A firm quote is a binding bid or ask price that a dealer or market maker commits to honor for a specified quantity. Unlike indicative quotes, firm quotes guarantee execution at the stated price if the order meets the specified conditions.
Example
“The market maker provided a firm quote of $1.1050 bid / $1.1052 ask on EUR/USD for up to 5 million units, meaning any order within that size would be filled at the quoted price.”