In a RFQ system, a quote or quotes are provided in response to a request for quote submitted by one or more members or participants. The quote is executable exclusively by the requesting member or participant. The requesting member or participant may accept the quote or quotes provided to it. This quote acceptance may occur automatically between certain counterparties.

A RFQ system has specific features. To maintain the relevant data relating to these specific features, the population of the table of fields has to be done in a set manner. Therefore examples are provided for the following specific RFQ features:

Example 141: How to register a quote request which is sent out to specific counterparties?

Example 142: How to register a quote response with a limited validity time (‘on the wire time’) which is executable for a specific quote requester only?

Example 143: How to register a quote response with a different quantity to that requested?

Example 144: How to register an execution in a RFQ system?

6.14.1 How to register a quote request which is sent out to specific counterparties

 A quote request should be registered as a new order with the order identification code populated and the order event (Field 21) should be populated with ‘RFQS’. As such it is recognizable as a submitted RFQ.