The price has moved before your fill:a requote asks if you want it still.
A notification that the price requested for an order is no longer available, offering a new price that the trader may accept or decline.
Requotes occur under instant execution; under market execution the order is filled at the available price instead, which may differ from the price requested.
In plain words
A requote happens when a trader asks to deal at the price on screen but the price has moved before the order is processed. Instead of filling the order, the broker replies with the new price and asks whether the trader still wants to deal.
See it move
Stage 3 of 4: New price
Why it matters
Requotes belong to instant execution, a method in which the order names a price and is either filled at that price or returned. Under market execution there is no requote: the order is filled at the best available price, and any difference shows up as slippage instead.
Worked example
An example only. The figures are round and invented for the arithmetic: they are not market prices.
Under instant execution a trader clicks to buy one standard lot of EUR/USD at 1.1000 in a fast market.
- 1By the time the order arrives the buying price is 1.1003.
- 2The broker requotes 1.1003, which is 3 pips higher than requested.
- 3On one standard lot, 3 pips × 10 US dollars = 30 US dollars.
The trader can accept and buy at a price 30 US dollars worse than first requested, or decline and have no position.
A common mistake
A requote is not a fill. Until the new price is accepted nothing has been traded, and the price may move again while the trader decides.
Check yourself
Educational information, not investment advice or a recommendation to trade.