Quote Update Acknowledgement
Quote Update Acknowledgment messages are sent in response to a Quote Update or Quote Update Option message. The effect of each requested update will be found in this response. The ordering between request and response is preserved.
For quotes which are priced at an executable price and which may remove liquidity, a QuoteResult reason of D or d will be provided. In these cases, executions or cancellations (as needed) will immediately follow as additional messages. In some cases, an execution may not be permitted (e.g., risk management causes cancellation of the targeted order before execution), no additional messages will follow and the quote will post.
In some cases, a new OrderId will be assigned for an existing quote. There are currently two situations where this occurs, but others may be added in the future:
- A quote which has received a large number of quote updates over its life will be assigned a new OrderId if receiving an update which would cause a loss in priority.
- A quote update which has had an update to an attribute other than price or size.
If using the OrderId in your system or to correlate with an OrderId on PITCH, always be prepared to receive an update on a Quote Update Acknowledgment.