RFQ

Overview

RFQ functionality involves two types of participants connecting via different FIX sessions: RFQ Creators - Users who want to trade via RFQ (connect via RT mode):

Create RFQ via QuoteRequest (35=R)
Receive quotes from market makers via Quote (35=S)
Accept a quote via AcceptQuote (35=UA)
Receive trade execution via ExecutionReport (35=8)

Market Makers - Users who provide quotes (connect via RfqMode):

Receive QuoteRequest from exchange
Respond with Quote (35=S)
Receive acceptance notification
Confirm execution via QuoteConfirm (35=U7)

RFQ Creators use the KalshiRT endpoint (same as order entry), which provides message persistence and retransmission support. Market Makers use the KalshiRFQ endpoint to receive RFQ broadcasts and submit quotes.

Message Flow

Full RFQ Flow (Creator via FIX)

QuoteRequest (35=R)

This message is used bidirectionally:

Creator → Exchange: Create a new RFQ
Exchange → Market Makers: Notify of new RFQ

Creator → Exchange (Create RFQ)

Message body

Tag	Name	Type	Required	Description
131	QuoteReqId	UUID	Y	Client-assigned RFQ identifier
146	NoRelatedSym	Integer	Y	Number of entries in the repeating group below. Must be 1
79	AllocAccount	Integer	N	Subaccount number (0-63) for direct members. Alternative to NoPartyIDs; omit or set to 0 for the primary account
20180	MultivariateCollectionTicker	String	C	Collection ticker for parlay/MVE markets. Use instead of Symbol
20181	NoMultivariateSelectedLegs	Integer	C	Number of MVE legs (repeating group). Required with 20180
20182	MultivariateSelectedEventTicker	String	Y	Event ticker for the leg
20183	MultivariateSelectedMarketTicker	String	Y	Market ticker for the leg
20184	MultivariateSelectedSide	String	Y	Side for the leg (“yes” or “no”)

Inside the 146=NoRelatedSym group

Tag	Name	Type	Required	Description
55	Symbol	String	C	Market ticker. Group delimiter — send it immediately after `146`. Required unless MVE legs are specified
38	OrderQty	Decimal	C	Number of contracts as a fixed-point decimal. Supports `0.01`-contract increments (for example `5`, `5.00`, or `5.25`). Required unless CashOrderQty is specified. Acts as the delimiter on MVE requests, which omit `55`
152	CashOrderQty	Decimal	C	Target cost in dollars. Required unless OrderQty is specified. Acts as the delimiter on MVE requests that size by cost
21015	RestRemainder	Char	N	Y/N - Rest the quote remainder after execution (default: N)
21016	ReplaceExisting	Char	N	Y/N - Close older RFQs while retaining the submitting subtrader’s newest existing RFQ, keeping at most two open RFQs including this one (default: N)
453	NoPartyIDs	Integer	N	Nested repeating group. Number of parties (only 1 supported)
448	PartyId	String	N	FCM SubtraderId for the customer on whose behalf the RFQ is submitted
452	PartyRole	Integer	N	24 (CustomerAccount) - required when using PartyId

The delimiter is the first tag of a group entry: send 146, then 55 for a symbol RFQ or 38/152 for an MVE RFQ (which omits 55). Note that 21015 and 21016 are dropped without a reject if they land outside the group — a misplaced 21016 surfaces later as RFQ already exists on the next request rather than as an error on this one.The published FIX dictionary lists 55 first, since a dictionary can only declare one delimiter per group. MVE requests legitimately omit 55, so a strict dictionary-driven validator may flag them — relax the delimiter for the MVE case rather than adding an empty 55.

MVE/Parlay Support: Instead of specifying a Symbol, you can submit MVE legs directly. The server will automatically resolve or create the parlay market and return the resolved market ticker in the QuoteRequestAck.

Exchange → Market Maker (RFQ Notification)

The exchange builds this message with the same structure market makers must parse: 55, 38, 152 and the nested 453=NoPartyIDs group are members of the 146=NoRelatedSym group, and the MVE tags sit in the message body. Message body

Tag	Name	Type	Required	Description
131	QuoteReqId	UUID	Y	Server-assigned RFQ identifier
146	NoRelatedSym	Integer	Y	Number of entries in the repeating group below (always 1)
20180	MultivariateCollectionTicker	String	N	Collection ticker for multivariate markets
20181	NoMultivariateSelectedLegs	Integer	N	Number of MVE legs (repeating group)
20182	MultivariateSelectedEventTicker	String	N	Event ticker for the leg
20183	MultivariateSelectedMarketTicker	String	N	Market ticker for the leg
20184	MultivariateSelectedSide	String	N	Side for the leg (“yes” or “no”)

Inside the 146=NoRelatedSym group

Tag	Name	Type	Required	Description
55	Symbol	String	Y	Market ticker. Group delimiter
38	OrderQty	Decimal	Y	Number of contracts as a fixed-point decimal
152	CashOrderQty	Decimal	N	Target cost in dollars (if specified by creator)
453	NoPartyIDs	Integer	N	Nested repeating group. Number of parties (always 1)
448	PartyId	String	N	Requester public communications ID. This value is pseudonymous and is not the requester’s SubtraderId

QuoteRequestAck (35=b)

Exchange response to an inbound QuoteRequest from an RFQ creator.

Tag	Name	Type	Required	Description
131	QuoteReqId	UUID	Y	Client-assigned RFQ ID (echoed back)
303	QuoteRequestType	Integer	Y	1 (MANUAL)
21023	RfqId	UUID	C	Server-assigned RFQ ID. Present when an RFQ ID is returned by the server
55	Symbol	String	C	Resolved market ticker. Present when MVE legs were submitted
100	ExDestination	Integer	Y	Exchange index for the RFQ market

The server-assigned RFQ ID is returned in tag 21023. Store it if you want to reconcile later Quote or QuoteStatusReport messages to the created RFQ. RFQCancel accepts either your original client-assigned QuoteReqId (tag 131) or the server-assigned RfqId (tag 21023).

When creating an RFQ with MVE legs instead of a Symbol, the resolved market ticker is returned in tag 55. This is the market that was created or looked up based on your leg selection.

Quote (35=S)

This message is used bidirectionally:

Market Maker → Exchange: Submit a quote for an RFQ
Exchange → Creator: Notify creator of a new quote

If a new Quote is created when an existing quote for the same market already exists for the user, the exchange will cancel the existing quote.

Market Maker → Exchange (Submit Quote)

Tag	Name	Type	Required	Description
117	QuoteId	UUID	Y	Client-assigned quote identifier
131	QuoteReqId	UUID	Y	Server-assigned RFQ ID (from QuoteRequest)
55	Symbol	String	Y	Market ticker
132	BidPx	Integer	C	Yes price in cents (1-99)
133	OfferPx	Integer	C	No price in cents (1-99)
18	ExecInst	Char	N	`6`=Post Only
79	AllocAccount	Integer	N	Subaccount number (0-63). If provided, the quote will be created for the specified subaccount.
21015	RestRemainder	Char	N	Y/N - Allow partial fills (default: N)

Exchange → Creator (Quote Notification)

Tag	Name	Type	Required	Description
117	QuoteId	UUID	Y	Quote identifier (use this to accept)
131	QuoteReqId	UUID	Y	Server-assigned RFQ ID
55	Symbol	String	Y	Market ticker
132	BidPx	Decimal	C	Yes price in dollars (e.g. 0.4500). Not present when zero
133	OfferPx	Decimal	C	No price in dollars (e.g. 0.5500). Not present when zero
38	OrderQty	Decimal	N	Number of contracts as a fixed-point decimal
134	BidSize	Decimal	N	Quantity offered on the Yes side
135	OfferSize	Decimal	N	Quantity offered on the No side
453	NoPartyIDs	Integer	N	Number of parties (always 1)
448	PartyId	String	N	Quoter public communications ID. This value is pseudonymous and is not the quoter’s SubtraderId
452	PartyRole	Integer	N	35 (Liquidity Provider)

Either BidPx or OfferPx can be zero, but not both. Zero indicates no quote for that side.

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
In response to a QuoteCancel. Status will be CANCELLED

Tag	Name	Type	Required	Description
117	QuoteId	String	Y	Quote identifier (empty if rejected)
131	QuoteReqId	String	Y	Request reference
79	AllocAccount	Integer	C	Subaccount number (0-63). Present if the quote was created for a subaccount
297	QuoteStatus	Integer	Y	Current status
38	OrderQty	Decimal	C	Original RFQ contract size if specified.
132	BidPx	Integer	C	Yes price in cents. Only integer part considered. Not present if REJECTED
133	OfferPx	Integer	C	No price in cents. Only integer part considered. Not present if REJECTED
134	BidSize	Decimal	C	Yes contract size offered by the quote.
135	OfferSize	Decimal	C	No contract size offered by the quote.
54	AcceptedSide	Char	C	Side accepted (1=Yes, 2=No). Only present if ACCEPTED
58	Text	String	C	Rejection reason. Only present 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	Type	Required	Description
117	QuoteId	String	Y	Quote to cancel
21023	RfqId	UUID	N	Server-assigned RFQ ID. If provided, the quote must belong to this RFQ. If omitted, the RFQ is resolved from QuoteId.

Exchange responds with QuoteStatusReport (Status=CANCELLED).

QuoteCancelStatus (35=U9)

Response to QuoteCancel from exchange.

Tag	Name	Type	Required	Description
117	QuoteId	String	Y	Quote identifier
298	QuoteCancelStatus	Integer	Y	CANCELED(0) or REJECTED(1)
58	RejectReason	String	C	Present if QuoteCancelStatus is REJECTED

QuoteConfirm (35=U7)

Market maker confirms willingness to execute after quote acceptance.

Tag	Name	Type	Required	Description
117	QuoteId	String	Y	Accepted quote ID
21023	RfqId	UUID	N	Server-assigned RFQ ID. If provided, the quote must belong to this RFQ. If omitted, the RFQ is resolved from QuoteId.

Quote must be confirmed within 30 seconds of acceptance or it will be voided.

QuoteConfirmStatus (35=U8)

Exchange response to quote confirmation.

Tag	Name	Type	Required	Description
117	QuoteId	String	Y	Quote identifier
21010	QuoteConfirmStatus	Integer	Y	ACCEPTED(0) or REJECTED(1)
58	RejectReason	String	C	Present if QuoteConfirmStatus is REJECTED

AcceptQuote (35=UA)

RFQ creator accepts a quote from a market maker.

Tag	Name	Type	Required	Description
117	QuoteId	UUID	Y	Quote to accept
21023	RfqId	UUID	N	Server-assigned RFQ ID. If provided, the quote must belong to this RFQ. If omitted, the RFQ is resolved from QuoteId.
54	Side	Char	Y	FIX side (1=BUY, 2=SELL). For AcceptQuote, BUY accepts the maker’s NO quote and SELL accepts the maker’s YES quote.
38	OrderQty	Decimal	N	Contracts to accept as a fixed-point decimal. Supports `0.01`-contract increments
11	ClOrdID	String	N	Client order ID
453	NoPartyIDs	Integer	N	Number of parties (only 1 supported)
448	PartyId	String	N	FCM SubtraderId for the customer on whose behalf the accept is submitted
452	PartyRole	Integer	N	24 (CustomerAccount). Required when using PartyId
21022	PreferBetterQuote	Char	N	Y/N - When set to Y, the exchange will select the best available quote for the RFQ rather than the specified quote. The best quote must be at least as good as the requested quote. Default: N

AcceptQuoteStatus (35=UC)

Exchange response to AcceptQuote.

Tag	Name	Type	Required	Description
117	QuoteId	String	Y	Quote identifier
21025	AcceptQuoteStatus	Integer	Y	ACCEPTED(0) or REJECTED(1)
21024	AcceptedQuoteId	UUID	C	Present when the accept succeeds. The quote that was actually accepted. When PreferBetterQuote is used, this may differ from the requested QuoteId
11	ClOrdID	String	C	Echoed back when provided on the AcceptQuote request
58	Text	String	C	Rejection reason if REJECTED

RFQCancel (35=UE)

RFQ creator cancels/deletes an active RFQ.

Tag	Name	Type	Required	Description
131	QuoteReqId	UUID	C	Client-assigned RFQ ID from the original QuoteRequest. Required unless RfqId is provided
21023	RfqId	UUID	C	Server-assigned RFQ ID from QuoteRequestAck. Required unless QuoteReqId is provided
453	NoPartyIDs	Integer	N	Number of parties (only 1 supported)
448	PartyId	String	N	FCM SubtraderId for the customer on whose behalf the RFQ is canceled
452	PartyRole	Integer	N	24 (CustomerAccount). Required when using PartyId

RFQCancelStatus (35=UB)

Exchange response to RFQCancel, or unsolicited with EXPIRED(2) when the exchange closes the RFQ itself.

Tag	Name	Type	Required	Description
131	QuoteReqId	String	Y	RFQ identifier (echoes back the ID from RFQCancel request)
21013	RFQCancelStatus	Integer	Y	CANCELED(0), REJECTED(1) or EXPIRED(2)
21023	RfqId	UUID	C	Server-assigned RFQ ID. Always present on EXPIRED(2)
58	Text	String	C	Rejection reason if REJECTED

QuoteRequestReject (35=AG)

Exchange notifies that an RFQ creation request was rejected or that a quote request was cancelled.

Tag	Name	Type	Required	Description
58	Text	String	Y	Reason the RFQ creation was rejected or the quote request was cancelled
131	QuoteReqId	String	Y	Request identifier
658	QuoteRequestRejectReason	Integer	Y	UNKNOWN_SYMBOL(1), QUOTE_REQUEST_EXCEEDS_LIMIT(3), INSUFFICIENT_CREDIT(11), or OTHER(99). Invalid-combination rejects use OTHER(99)
20187	MVEValidationReasonCode	String	C	Stable combo-validation reason code on invalid-combination rejects: `conflicting_leg_outcomes`, `duplicated_legs`, or `invalid_market_combination` (mirrors the REST error `code`)
20185	NoMVEOffendingLegs	Integer	C	Number of offending MVE legs (repeating group). Present on invalid-combination rejects when the tickers are known
20186	MVEOffendingMarketTicker	String	C	Market ticker of an offending leg; one entry per `NoMVEOffendingLegs`

Market makers do not send QuoteRequestReject when ignoring a request.

Example Workflow

RFQ Creator Flow

8=FIXT.1.1|35=R|131=client-req-123|146=1|55=HIGHNY-23DEC31|38=100|

8=FIXT.1.1|35=R|131=client-req-456|146=1|38=100|20180=PARLAY-COLLECTION|20181=2|20182=EVENT1|20183=MKT1|20184=yes|20182=EVENT2|20183=MKT2|20184=no|

8=FIXT.1.1|35=R|131=client-req-124|146=1|55=HIGHNY-23DEC31|38=100|21016=Y|

8=FIXT.1.1|35=R|131=client-req-457|146=1|38=100|21016=Y|453=1|448=subtrader-uuid|452=24|20180=PARLAY-COLLECTION|20181=2|20182=EVENT1|20183=MKT1|20184=yes|20182=EVENT2|20183=MKT2|20184=no|

8=FIXT.1.1|35=b|131=client-req-123|303=1|21023=server-rfq-456|100=0|

8=FIXT.1.1|35=b|131=client-req-456|303=1|21023=server-rfq-789|55=PARLAY-MKT-ABC|100=1|

8=FIXT.1.1|35=S|117=quote-789|131=server-rfq-456|55=HIGHNY-23DEC31|132=0.7500|133=0.2500|38=100|453=1|448=quoter-public-id|452=35|

8=FIXT.1.1|35=UA|117=quote-789|21023=server-rfq-456|54=1|38=100|11=client-accept-123|

8=FIXT.1.1|35=UC|117=quote-789|21025=0|21024=quote-789|11=client-accept-123|

8=FIXT.1.1|35=UE|131=client-req-123|

8=FIXT.1.1|35=UB|131=client-req-123|21013=0|

Market Maker Flow

8=FIXT.1.1|35=R|131=server-rfq-456|146=1|55=HIGHNY-23DEC31|38=100|453=1|448=anon-456|

8=FIXT.1.1|35=S|117=quote-789|131=server-rfq-456|55=HIGHNY-23DEC31|132=75|133=25|

8=FIXT.1.1|35=AI|117=quote-789|131=server-rfq-456|297=10|38=100|132=75|133=25|

8=FIXT.1.1|35=AI|117=quote-789|131=server-rfq-456|297=0|54=1|38=100|

8=FIXT.1.1|35=U7|117=quote-789|21023=server-rfq-456|

8=FIXT.1.1|35=U8|117=quote-789|21010=0|

REST

CF Benchmarks REST

WebSockets

FIX

Overview

Message Flow

Full RFQ Flow (Creator via FIX)

QuoteRequest (35=R)

Creator → Exchange (Create RFQ)

Exchange → Market Maker (RFQ Notification)

QuoteRequestAck (35=b)

Quote (35=S)

Market Maker → Exchange (Submit Quote)

Exchange → Creator (Quote Notification)

QuoteStatusReport (35=AI)

Quote Status Values (297)

QuoteCancel (35=Z)

QuoteCancelStatus (35=U9)

QuoteConfirm (35=U7)

QuoteConfirmStatus (35=U8)

AcceptQuote (35=UA)

AcceptQuoteStatus (35=UC)

RFQCancel (35=UE)

RFQCancelStatus (35=UB)

QuoteRequestReject (35=AG)

Example Workflow

RFQ Creator Flow

Market Maker Flow

​Overview

​Message Flow

​Full RFQ Flow (Creator via FIX)

​QuoteRequest (35=R)

​Creator → Exchange (Create RFQ)

​Exchange → Market Maker (RFQ Notification)

​QuoteRequestAck (35=b)

​Quote (35=S)

​Market Maker → Exchange (Submit Quote)

​Exchange → Creator (Quote Notification)

​QuoteStatusReport (35=AI)

​Quote Status Values (297)

​QuoteCancel (35=Z)

​QuoteCancelStatus (35=U9)

​QuoteConfirm (35=U7)

​QuoteConfirmStatus (35=U8)

​AcceptQuote (35=UA)

​AcceptQuoteStatus (35=UC)

​RFQCancel (35=UE)

​RFQCancelStatus (35=UB)

​QuoteRequestReject (35=AG)

​Example Workflow

​RFQ Creator Flow

​Market Maker Flow

Overview

Message Flow

Full RFQ Flow (Creator via FIX)

QuoteRequest (35=R)

Creator → Exchange (Create RFQ)

Exchange → Market Maker (RFQ Notification)

QuoteRequestAck (35=b)

Quote (35=S)

Market Maker → Exchange (Submit Quote)

Exchange → Creator (Quote Notification)

QuoteStatusReport (35=AI)

Quote Status Values (297)

QuoteCancel (35=Z)

QuoteCancelStatus (35=U9)

QuoteConfirm (35=U7)

QuoteConfirmStatus (35=U8)

AcceptQuote (35=UA)

AcceptQuoteStatus (35=UC)

RFQCancel (35=UE)

RFQCancelStatus (35=UB)

QuoteRequestReject (35=AG)

Example Workflow

RFQ Creator Flow

Market Maker Flow