What are "hard quote" and "instant execution" in Forex?

External question — Personal Finance Stack Exchange Author: m2004 Original post: https://money.stackexchange.com/questions/64247 License: CC BY-SA 3.0 — https://creativecommons.org/licenses/by-sa/3.0/ Adaptation: HTML converted to plain text; contact email addresses removed. "Instant execution is a technology allowing traders to trade on so-called “hard” quotes." This is a piece of a text I just saw. What does these two terms mean?

External answer — Personal Finance Stack Exchange Author: not-nick Original post: https://money.stackexchange.com/a/64251 License: CC BY-SA 3.0 — https://creativecommons.org/licenses/by-sa/3.0/ Adaptation: HTML converted to plain text; contact email addresses removed. The term "hard quote" means that the quote you are being given, either electronically or verbally, will be the price at which your trade is executed once you give instruction to execute the trade. There will be a narrow time window in which to provide instruction to execute, typically a few seconds. The term "hard quote" is in opposition to "indicative quote" where a broker will indicate the current market price but gives no guarantee that your trade will be filled at the indicated quote price when the order is place in the market. "Instant execution" means that the counter-party providing the quote is ready to transact the trade with you. In other words, from you point of view, the trade will be executed and confirmed the moment you give your instruction; it will not be placed in a queue in the market awaiting execution when a counter-party is found.