RFQ Messages
Request for Quote functionality for market makers
RFQ (Request for Quote) Messages
Overview
The RFQ session allows market makers to respond to quote requests from users. The workflow involves:- Exchange sends QuoteRequest to market makers
- Market makers respond with Quote
- Requester can accept the quote
- Market maker confirms execution
RFQ sessions use the KalshiRFQ endpoint with retransmission support.
Message Flow
QuoteRequest (35=R)
Exchange sends quote requests to market makers.Fields
| Tag | Name | Description | Required |
|---|---|---|---|
| 131 | QuoteReqId | Unique quote request ID | Yes |
| 146 | NoRelatedSym | Number of symbols (always 1) | Yes |
| NoRelatedSym Block | |||
| 38 | OrderQty | Number of contracts | Yes |
| 55 | Symbol | Market ticker | Yes |
| 453 | NoPartyIDs | Number of parties (always 1) | No |
| NoPartyIDs Block | |||
| 448 | PartyId | Pseudonymous identifier for requester | No |
Quote (35=S)
Market maker’s response to a quote request.Fields
| Tag | Name | Description | Required |
|---|---|---|---|
| 117 | QuoteId | Unique quote identifier | Yes |
| 131 | QuoteReqId | Reference to request | Yes |
| 55 | Symbol | Market ticker | Yes |
| 132 | BidPx | Yes price in cents. Only integer part considered (1-99) | Yes |
| 133 | OfferPx | No price in cents. Only integer part considered (1-99) | Yes |
Either BidPx or OfferPx can be zero, but not both. Zero indicates no quote for that side.
Quote Replacement
If a market maker sends a new Quote for the same market, the exchange attempts to cancel and replace the existing quote.QuoteStatusReport (35=AI)
A QuoteStatusReport is sent by the exchange:- In response to a Quote. Status will be PENDING if processed, or REJECTED if rejected
- When the requester accepts the quote. Status will be ACCEPTED. Quoter should reply with QuoteConfirm within 30 seconds
- In response to a QuoteCancel. Status will be CANCELLED
Fields
| Tag | Name | Description | When Present |
|---|---|---|---|
| 117 | QuoteId | Quote identifier | Always (empty if rejected) |
| 131 | QuoteReqId | Request reference | Always |
| 297 | QuoteStatus | Current status | Always |
| 38 | OrderQty | Number of contracts | Not if REJECTED |
| 132 | BidPx | Yes price in cents. Only integer part considered | Not if REJECTED |
| 133 | OfferPx | No price in cents. Only integer part considered | Not if REJECTED |
| 54 | AcceptedSide | Side accepted (1=Yes, 2=No) | Only if ACCEPTED |
| 58 | Text | Rejection reason | Only if REJECTED |
Quote Status Values (297)
- ACCEPTED<0>: Requester accepted the quote
- REJECTED<5>: Exchange rejected the quote
- PENDING<10>: Quote processed, awaiting action
- CANCELLED<17>: Quote cancelled
QuoteCancel (35=Z)
Market maker cancels an active quote.| Tag | Name | Description |
|---|---|---|
| 117 | QuoteId | Quote to cancel |
Exchange responds with QuoteStatusReport (Status=CANCELLED).
QuoteCancelStatus (35=U9)
Response to QuoteCancel from exchange.| Tag | Name | Description |
|---|---|---|
| 117 | QuoteId | Quote identifier |
| 298 | QuoteCancelStatus | CANCELED<0> or REJECTED<1> |
| 58 | RejectReason | If QuoteCancelStatus is REJECTED |
QuoteConfirm (35=U7)
Market maker confirms willingness to execute after quote acceptance.| Tag | Name | Description |
|---|---|---|
| 117 | QuoteId | Accepted quote ID |
Quote must be confirmed within 30 seconds of acceptance or it will be voided.
QuoteConfirmStatus (35=U8)
Exchange response to quote confirmation.| Tag | Name | Description |
|---|---|---|
| 117 | QuoteId | Quote identifier |
| 297 | QuoteConfirmStatus | ACCEPTED<0> or REJECTED<1> |
| 58 | RejectReason | If QuoteConfirmStatus is REJECTED |
QuoteRequestReject (35=AG)
Exchange notifies that a quote request was cancelled.| Tag | Name | Description |
|---|---|---|
| 58 | Text | Reason the quote has been cancelled |
| 131 | QuoteReqId | Request identifier |
| 658 | QuoteRequestRejectReason | OTHER<99> |
Market makers do not send QuoteRequestReject when ignoring a request.
Best Practices
For Market Makers
-
Response Time
- Respond to quote requests promptly
- Confirm accepted quotes within 30 seconds
- Cancel stale quotes proactively
-
Quote Management
- Track active quotes locally
- Handle quote replacements properly
- Monitor for acceptance notifications
-
Risk Management
- Validate prices before quoting
- Implement position limits
- Handle partial quotes (one-sided)
Error Handling
-
Rejection Scenarios
- Invalid price range
- Symbol not found
- Technical issues
-
Timeout Handling
- 30-second confirmation window
- Automatic quote expiration
- Network disconnection recovery
Example Workflow
Integration Notes
- RFQ session requires separate connection
- Uses KalshiRFQ endpoint
- Supports message retransmission
- Independent of order entry session