Firm (quote)
Definition · Level 6 · Desk language
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A price the dealer is committed to deal on, for the size shown, if you say “yours” or “mine” before it is withdrawn (often within seconds) — the opposite of a subject or indicative level.
Example
“Is that firm?” — “Firm for ten, 101.20 at 101.40.”
Where Tradecraft teaches it
Level 6 · Desk language, in the lesson “Reading a quote”: Bid first, offer second, sizes the same way round — plus the units and shortcuts dealers use.
Related terms
- “20 by 50”Size quote: first number = quantity on the bid, second = quantity on the offer (contracts, round lots or millions, depending on the product).
- “20 up”The same size shown on both sides of the quote: 20 on the bid and 20 on the offer.
- Big figure / handleThe leading digits of a price that rarely change, so dealers skip them and quote only the last digits (1.08 in EUR/USD 1.0842; 5,400 in S&P futures…
- ChoiceA zero-width market — bid and offer at the same price — so the counterparty may either buy or sell there.
- MidThe average of the best bid and best offer — the usual fair-value reference for arrival prices, spread math and many OTC marks.
- OffSaid of a quote or order that has just been withdrawn — nobody can deal on it anymore.