# Eliminate Slippage a Trader's Handbook on RFQ Systems ▴ Guide

**Published:** 2025-08-06
**Categories:** Guide

---

![A symmetrical, high-tech digital infrastructure depicts an institutional-grade RFQ execution hub. Luminous conduits represent aggregated liquidity for digital asset derivatives, enabling high-fidelity execution and atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-institutional-digital-asset-derivatives-rfq-system.jpg)

![A precise optical sensor within an institutional-grade execution management system, representing a Prime RFQ intelligence layer. This enables high-fidelity execution and price discovery for digital asset derivatives via RFQ protocols, ensuring atomic settlement within market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-high-fidelity-institutional-digital-asset-rfq-execution-system-lens.jpg)

## The Mandate for Price Certainty

Executing substantial positions in the public market introduces layers of uncertainty. The price you see is rarely the price you get, a phenomenon known as [slippage](https://prime.greeks.live/area/slippage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). This discrepancy arises from the very structure of open order books, where large orders can exhaust available liquidity at the best price levels, causing the market to move against the trade. A [Request for Quote](https://prime.greeks.live/area/request-for-quote/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (RFQ) system is a direct response to this challenge.

It is a communications channel allowing a trader to privately solicit firm, executable prices from a select group of professional [liquidity providers](https://prime.greeks.live/area/liquidity-providers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). This process transforms trade execution from a passive acceptance of displayed prices into an active negotiation for a specific size and price, directly with market makers who are equipped to handle institutional volume. The core function of an RFQ is to secure a binding price for the entirety of an order before it is exposed to the broader market, thereby creating price certainty where there was once variability.

The operational mechanics are straightforward and powerful. A trader constructs an order, whether a single large block of shares or a complex multi-leg options strategy, and broadcasts a request for a quote to a curated list of liquidity providers. These counterparties are competing for the order flow. They respond with their best bid and offer for the specified size.

The trader can then assess these firm quotes and execute with the provider offering the most favorable terms. This entire interaction occurs within a closed environment. The anonymity and control inherent in this process are its defining features. Your trading intention is revealed only to the parties you select, and the final transaction occurs at a predetermined price, effectively engineering slippage out of the execution workflow. This is the professional standard for moving significant size with minimal market friction.

> A study by TABB Group highlights that RFQ platforms permit traders to solicit quotes from multiple liquidity providers while maintaining the anonymity desired when working a large order, a clear advantage over both open outcry and standard electronic execution.

Understanding this mechanism is the first step toward a more sophisticated trading posture. It shifts the trader’s mindset from being a price-taker, subject to the whims of a fragmented public market, to a price-maker, who can command liquidity on their own terms. For any participant whose trading size has outgrown the capacity of retail-level order books, mastering the [RFQ process](https://prime.greeks.live/area/rfq-process/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is a foundational requirement for capital preservation and performance optimization.

It is the gateway to a world where large-scale execution is managed with precision and intent, directly addressing the implicit costs that erode profitability in sizable portfolios. The system provides a structured arena for price discovery among committed professionals, ensuring that the execution price reflects genuine, competitive interest rather than the shallow depth of a public limit order book.

![A sophisticated, symmetrical apparatus depicts an institutional-grade RFQ protocol hub for digital asset derivatives, where radiating panels symbolize liquidity aggregation across diverse market makers. Central beams illustrate real-time price discovery and high-fidelity execution of complex multi-leg spreads, ensuring atomic settlement within a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-rfq-protocol-facilitating-atomic-settlement-and-high-fidelity-execution-of-multi-leg-spreads.jpg)

![Central metallic hub connects beige conduits, representing an institutional RFQ engine for digital asset derivatives. It facilitates multi-leg spread execution, ensuring atomic settlement, optimal price discovery, and high-fidelity execution within a Prime RFQ for capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-digital-asset-derivatives-rfq-protocol-execution-hub.jpg)

## A Framework for Precision Execution

Adopting an RFQ methodology is about installing a professional-grade operating system for your trading activities. Its application extends across asset classes, yet it finds its most potent expression in the nuanced worlds of options and [block trading](https://prime.greeks.live/area/block-trading/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). Here, the costs of imprecise execution are magnified, and the benefits of a negotiated price are most pronounced.

The following frameworks provide actionable guidelines for deploying [RFQ systems](https://prime.greeks.live/area/rfq-systems/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) to achieve specific, superior trading outcomes. These are not theoretical concepts; they are structured processes for institutional-grade execution.

![Teal and dark blue intersecting planes depict RFQ protocol pathways for digital asset derivatives. A large white sphere represents a block trade, a smaller dark sphere a hedging component](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-liquidity.jpg)

## Commanding Liquidity in Block Trades

Executing a large block of an equity or a future presents a classic execution dilemma. A market order risks substantial slippage, while working the order with limit orders can be slow and risks missing the desired price entirely. An RFQ system offers a direct, efficient pathway.

![An institutional-grade RFQ Protocol engine, with dual probes, symbolizes precise price discovery and high-fidelity execution. This robust system optimizes market microstructure for digital asset derivatives, ensuring minimal latency and best execution](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-engine-for-optimal-price-discovery-and-high-fidelity-execution.jpg)

## The Execution Protocol

The process begins with defining the order parameters with absolute clarity. This includes the instrument, the exact size of the block, and any specific timing considerations. The next step is the selection of liquidity providers. A well-maintained list of counterparties, segmented by their expertise in specific sectors or market caps, is a significant asset.

Once the request is sent, a window of time is typically specified for responses. The incoming quotes represent firm commitments to trade at that price, for the full size. The trader’s decision is then a simple matter of selecting the best price. The execution is a single, clean transaction. This method systematically removes the market impact associated with placing a large order directly onto the public book.

![A detailed view of an institutional-grade Digital Asset Derivatives trading interface, featuring a central liquidity pool visualization through a clear, tinted disc. Subtle market microstructure elements are visible, suggesting real-time price discovery and order book dynamics](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-execution-system-microstructure-display.jpg)

## Case Study a Large Cap Equity Block

Consider a portfolio manager needing to liquidate a 200,000-share position in a large-cap stock. The publicly displayed bid-ask spread might be a penny wide, but the depth at the best bid may only be for 5,000 shares. Attempting to sell the full block at the market would trigger a cascade, pushing the price down significantly as successive levels of the order book are hit. Using an RFQ, the manager can request a quote for the full 200,000 shares from five or six large market makers.

These firms will price the block based on their own internal models and risk appetite, and respond with a single, firm bid. The manager can then execute the entire block in one transaction, at a known price, often inside the public bid-ask spread for that size.

![Sleek, dark grey mechanism, pivoted centrally, embodies an RFQ protocol engine for institutional digital asset derivatives. Diagonally intersecting planes of dark, beige, teal symbolize diverse liquidity pools and complex market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-powering-high-fidelity-execution-for-multi-leg-spreads-portfolio-margin-and-atomic-settlement-via-prime-os-for-block-trades.jpg)

## Executing Complex Options Spreads with Finesse

Multi-leg options strategies, such as vertical spreads, collars, or iron condors, present a unique execution challenge known as “[leg risk](https://prime.greeks.live/area/leg-risk/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite).” This is the danger that the market for one leg of the spread will move adversely after another leg has already been executed. An RFQ system is purpose-built to neutralize this risk.

![A glowing blue module with a metallic core and extending probe is set into a pristine white surface. This symbolizes an active institutional RFQ protocol, enabling precise price discovery and high-fidelity execution for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-driving-institutional-digital-asset-derivatives-high-fidelity-execution-precise-price-discovery-for-block-trades-and-capital-efficiency.jpg)

## The Unified Transaction

When a trader submits an RFQ for a multi-leg options strategy, they are not asking for individual quotes on each leg. They are requesting a single, net price for the entire package. The liquidity provider is responsible for pricing the spread as a single, unified instrument. This is a critical distinction.

The market maker absorbs the risk of executing the individual legs simultaneously. The trader who receives the quote is dealing with a single price for their intended strategy, whether it’s a debit or a credit. This transforms a complex, multi-step execution into a single, decisive action.

![A sophisticated control panel, featuring concentric blue and white segments with two teal oval buttons. This embodies an institutional RFQ Protocol interface, facilitating High-Fidelity Execution for Private Quotation and Aggregated Inquiry](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-rfq-protocol-interface-for-digital-asset-derivatives-execution.jpg)

## A Structured Approach to Options Execution

- 
**Strategy Construction** ▴ The trader first defines the exact options strategy within their trading platform. This includes the underlying asset, the specific option legs (strike prices and expirations), and the total size of the spread.

- 
**Provider Selection** ▴ A curated list of options-focused liquidity providers is selected. These are firms with sophisticated volatility and correlation models, capable of pricing complex structures accurately.

- 
**Request Broadcast** ▴ The RFQ is sent, detailing the full spread. The request is anonymous, meaning the providers know there is a potential trade but do not know the identity of the requesting firm.

- 
**Quote Evaluation** ▴ The liquidity providers respond with firm bid-ask spreads for the entire options package. These are live, executable prices. The trader can compare these competitive quotes directly.

- 
**Execution Decision** ▴ The trader selects the most favorable quote and executes the entire spread in a single transaction. There is no leg risk, and the net price is locked in. The result is a clean entry or exit from a sophisticated options position, at a price that was competitively determined.

> According to CME Group, RFQs eliminate leg risk because multi-leg strategies are executed as a single, tradeable instrument created on the CME Globex platform upon request.

This systematic process is particularly valuable in volatile markets or for less liquid options, where public bid-ask spreads can be wide and deceptive. By forcing market makers to compete for the order, traders can often achieve significant [price improvement](https://prime.greeks.live/area/price-improvement/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) over the displayed national best bid and offer (NBBO). It is a method for imposing order on the inherent complexity of derivatives trading.

![A sophisticated proprietary system module featuring precision-engineered components, symbolizing an institutional-grade Prime RFQ for digital asset derivatives. Its intricate design represents market microstructure analysis, RFQ protocol integration, and high-fidelity execution capabilities, optimizing liquidity aggregation and price discovery for block trades within a multi-leg spread environment](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-proprietary-architecture-driving-high-fidelity-digital-asset-derivatives-execution-via-rfq-protocols-and-optimized-market-microstructure-dynamics.jpg)

![An angled precision mechanism with layered components, including a blue base and green lever arm, symbolizes Institutional Grade Market Microstructure. It represents High-Fidelity Execution for Digital Asset Derivatives, enabling advanced RFQ protocols, Price Discovery, and Liquidity Pool aggregation within a Prime RFQ for Atomic Settlement](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-execution-system-microstructure-components.jpg)

## The Frontier of Liquidity Control

Mastering the RFQ process is more than an execution tactic; it is a strategic shift in how a trader or portfolio manager interacts with market structure. Moving beyond single-trade optimization, the true power of this tool emerges when it is integrated into a broader portfolio management and risk control framework. This is about building a durable, long-term edge by systematically managing the largest and most controllable component of trading costs transaction friction. The advanced application of RFQ systems is about shaping your access to liquidity, managing complex risk exposures with precision, and ultimately, building a more resilient and profitable investment operation.

![An institutional grade system component, featuring a reflective intelligence layer lens, symbolizes high-fidelity execution and market microstructure insight. This enables price discovery for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-precision-rfq-execution-system-interface.jpg)

## Integrating RFQ into Portfolio Rebalancing

For any fund or managed account, periodic rebalancing is a core discipline. This process often involves large, multi-asset trades that can be highly disruptive if executed carelessly. An RFQ framework can be applied at the portfolio level. A manager can bundle a series of buys and sells into a single request, soliciting quotes for the entire package from large providers.

These providers, in turn, can price the net risk of the entire rebalancing trade, often providing a far more efficient execution than if each trade were handled individually. This approach centralizes execution risk and dramatically reduces the operational burden and potential for slippage across the entire portfolio. It turns a complex, multi-day rebalancing process into a single, managed event.

![A sleek, metallic mechanism with a luminous blue sphere at its core represents a Liquidity Pool within a Crypto Derivatives OS. Surrounding rings symbolize intricate Market Microstructure, facilitating RFQ Protocol and High-Fidelity Execution](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-crypto-derivatives-rfq-protocol-core-mechanism.jpg)

## Advanced Risk Management through Structured Products

The RFQ mechanism is the native environment for trading over-the-counter (OTC) derivatives and structured products. These are bespoke instruments designed to express a very specific market view or to hedge a unique portfolio risk. For instance, a manager holding a large, concentrated stock position might want to hedge its downside risk over a specific period without capping its upside potential. They could work with a derivatives desk to design a custom option structure to achieve this.

The RFQ process is the channel through which they would solicit quotes for this unique product from multiple investment banks. This capability moves a trader from being a consumer of standardized, exchange-listed products to a co-creator of customized risk management solutions. It is the pinnacle of proactive portfolio control, allowing for the surgical hedging of specific, identified risks in a way that is impossible to achieve using standard instruments alone.

![A sleek, metallic mechanism symbolizes an advanced institutional trading system. The central sphere represents aggregated liquidity and precise price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-engine-for-optimal-price-discovery-and-best-execution.jpg)

## Building a Financial Firewall

Consider a venture capital fund approaching the lock-up expiration for a large holding in a newly public company. The fund faces the risk of a sharp price decline as new shares flood the market. Using an RFQ, the fund can solicit quotes from derivatives desks for a custom zero-cost collar. This would involve buying a protective put option, financed by selling a call option.

The entire structure can be customized to the fund’s specific risk tolerance and desired time horizon. By engaging multiple providers through an RFQ, the fund ensures it is getting a competitive price for this financial firewall. This is a sophisticated, institutional-grade risk management strategy, made accessible and efficient through the RFQ process. It allows the fund to hold its position with confidence, knowing that a floor has been established for its value.

The consistent, disciplined use of RFQ systems across a portfolio cultivates a powerful feedback loop. It provides invaluable data on which liquidity providers are most competitive in which assets, under which market conditions. This proprietary knowledge becomes a strategic asset in itself. It allows for the continuous refinement of execution strategy, creating a cumulative advantage.

The trader is no longer just executing trades; they are managing a strategic sourcing program for liquidity, ensuring that every significant transaction is optimized for price and minimal market impact. This is the ultimate expression of eliminating slippage ▴ building a system where it is structurally engineered out of the investment process.

![A central rod, symbolizing an RFQ inquiry, links distinct liquidity pools and market makers. A transparent disc, an execution venue, facilitates price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-protocol-execution-optimization.jpg)

## The Ownership of Your Execution

The journey from a standard market participant to a sophisticated trading entity is defined by a series of shifts in perspective. It involves moving from reaction to intention, from accepting prices to negotiating them, and from being subject to the market’s structure to leveraging it for a distinct advantage. The principles of precision execution through a Request for Quote system represent such a shift. This is not about a niche tactic for occasional use; it is the adoption of a professional ethos.

The knowledge you have absorbed constitutes a permanent upgrade to your operational capabilities. You now possess the framework to control your transaction costs, manage complex positions with clarity, and interact with the market from a position of strength. The true asset gained is the ability to see market liquidity not as a passive, unpredictable pool, but as a resource that can be actively and strategically engaged. This is the foundation upon which durable trading careers are built. Your execution is now a reflection of your strategy, not a casualty of the market’s chaos.

![Intersecting multi-asset liquidity channels with an embedded intelligence layer define this precision-engineered framework. It symbolizes advanced institutional digital asset RFQ protocols, visualizing sophisticated market microstructure for high-fidelity execution, mitigating counterparty risk and enabling atomic settlement across crypto derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-execution-system-microstructure-dynamics.jpg)

## Glossary

<a href="https://prime.greeks.live/area/request-for-quote/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A central translucent disk, representing a Liquidity Pool or RFQ Hub, is intersected by a precision Execution Engine bar. Its core, an Intelligence Layer, signifies dynamic Price Discovery and Algorithmic Trading logic for Digital Asset Derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-visualizing-microstructure.jpg)

## Request for Quote

Meaning ▴ A Request for Quote, or RFQ, constitutes a formal communication initiated by a potential buyer or seller to solicit price quotations for a specified financial instrument or block of instruments from one or more liquidity providers. </a><a href="https://prime.greeks.live/area/slippage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Precision metallic pointers converge on a central blue mechanism. This symbolizes Market Microstructure of Institutional Grade Digital Asset Derivatives, depicting High-Fidelity Execution and Price Discovery via RFQ protocols, ensuring Capital Efficiency and Atomic Settlement for Multi-Leg Spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-for-precision-execution.jpg)

## Slippage

Meaning ▴ Slippage denotes the variance between an order's expected execution price and its actual execution price. </a><a href="https://prime.greeks.live/area/liquidity-providers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Brushed metallic and colored modular components represent an institutional-grade Prime RFQ facilitating RFQ protocols for digital asset derivatives. The precise engineering signifies high-fidelity execution, atomic settlement, and capital efficiency within a sophisticated market microstructure for multi-leg spread trading](https://options.greeks.live/wp-content/uploads/2025/08/institutional-grade-digital-asset-derivatives-rfq-protocol-high-fidelity-execution-system.jpg)

## Liquidity Providers

Meaning ▴ Liquidity Providers are market participants, typically institutional entities or sophisticated trading firms, that facilitate efficient market operations by continuously quoting bid and offer prices for financial instruments. </a><a href="https://prime.greeks.live/area/rfq-process/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A spherical, eye-like structure, an Institutional Prime RFQ, projects a sharp, focused beam. This visualizes high-fidelity execution via RFQ protocols for digital asset derivatives, enabling block trades and multi-leg spreads with capital efficiency and best execution across market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-prime-os-rfq-protocol-digital-asset-derivatives-block-trade-execution.jpg)

## Rfq Process

Meaning ▴ The RFQ Process, or Request for Quote Process, is a formalized electronic protocol utilized by institutional participants to solicit executable price quotations for a specific financial instrument and quantity from a select group of liquidity providers. </a><a href="https://prime.greeks.live/area/block-trading/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, pointed object, merging light and dark modular components, embodies advanced market microstructure for digital asset derivatives. Its precise form represents high-fidelity execution, price discovery via RFQ protocols, emphasizing capital efficiency, institutional grade alpha generation](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-digital-asset-rfq-execution-system-microstructure.jpg)

## Block Trading

Meaning ▴ Block Trading denotes the execution of a substantial volume of securities or digital assets as a single transaction, often negotiated privately and executed off-exchange to minimize market impact. </a><a href="https://prime.greeks.live/area/rfq-systems/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Precision-engineered modular components display a central control, data input panel, and numerical values on cylindrical elements. This signifies an institutional Prime RFQ for digital asset derivatives, enabling RFQ protocol aggregation, high-fidelity execution, algorithmic price discovery, and volatility surface calibration for portfolio margin](https://options.greeks.live/wp-content/uploads/2025/07/firm-fx-options-rfq-trade-system-key-microstructure-data-flow-core-engine.jpg)

## Rfq Systems

Meaning ▴ A Request for Quote (RFQ) System is a computational framework designed to facilitate price discovery and trade execution for specific financial instruments, particularly illiquid or customized assets in over-the-counter markets. </a><a href="https://prime.greeks.live/area/leg-risk/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract forms depict interconnected institutional liquidity pools and intricate market microstructure. Sharp algorithmic execution paths traverse smooth aggregated inquiry surfaces, symbolizing high-fidelity execution within a Principal's operational framework](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-microstructure-prime-os-1.jpg)

## Leg Risk

Meaning ▴ Leg risk denotes the exposure incurred when one component of a multi-leg financial transaction executes, while another intended component fails to execute or executes at an unfavorable price, creating an unintended open position. </a><a href="https://prime.greeks.live/area/price-improvement/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, institutional-grade Crypto Derivatives OS with an integrated intelligence layer supports a precise RFQ protocol. Two balanced spheres represent principal liquidity units undergoing high-fidelity execution, optimizing capital efficiency within market microstructure for best execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-platform-3.jpg)

## Price Improvement

Meaning ▴ Price improvement denotes the execution of a trade at a more advantageous price than the prevailing National Best Bid and Offer (NBBO) at the moment of order submission. </a>

**Tags:** [Block Trading](https://options.greeks.live/area/block-trading/), [Multi-Leg Strategies](https://options.greeks.live/area/multi-leg-strategies/), [Transaction Cost Analysis](https://options.greeks.live/area/transaction-cost-analysis/), [Price Improvement](https://options.greeks.live/area/price-improvement/), [Request for Quote](https://options.greeks.live/area/request-for-quote/), [Best Execution](https://options.greeks.live/area/best-execution/)	

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- 
### [Mastering RFQ the Professional’s Edge in Options and ETF Trading](https://options.greeks.live/guide/mastering-rfq-the-professionals-edge-in-options-and-etf-trading/)
![A precision-engineered system with a central gnomon-like structure and suspended sphere. This signifies high-fidelity execution for digital asset derivatives. Intricate disc patterns denote volatility surface and algorithmic trading. Teal elements represent liquidity pools and Prime RFQ facilitating atomic settlement via RFQ protocol.](https://options.greeks.live/wp-content/uploads/2025/07/precision-engine-for-institutional-digital-asset-derivatives-rfq.jpg)

Command institutional liquidity and execute large options and ETF trades with the precision of a professional market maker.

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---

**Original URL:** https://options.greeks.live/guide/eliminate-slippage-a-traders-handbook-on-rfq-systems-2/
