Quote Update

Request to enter or update one or more quotes. Quote Update requests will be forwarded in their entirety to the matching engine instance as a single message and will be applied in a single transaction.

All contracts in a single Quote Update must trade under a single futures root. Requests which include contracts trading under multiple futures roots will be rejected in their entirety.

A quote is unique per port, EFID, and side. You may quote multiple price levels of depth using either multiple EFIDs on a single port or with the same EFID on multiple ports.

Quote requests are one-sided. The cancellation of quotes can be done by sending a Quote Update with a zero size and a SizeModifier of NULL (0x00). The table below describes the possible combinations of zero/non-zero sizes and prices and the resulting behavior. The behavior differs depending on the product type (TAS vs non-TAS) and the value of the SizeModifier field.

Quote Update requests sent without any changes to the currently resting quote (no change quotes) will result in a loss of priority and will be reported back with a QuoteResult value of L (Modified; loss of priority) in the Quote Update Acknowledgement message.

• Time priority is maintained on a replacement quote in the following cases:
  • A decrease in OrderQty with no other changes
  • A decrease in OrderQty, a change to the OEOID and/or the ManualOrderIndicator, and no other changes.

    Product Type	Zero Size	Zero Price	SizeModifier	Result
    Trade At Settlement ("TAS")	Y	Y	0	Quote is cancelled
    	Y	N	0	Quote is cancelled
    	N	Y	0	Quote price updated
    	Y	Y	R	Quote price updated
    	Y	N	R	Quote price updated
    	N	Y	R	Quote size and price updated
    Standard (non-TAS)	Y	Y	0	Quote is cancelled
    	Y	N	0	Quote is cancelled
    	N	Y	0	Quote is cancelled
    	Y	Y	R	Quote is cancelled
    	Y	N	R	Quote price updated
    	N	Y	R	Quote is cancelled

Quotes may be for simple instruments only; complex/spread quotes may not be submitted.

All quotes will be automatically cancelled at the end of the trading day.

If a quote modification is rejected, the resting quote being modified is also cancelled.

Executions, unsolicited cancels, and unsolicited modification response messages from the exchange are different from those for orders. They are optimized for efficiency and contain some different data elements (e.g., QuoteUpdateId) than the respective messages for orders.

Match Trade Prevention is only available if defaulted at the port level. For BOE Unit Quoting ports, only Cancel Newest, Cancel Oldest, or Cancel Both are permitted. If a BOE Quoting port is not configured with both a default MTP Modifier and Unique Id Level, Match Trade Prevention will be disabled.

To maintain time priority, all attributes of an existing quote must be unchanged except for a reduction in size. Changing any other attribute or increasing size will result in a loss of time priority.

Capacity may not be changed when modifying a quote. To change Capacity of a resting quote, you must first send a quote with zero price and size and then re-enter the quote with the desired Capacity.

Quote Update and New Order messages submitted through BOE Unit Quoting ports will be available over ODROP.

During the queuing period, a Quote Update may only contain a bid and/or offer for a single TAS expiration.

The Quote Update message is to be used for Futures only orders. The Quote Update Option message is to be used for Options only orders. Both messages are acknowledged with a Quote Update Acknowledgement message or rejected with a Quote Update Rejected message, i.e. the same return message type applies to both Futures and Options.