Overview

Request for quote is a control used for buying and selling bonds. The Kodiak implementation implements Directed Request for Quote where counterparties need to be selected to send the quote request to.

The feature can be turned on/off in the Kodiak Server using the variable “EnableRequestForQuote”.

Server

The server validates tokens from Kodiak Token Issuer and it is necessary to include tokens from there as bearer tokens to communicate with the RFQ server.

The server contains the following operations:

GET
"/api/quotes/login/"
Sends all quote data to quotes queue for the user

POST
"/api/quotes"
Body: CreateQuoteRequestRequest
To send a new quote request

Example body:
{
  "Symbol": "HFF150434",
  "Side": 1,
  "Price": 100.0,
  "MinimumQuantity": 20000.0,
  "MaximumQuantity": 40000.0,
  "ExposureDuration": 300,
  "ClientReference": "Test quote request",
  "Counterparties": ["ISY48"]
}

DELETE
"/api/quotes/{quoteId}"
Body: CancelQuoteRequestRequest
To cancel the quote request specified by the quoteRequestId

Example body:
{
  "QuoteRequestId": 100
}

POST
"/api/quotes/{quoteRequestId}/offer_quote"
Body: CreateQuoteRequest
To send a quote to the quote request specified by the quoteRequestId

Example body:
{
  "QuoteRequestId": 100,
  "Side": 1,
  "Price": 100.0,
  "Quantity": 20000.0,
  "ClientReference": "Test quote"
}

DELETE
"api/quotes/{quoteRequestId}/offer_quote"
Body: CancelQuoteRequest
To cancel the quote sent to the quote request specified by the quoteRequestId

Example body:
{
  "QuoteRequestId": 100,
  "QuoteId": 50
}

POST
"/api/quotes/{quoteId}/accept_quote"
Body: AcceptQuoteRequest
To accept a quote for the quote. Quote offer specified in accept quote type

Example body:
{
  "QuoteRequestId": 100,
  "QuoteId": 50,
  "Side": 1,
  "Price": 100.0,
  "Quantity": 20000.0
}

Client

You can open a new quote window under Trading → Request For Quote

Flow

The initiator starts the process by creating a quote request. The required fields are Buy/Sell/Both, Symbol and a list of Counterparties. The default lifetime of a quote request is 180 seconds, but any other duration can be specified. Min Quantity will be visible to the respondent of the quote request, but price, Max Quantity and Client Reference can only be seen by the initiator.

All counterparties specified in the counterparties list will receive the quote request. The amount of time they have to respond to the quote request is the lifetime specified in the quote request.

The recipient can respond to the quote request with a quote. The required fields are buy/sell, quantity and price. None of the fields are limited by any of the fields specified in the initial quote. Client Reference will can only be seen by the respondent.

Finally, the initiator can accept one or more of the quotes.

The buy/sell side is limited to the buy/sell side of the quote. The required fields are quantity and price. The price needs to be equal to the price of the quote. The quantity must be equal to or lower than the quantity of the quote.

When a quote offer is accepted, a manual trade is generated, at which point the counterparty for the quote will be visible to both sides.

Trade ticker

Optionally, quotes can be displayed in the trade ticker for Genium/Inet bonds. Quotes are marked orange in the trade ticker. The trade ticker can only display quotes and generated quote trades, but not the quote requests.

By default, quotes are not shown in the trade ticker, but the setting can be enabled/disabled for each trade ticker window under Trade Ticker Settings.

It is also possible to enable/disable showing quotes in the trade ticker by default when opening a new trade ticker window under Tools → Settings → Market Data → Show quotes by default. The current workspace needs to be saved and the client restarted for the setting to be modified.

Deployment

Prerequisites

The Kodiak Token Issuer needs to be present on the target machine in order to send requests to the RFQ server. You can find instructions for deploying the Token Issuer here:

Add to folder inetpub/wwwroot/token-issuer-iis

You will also have to run the CreateScript on your database in order for the service to run successfully.

Creating the service

To deploy the service, unzip the file inside to C:\KodiakRFQServer. Then, in a command prompt running with administrator privileges, run this command:

sc create KodiakRFQServer binPath= "C:\KodiakRFQServer\Kodi.Kodiak.Quotes.api.exe" DisplayName= "Kodiak RFQ Server" start= auto

When these steps are completed you will be able to start, stop and restart the service under Windows Services.

Checklist:

Add ports 7081 and 7080 to local firewall rules

KODIAK Oms

Request for quote (RFQ) Server