An off-quote is an error message Alveo receives from a liquidity provider. It means the current quote from Alveo and the current quote from the liquidity provider are different – or “off.” Although Alveo executes trades blazingly fast, it still takes time to send your order to a liquidity provider. During that time, markets are still changing prices. When your order finally reaches the liquidity provider’s server and the current price is different than when you sent it, the liquidity provider has two options: they can execute the trade at the current price or they can reject the trade. If they choose to execute the trade at the current price it is called slippage. If they choose to reject the trade it is called an off-quote.
Keywords: offquote, off quote