A quote whose price and volume are not guaranteed. That is, market participants are not obliged to deal at the displayed prices or volumes, when their quotes are indicative. Indicative quotes are displayed during the pre-mandatory quote period.
A quote that is indicative of the market at a particular time of the day. Foreign exchange rates are subject to change, and the indicative quote will give the member a good estimate of the real-time exchange rate that your corporate will receive.