The meaning of ASK_TONE/BID_TONE field in Market Price update message

Would you be so kind as to help me with understanding of ASK_TONE/BID_TONE field meaning?

The example of message:

UpdateMsg
streamId="89"
domain="MarketPrice Domain"
updateTypeNum="10"
name="/TUIT.L"
serviceId="902"
serviceName="hEDD"
Payload dataType="FieldList"
FieldList FieldListNum="0" DictionaryId="1"
FieldEntry fid="22" name="BID" dataType="Real" value="357.0"
FieldEntry fid="25" name="ASK" dataType="Real" value="341.3"
FieldEntry fid="30" name="BIDSIZE" dataType="Real" value="22000.0"
FieldEntry fid="31" name="ASKSIZE" dataType="Real" value="1395.0"
FieldEntry fid="4150" name="BID_TIM_MS" dataType="UInt" value="40327266"
FieldEntry fid="4147" name="ASK_TIM_MS" dataType="UInt" value="40334687"
FieldEntry fid="345" name="BID_TONE" dataType="Rmtes" value="M"
FieldEntry fid="346" name="ASK_TONE" dataType="Rmtes" value="M"
FieldListEnd
PayloadEnd

In all messages that I get with ASK_TONE/BID_TONE set "M" there was a cross. (BID price > ASK price, in the example 357.0 > 341.0).
In the field dictionary next lines are written about BID_TONE:
BID_TONE "BID TONE" 345 NULL ALPHANUMERIC 1 RMTES_STRING 1
!
! Bid price qualifier
!

The question is what does it mean "price qualifier" and how it shoul be handled? And why is BID > ASK? Is there any way to get more detailed decription of ASK_TONE/BID_TONE fields (for example to learn about possible values)?

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update-message

Accepted answers

umer.nalla

Hi @Nikita

Most of the forum moderators here are not Content experts, so your best course of action for Content type Queries is either

to create a Content type query at My.Refinitv

use the Data Model Discovery tool to explore the data specs

For example, If I search for ASK_TONE used by LSE Equity, I am told that ASK_TONE is a deprecated FID and that I should use ASK_TONE1 which is described in the tool as follows:

Note that I am not a content expert, the above is just to give an idea of what the Data Model Discovery tool can provide.

The link I provided above includes brief instructions on how to use the tool. You can find additional information including a Quick Start Guide and an introductory video on the tool at Data Model Discovery | MyRefinitiv

All comments

Gurpreet

Hi @Nikita

I searched the Data Model discovery and could not find any more information than what you already know. These messages are some sort of Price Qualifiers. I would recommend that you open a support ticker at my.refinitiv.com where a content expert can advise you.

umer.nalla

Hi @Nikita

Most of the forum moderators here are not Content experts, so your best course of action for Content type Queries is either

to create a Content type query at My.Refinitv

use the Data Model Discovery tool to explore the data specs

For example, If I search for ASK_TONE used by LSE Equity, I am told that ASK_TONE is a deprecated FID and that I should use ASK_TONE1 which is described in the tool as follows:

Note that I am not a content expert, the above is just to give an idea of what the Data Model Discovery tool can provide.

Nikita

Thank you very much for the reply. Would you be so kind as to tell me if it is normal to get messages with bid price > ask price? May be it is not connected to ASK_TONE/BID_TONE?

Gurpreet

Hi @Nikita

Market cross does happen, and how it is sent depends on the trading venue. Usually there is a status marker in the Price Qualifier Code fields. It is best to contact the Refinitiv Helpdesk to get a fully qualified answer for these content questions.

Nikita

Thank you for your help!

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