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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)?

elektronrefinitiv-realtimeelektron-sdkrrtema-apielektron-message-apijavaupdate-message
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Hi @vasiliev.nett

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

Or

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


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Hi @vasiliev.nett,

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.

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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?

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Hi @vasiliev.nett,

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.

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Thank you for your help!

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