The Lab

Versions Compared

Key

  • This line was added.
  • This line was removed.
  • Formatting was changed.

...

Gliffy Diagram
name4.0 RFS_QuoteRequest.04
pagePin6

 


ESP

Gliffy Diagram
name4.0 ESP_QuoteRequest.03
pagePin4
 


Trading Venue as Taker

RFQ

...

Note
titleTODO

The messages flows documented here illustrate a standard "Last-Look" trading model. "No Last-Look" trading is possible on some Venues and comprises standard MassQuote provision alongside receipt of ExecutionReport messages from the Venue notifying the maker of the fills.

Each individual quote is good until replaced or withdrawn. Each message entirely replaces the previous.


Gliffy Diagram
name4.0 RFS_MarketMaker_06
pagePin3

...