What are Quote and Market Data messages in FIX protocol?

Question

There are two types of messages in FIX protocol for pricing: MarketData and Quotes.
What are the differences between them? What are the usecases?

Thanks

Answer 1

MarketData is a general message for market data on specific securities, forex quotes etc. It consists of real-time quote, order, trade, trade volume, open interest, and/or other price information, which you have subscribed to in your message. It is primarily the data from an exchange in real time.

Quote is primarily the information provided to the exchange from a broker. Exchange may ask a broker, what is your bid and ask price for a specific(multiple) security(ies). The information is provided to the exchange in the Quote message and which would ultimately percolate down to the MarketData being provided.

Are you referring to Fiximate or any other website ? The descriptions are there on the website.