Requote
A requote is a broker rejecting your requested price and offering a new one instead - a cost of dealing-desk execution.
A requote is a broker refusing your price and offering a new one before filling. It is a cost of dealing-desk execution, especially in fast markets.
A requote happens when a broker declines to fill your order at the price you submitted and offers a new, usually worse, price instead. It is characteristic of dealing-desk brokers that take the other side of trades, especially during fast markets. Requotes are not the same as slippage: slippage fills at a worse price, a requote asks you to accept the new price before filling. Frequent requotes are a reason to consider ECN or STP execution.
How It Works
- Order hits the dealing desk, which can reject the price
- New price offered, usually worse than requested
- More common in news and volatile sessions
Trading Tips
Frequent requotes cost more than any spread difference - check execution reviews
ECN and STP accounts generally fill without requotes
Rejecting a requote means no fill at all, which can leave a position unprotected
Requote Example
Say you click buy on gold during a news spike and the ticket returns offered at $5 worse, twice in a row. Those requotes are the dealing desk repricing against you in real time. An ECN feed would have filled instantly at whatever the market showed.
How Traders Use Requote
Count requotes like errors: occasional ones in chaos are normal, routine ones are a business model. Two requotes on one ticket means switch venues, and never accept a requote without checking the fresh price first.
Related Terms
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