The process of fulfilling a cryptocurrency trade based on a quote specifically designed to meet a client’s particular requirements, such as a precise price, size, or settlement condition, often within an institutional Request for Quote (RFQ) framework. This contrasts with standard market orders.
Mechanism
Involves a pre-negotiated or algorithmically generated quote, where the liquidity provider commits to specific terms. Upon client acceptance, the system immediately executes the trade, often using internal liquidity or through sophisticated smart order routing to external venues, ensuring adherence to the agreed-upon conditions.
Methodology
Essential for institutional clients seeking certainty and discretion for large block trades or complex options strategies. It relies on robust backend infrastructure for real-time risk assessment, hedging, and rapid order processing to guarantee the promised execution quality and minimize market impact for the client.
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