A nominal bid at a specific price whereby a dealer expresses or shows its willingness to purchase securities at that price. However, the dealer can revise the bid if promoted to do so due to changes in market conditions. A workable indication involves an offer of a nominal quote that is subject to final confirmation/ reconfirmation. Hence, the bid is said to be “subject to…” (a subject quote/ subject quotation). Both a workable indication and a subject quotation may be altered at a dealer’s discretion.

A workable indication is defined as an indicative range. It is not binding on the dealer offering it, until a final confirmation is provided. A workable indication differs from a firm quote, under which a trader is committed to trade if the counterparty accepts it.