RFQ Record Keeping refers to the systematic process of documenting and retaining all data associated with Request for Quote (RFQ) interactions, including the original request, all received quotes, negotiation details, and the final execution terms. In crypto institutional trading, this is a critical operational and compliance function. Its purpose is to create an immutable audit trail for regulatory oversight, internal performance analysis, and efficient dispute resolution.
Mechanism
This mechanism involves dedicated data storage systems that automatically capture granular details of each RFQ lifecycle event. Data points typically include timestamps, participant identifiers, asset specifications, quoted prices, order sizes, and the rationale behind execution decisions. The records are often stored in tamper-proof formats, with strict access controls and robust backup procedures to ensure data integrity and continuous availability.
Methodology
The methodology centers on establishing clear data retention policies that align with regulatory requirements, such as those for market surveillance and trade reconstruction. Regular reconciliation of RFQ data with actual trade executions verifies accuracy and completeness. This systematic record-keeping supports best execution analysis, demonstrates adherence to compliance obligations, and provides full transparency for all stakeholders in the institutional crypto trading environment.
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