your orders and quotes and deactivates your access.
• 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; the final fill (OrdStatus 39=2) closes the quote.
• 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.