The lines start with > (greater than sign) are considered as a quote.
{quote} and {/quote} around the text create a quote.
When you type;
> This phrase is a quotation.
> This phrase is a quotation.
{quote}
This phrase is a quotation.
{/quote}
It will appear as:
Note: Your project will only use Backlog formatting if specified by your administrator under Project Settings. To learn more about this, please read the Formatting Rules.