A requote occurs when a broker cannot execute your order at the price you requested and offers a new price instead. This typically happens during high volatility or with dealing desk brokers who process orders manually. STP and ECN brokers generally do not requote because orders are routed directly to liquidity providers.
You try to buy GBP/USD at 1.2650 during a news release. The dealing desk broker rejects the order and offers a new price of 1.2658. You must accept or reject the new price. At an STP broker, the order would have been filled at the best available market price without requoting.
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