Single shot quote, ValidUntilTime. Possible Dealer Intervention may deliver other quote(s) prior to expiry of first. Expiry terminiates the workflow.

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Each individual quote is good until replaced or withdrawn.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.