Requote
Order Types & Execution
A requote occurs when a broker cannot fill an order at the requested price and offers a new price to accept or reject, typical of instant-execution dealing desks.
What is a requote?
A requote happens when a trader submits an order at a specific price, but by the time the broker processes it, that price is no longer available. Instead of automatically filling at the next best price — which would produce slippage — the broker sends back a new, current price and asks the trader to accept it or cancel the order.
Why requotes happen
Requotes are most closely associated with instant execution, an order-handling model in which a broker (typically operating a dealing desk) commits to filling orders at the exact requested price or not at all. When the market moves between the moment an order is submitted and the moment it reaches the dealing desk, there’s no requested price left to honor, so the system pauses and offers the new one.
Worked example
A trader clicks “buy” on EUR/USD at a displayed price of 1.0850. A second later, before the order reaches the broker’s system, the market has moved to 1.0852. Under instant execution, rather than filling at 1.0852 automatically, the platform shows a requote: “New price: 1.0852 — accept or cancel?” The trader can then choose to take the new price or reject the order entirely.
Requote vs. slippage
Both describe the same underlying problem — the market moved before the order filled — but they resolve it differently. A requote asks the trader to approve the new price before anything happens; slippage simply fills the order at the new price automatically, without asking. Brokers using market execution models generally use slippage rather than requotes.
Why it matters
Frequent requotes can be frustrating for active traders, since they can mean missed entries in fast markets, particularly around news events. This is one reason many traders — especially those who trade frequently or during volatile conditions — prefer brokers offering market execution or ECN/STP models with no dealing desk, where requotes are largely eliminated in favor of standard slippage.
Trading carries a high level of risk and may not be suitable for all investors.