Definitions
In plain terms
A quote commonly contains a bid side and an ask side. It can change without any trade taking place.
Technical
Quote records require instrument, venue or source, event time, side-specific price and size, currency, conditions, and update or sequence semantics.
Scope
A quote may represent one venue, one participant, or a consolidated view; the source must be declared.
Examples
- A bid of 99.90 and ask of 100.10 form a two-sided quote.
Common misconceptions
- A quote is not proof that a trade occurred at either displayed price.
Concept relationships
Where this concept is used
Evidence and governance
- FIX Latest Online Specification — Market Data FIX Trading Community · official standard
Supports: preferred label, short definition, technical definition
Limits: Implementations use negotiated profiles; FIX fields do not impose one universal feed, stale-data, deduplication, or reconciliation policy.
- Fintech Builder Glossary Definition Contract The Fintech Builder · internal governed contract
Supports: variant distinction
Limits: Defines governed platform behavior rather than claiming these policies are universally prescribed by external McClellan methodology.
- Reviewed by
- fintech-builder-owner-approved
- Last reviewed
- 2026-07-26
- Next review
- 2027-07-26
- Record status
- published