Hi, I have a question concerning general trading: What is the difference between "Trades" and "Quotes"? My question comes from the Nyse trading systems. If you look here: http://www.nyxdata.com/nysedata/DataProducts/NYSE/CustomTAQ/tabid/731/Default.aspx?rfrby=glry-794 you will see that Nyse Technologie makes a difference between trades and quotes. I guess that is a terminology of NYSE systems, but I think it applies in a more general frame. I guess that all trades are not quotes, but some quote are in fact real trades. Do you know the difference? When does a trades becomes a quote? Thank you