# Why Professional Traders Use RFQs Instead of Market Orders ▴ Guide

**Published:** 2025-08-15
**Categories:** Guide

---

![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)

![A sleek, dark, metallic system component features a central circular mechanism with a radiating arm, symbolizing precision in High-Fidelity Execution. This intricate design suggests Atomic Settlement capabilities and Liquidity Aggregation via an advanced RFQ Protocol, optimizing Price Discovery within complex Market Microstructure and Order Book Dynamics on a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-prime-os-high-fidelity-execution-protocol-liquidity-market-microstructure.jpg)

## The Mandate for Precision Execution

Professional trading operates on a principle of controlled engagement with the market. Every action, from position entry to exit, is calibrated to achieve a specific outcome with minimal friction. The Request for Quote ([RFQ](https://prime.greeks.live/area/rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)) system is a foundational element of this operational discipline. It provides a private, competitive auction environment where a trader confidentially requests prices for a specific asset from a select group of [liquidity providers](https://prime.greeks.live/question/what-role-do-non-bank-liquidity-providers-play-in-offering-deep-liquidity/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite).

This mechanism facilitates direct negotiation, allowing for the execution of substantial orders with discretion and price certainty. The process circumvents the public [order book](https://prime.greeks.live/area/order-book/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), insulating the trade from the immediate pressures of open market dynamics and securing a firm price before capital is committed. It is the procedural expression of a strategic imperative ▴ to command liquidity on bespoke terms, ensuring that large-scale operations enhance, rather than degrade, the intended financial result.

Understanding the function of an RFQ begins with acknowledging the structural realities of market liquidity, especially in derivatives and [block trading](https://prime.greeks.live/area/block-trading/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). Liquidity is rarely a monolithic pool; it is fragmented across various venues and held by numerous participants. A standard market order, sent to a [central limit order book](https://prime.greeks.live/area/central-limit-order-book/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (CLOB), interacts only with the visible, immediately available liquidity. For institutional-sized trades, this visible liquidity is often insufficient, leading to a phenomenon known as slippage ▴ where the execution price deteriorates as the order consumes successive price levels of the order book.

An RFQ operationally reverses this dynamic. Instead of seeking liquidity in the open, it summons competitive liquidity to the trade. By engaging multiple dealers simultaneously, it fosters a competitive pricing environment tailored to the specific size and timing of the trader’s requirement, ensuring the final execution price is both fair and reflective of the true market depth available from institutional counterparts.

![A gold-hued precision instrument with a dark, sharp interface engages a complex circuit board, symbolizing high-fidelity execution within institutional market microstructure. This visual metaphor represents a sophisticated RFQ protocol facilitating private quotation and atomic settlement for digital asset derivatives, optimizing capital efficiency and mitigating counterparty risk](https://options.greeks.live/wp-content/uploads/2025/08/institutional-grade-precision-execution-engine-optimizing-digital-asset-derivatives-rfq-protocols-within-market-microstructure.jpg)

![A sleek, multi-layered institutional crypto derivatives platform interface, featuring a transparent intelligence layer for real-time market microstructure analysis. Buttons signify RFQ protocol initiation for block trades, enabling high-fidelity execution and optimal price discovery within a robust Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-crypto-derivatives-os-precision-execution-rfq-protocol-intelligence-layer.jpg)

## A Framework for Strategic Asset Acquisition

Deploying the RFQ mechanism translates directly into quantifiable advantages for an investment portfolio. Its primary function is the mitigation of market impact, a critical variable in the profit-and-loss calculation of any significant trade. For traders operating in assets like Bitcoin and Ethereum options, where large orders can signal intent to the broader market, the discretion of an RFQ is a core tactical strength. It allows for the accumulation or distribution of large positions without creating adverse price movements.

This operational stealth preserves the strategic integrity of the trade, ensuring the targeted entry and exit prices are achieved. The process is systematic, repeatable, and forms the bedrock of professional execution in less liquid or highly volatile instruments.

![A futuristic, intricate central mechanism with luminous blue accents represents a Prime RFQ for Digital Asset Derivatives Price Discovery. Four sleek, curved panels extending outwards signify diverse Liquidity Pools and RFQ channels for Block Trade High-Fidelity Execution, minimizing Slippage and Latency in Market Microstructure operations](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-platform-2.jpg)

## Executing Complex Options Structures

Advanced options strategies often involve multi-leg orders, such as spreads, collars, or straddles. Attempting to execute these structures as separate market orders on a public exchange introduces significant leg risk ▴ the possibility that the price of one leg moves unfavorably while the others are being filled. This exposure can erode or eliminate the strategy’s expected payoff. The RFQ process treats the entire multi-leg structure as a single, indivisible package.

Traders can request a single, net price for the entire position from specialized derivatives desks. This guarantees simultaneous execution of all legs at a known cost basis. Platforms like Greeks.live have refined this process, offering a Smart RFQ feature that optimizes routing and sourcing of liquidity for complex crypto derivatives, turning a potentially hazardous execution into a streamlined, precise transaction.

![A central glowing blue mechanism with a precision reticle is encased by dark metallic panels. This symbolizes an institutional-grade Principal's operational framework for high-fidelity execution of digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/precision-core-enabling-institutional-digital-asset-derivatives-rfq-execution.jpg)

## A Practical Guide to RFQ for Options Spreads

Consider the deployment of a costless collar on a substantial ETH holding, a common strategy to protect against downside while financing the protective put by selling an out-of-the-money call. The objective is a zero-premium entry.

- **Strategy Formulation** ▴ The trader defines the precise strikes and expiration for the desired collar (e.g. buying a 3-month 3800 strike put and selling a 3-month 4500 strike call against a spot ETH position).

- **RFQ Initiation** ▴ The trader submits the entire collar structure as a single package to a network of institutional liquidity providers through an RFQ platform. The request specifies the desired net premium (zero) and the total size of the position.

- **Competitive Bidding** ▴ [Market makers](https://prime.greeks.live/question/how-does-market-fragmentation-affect-adverse-selection-for-market-makers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) analyze the request and respond with firm, executable quotes for the entire package. They compete to offer the most favorable terms, which might mean a small credit to the trader or achieving the zero-cost target precisely.

- **Execution and Certainty** ▴ The trader selects the best bid. The platform then executes both legs of the collar simultaneously with a single counterparty. This act eliminates leg risk and [slippage](https://prime.greeks.live/area/slippage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), locking in the protective structure at the exact desired cost basis. The entire operation is conducted with an electronic audit trail, satisfying [best execution](https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) requirements.

![A sophisticated mechanical core, split by contrasting illumination, represents an Institutional Digital Asset Derivatives RFQ engine. Its precise concentric mechanisms symbolize High-Fidelity Execution, Market Microstructure optimization, and Algorithmic Trading within a Prime RFQ, enabling optimal Price Discovery and Liquidity Aggregation](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-engine-for-institutional-digital-asset-derivatives-precision-execution.jpg)

## Sourcing Block Liquidity with Minimal Footprint

For large block trades, particularly in assets that do not have deep, centralized order books, the RFQ is the primary mechanism for discovering liquidity. A market order for a 500-lot BTC options block would exhaust visible liquidity on any public exchange, causing catastrophic slippage and alerting the entire market to the trader’s position and intent. The RFQ process transforms this liability into a strength. By privately polling the key market makers in the [crypto options](https://prime.greeks.live/area/crypto-options/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) space, a trader can uncover latent pools of liquidity that are never displayed on public screens.

This off-book liquidity is often substantially larger than what is visible. The competitive nature of the RFQ ensures that the price obtained from these hidden sources is competitive and fair. This method allows for the efficient transfer of large risk positions without disrupting the broader market structure, a hallmark of professional execution.

> Data from Borsa Italiana reveals that the average ETF trade executed via RFQ in 2019 was 150 times larger than the average trade size on the public exchange, with 88.2% of RFQ trades occurring within the prevailing bid-ask spread.

This capacity for size and price improvement is the core of the RFQ’s value proposition. It is a system designed for impact, allowing traders to move significant capital with the precision of a surgical instrument. The customization inherent in the process permits traders to specify unique parameters, ensuring the price reflects the specific market conditions at the moment of execution. This granular control is fundamental for institutional strategies where even a few basis points of slippage on a large trade can represent a substantial erosion of alpha.

The electronic audit trail and time-stamped quotes also provide robust data for [Transaction Cost Analysis](https://prime.greeks.live/area/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (TCA), allowing portfolio managers to rigorously document and defend their execution quality, a key component of fiduciary responsibility and performance optimization. Integrating this workflow into an order management system via standard protocols like FIX creates a seamless, efficient, and scalable process for executing large and complex trades across a variety of asset classes. This systemic integration moves execution from a manual, high-risk activity to a controlled, data-driven component of the overall investment process, enabling strategies that would be unfeasible using public market orders.

![Intersecting dark conduits, internally lit, symbolize robust RFQ protocols and high-fidelity execution pathways. A large teal sphere depicts an aggregated liquidity pool or dark pool, while a split sphere embodies counterparty risk and multi-leg spread mechanics](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-microstructure-7.jpg)

![A central precision-engineered RFQ engine orchestrates high-fidelity execution across interconnected market microstructure. This Prime RFQ node facilitates multi-leg spread pricing and liquidity aggregation for institutional digital asset derivatives, minimizing slippage](https://options.greeks.live/wp-content/uploads/2025/08/high-fidelity-rfq-execution-for-institutional-crypto-derivatives.jpg)

## The Systematization of Alpha Generation

Mastery of the RFQ mechanism is a gateway to a more advanced and resilient portfolio management framework. Integrating this execution method into a broader systemic approach allows for the development of strategies that are unconstrained by the limitations of public market liquidity. It represents a shift from reactive trading ▴ taking prices the market offers ▴ to proactive price discovery, where the trader dictates the terms of engagement. This capability is particularly potent when combined with algorithmic trading systems.

An algorithm can be designed to monitor portfolio-level risk exposures and automatically initiate RFQs for hedging instruments, such as options collars or futures contracts, when certain thresholds are breached. This automates a sophisticated risk management process, ensuring that portfolio protections are deployed efficiently and at the best possible price without manual intervention.

![A sleek, bimodal digital asset derivatives execution interface, partially open, revealing a dark, secure internal structure. This symbolizes high-fidelity execution and strategic price discovery via institutional RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocols-price-discovery.jpg)

## Building a Liquidity Network

Consistent use of RFQ systems also cultivates a strategic, symbiotic relationship with liquidity providers. Over time, traders develop a reputation for their flow, and market makers can better anticipate and price their needs. This “soft” information layer, built on a history of professional interaction, can lead to improved pricing and greater access to liquidity during periods of market stress. A trader who consistently brings high-quality, large-scale flow through RFQ channels becomes a valued client for market makers.

This dynamic can result in preferential treatment, tighter spreads, and a greater willingness from dealers to commit capital to facilitate large trades. The network effect of these relationships provides a durable competitive edge that cannot be replicated through anonymous interaction with a central limit order book. It transforms the execution process from a simple transaction into a strategic asset.

![Precision-engineered metallic tracks house a textured block with a central threaded aperture. This visualizes a core RFQ execution component within an institutional market microstructure, enabling private quotation for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-execution-framework-precision-microstructure-component.jpg)

## Visible Intellectual Grappling

One must consider the second-order effects of this migration toward private liquidity pools. While the RFQ system offers undeniable execution quality benefits for the individual institution, its widespread adoption fundamentally alters the nature of public price discovery. The prices displayed on central exchanges may become less representative of the true market if a significant volume of institutional flow is transacted privately. This raises a systemic question ▴ does the optimization of individual execution quality come at the cost of a less robust and transparent public market?

The answer likely involves a complex equilibrium. RFQ markets rely on public markets for reference pricing, and liquidity providers constantly hedge their RFQ-driven positions on the public exchanges. The two are intertwined. The professional trader, therefore, operates within this dual system, leveraging the private channel for size and precision while monitoring the public channel for sentiment and baseline pricing, understanding that their actions in one arena invariably influence the other.

![Abstract layers in grey, mint green, and deep blue visualize a Principal's operational framework for institutional digital asset derivatives. The textured grey signifies market microstructure, while the mint green layer with precise slots represents RFQ protocol parameters, enabling high-fidelity execution, private quotation, capital efficiency, and atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-layered-rfq-protocol-for-digital-asset-execution-system.jpg)

## Advanced Volatility Trading and Portfolio Hedging

The true power of a mastered RFQ process emerges in the context of advanced derivatives strategies. Consider a quantitative fund looking to execute a large volatility block trade, buying a strip of VIX futures or a complex variance swap. Such instruments are not typically listed on a CLOB and exist almost exclusively in the over-the-counter or institutional markets. The RFQ is the designated mechanism for engaging with the handful of specialized desks that trade these products.

It allows the fund to source competitive bids for a highly customized instrument, ensuring that the portfolio’s macro hedge is implemented at a price that accurately reflects its specific risk parameters. This is the pinnacle of professional trading ▴ using sophisticated execution tools to deploy complex, tailored strategies that directly shape the risk-return profile of a multi-million-dollar portfolio. The ability to do so efficiently, privately, and at scale is a defining characteristic of an institutional-grade trading operation.

![Interconnected translucent rings with glowing internal mechanisms symbolize an RFQ protocol engine. This Principal's Operational Framework ensures High-Fidelity Execution and precise Price Discovery for Institutional Digital Asset Derivatives, optimizing Market Microstructure and Capital Efficiency via Atomic Settlement](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-high-fidelity-execution.jpg)

## The Signature of Intentional Execution

The decision to utilize a Request for Quote system is the operational signature of a professional. It reflects a deep understanding that in the world of significant capital, execution is not a passive event but an active, controllable determinant of performance. It is the deliberate choice to shape the terms of market engagement, to summon liquidity, and to transact with a precision that protects and amplifies strategic intent. This methodology transforms trading from a contest of reaction speed into a discipline of strategic engineering, where the quality of the outcome is forged long before the order is ever placed.

![A precision-engineered apparatus with a luminous green beam, symbolizing a Prime RFQ for institutional digital asset derivatives. It facilitates high-fidelity execution via optimized RFQ protocols, ensuring precise price discovery and mitigating counterparty risk within market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-high-fidelity-digital-asset-derivatives-execution.jpg)

## Glossary

<a href="https://prime.greeks.live/question/what-role-do-non-bank-liquidity-providers-play-in-offering-deep-liquidity/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Sleek, layered surfaces represent an institutional grade Crypto Derivatives OS enabling high-fidelity execution. Circular elements symbolize price discovery via RFQ private quotation protocols, facilitating atomic settlement for multi-leg spread strategies in digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-trading-system-core.jpg)

## Liquidity Providers

Non-bank liquidity providers function as specialized processing units in the market's architecture, offering deep, automated liquidity. </a><a href="https://prime.greeks.live/area/rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Close-up reveals robust metallic components of an institutional-grade execution management system. Precision-engineered surfaces and central pivot signify high-fidelity execution for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-digital-asset-derivatives-rfq-execution-precision-optimizing-market-microstructure-for-best-execution-and-prime-os.jpg)

## Rfq

Meaning ▴ Request for Quote (RFQ) is a structured communication protocol enabling a market participant to solicit executable price quotations for a specific instrument and quantity from a selected group of liquidity providers. </a><a href="https://prime.greeks.live/area/order-book/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A glossy, teal sphere, partially open, exposes precision-engineered metallic components and white internal modules. This represents an institutional-grade Crypto Derivatives OS, enabling secure RFQ protocols for high-fidelity execution and optimal price discovery of Digital Asset Derivatives, crucial for prime brokerage and minimizing slippage](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-platform-revealing-core-rfq-protocol-mechanisms-for-optimized-high-fidelity-execution.jpg)

## Order Book

Meaning ▴ An Order Book is a real-time electronic ledger detailing all outstanding buy and sell orders for a specific financial instrument, organized by price level and sorted by time priority within each level. </a><a href="https://prime.greeks.live/area/central-limit-order-book/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A beige and dark grey precision instrument with a luminous dome. This signifies an Institutional Grade platform for Digital Asset Derivatives and RFQ execution](https://options.greeks.live/wp-content/uploads/2025/08/institutional-rfq-digital-asset-derivatives-trading-system-intelligence.jpg)

## Central Limit Order Book

Meaning ▴ A Central Limit Order Book is a digital repository that aggregates all outstanding buy and sell orders for a specific financial instrument, organized by price level and time of entry. </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 polished, dark spherical component anchors a sophisticated system architecture, flanked by a precise green data bus. This represents a high-fidelity execution engine, enabling institutional-grade RFQ protocols for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-institutional-digital-asset-derivatives-rfq-core.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/question/how-does-market-fragmentation-affect-adverse-selection-for-market-makers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Metallic platter signifies core market infrastructure. A precise blue instrument, representing RFQ protocol for institutional digital asset derivatives, targets a green block, signifying a large block trade](https://options.greeks.live/wp-content/uploads/2025/07/precision-institutional-digital-asset-derivatives-rfq-protocol-execution-engine-market-microstructure-optimization-for-alpha-generation.jpg)

## Market Makers

Market fragmentation amplifies adverse selection by splintering information, forcing a technological arms race for market makers to survive. </a><a href="https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, futuristic object with a glowing line and intricate metallic core, symbolizing a Prime RFQ for institutional digital asset derivatives. It represents a sophisticated RFQ protocol engine enabling high-fidelity execution, liquidity aggregation, atomic settlement, and capital efficiency for multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/advanced-institutional-digital-asset-derivatives-rfq-protocol-execution-engine-for-optimal-liquidity-aggregation-and-atomic-settlement.jpg)

## Best Execution

Meaning ▴ Best Execution is the obligation to obtain the most favorable terms reasonably available for a client's order. </a><a href="https://prime.greeks.live/area/slippage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A multi-layered, circular device with a central concentric lens. It symbolizes an RFQ engine for precision price discovery and high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-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/crypto-options/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## Crypto Options

Meaning ▴ Crypto Options are derivative financial instruments granting the holder the right, but not the obligation, to buy or sell a specified underlying digital asset at a predetermined strike price on or before a particular expiration date. </a><a href="https://prime.greeks.live/area/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Precision-engineered multi-vane system with opaque, reflective, and translucent teal blades. This visualizes Institutional Grade Digital Asset Derivatives Market Microstructure, driving High-Fidelity Execution via RFQ protocols, optimizing Liquidity Pool aggregation, and Multi-Leg Spread management on a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-multi-vane-system-illustrating-institutional-digital-asset-derivatives-rfq-protocols-market-microstructure-optimized-liquidity-aggregation-prime-os-high-fidelity-execution.jpg)

## Transaction Cost Analysis

Meaning ▴ Transaction Cost Analysis (TCA) is the quantitative methodology for assessing the explicit and implicit costs incurred during the execution of financial trades. </a>

**Tags:** [Liquidity Sourcing](https://options.greeks.live/area/liquidity-sourcing/), [ETH Collar](https://options.greeks.live/area/eth-collar/), [Price Impact](https://options.greeks.live/area/price-impact/), [RFQ](https://options.greeks.live/area/rfq/), [Multi-Leg Execution](https://options.greeks.live/area/multi-leg-execution/), [Best Execution](https://options.greeks.live/area/best-execution/)	

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- 
### [Why Professional Traders Use Private Auctions for Execution](https://options.greeks.live/guide/why-professional-traders-use-private-auctions-for-execution/)
![Close-up reveals robust metallic components of an institutional-grade execution management system. Precision-engineered surfaces and central pivot signify high-fidelity execution for digital asset derivatives. This represents the market microstructure supporting RFQ protocols, ensuring best execution and capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-digital-asset-derivatives-rfq-execution-precision-optimizing-market-microstructure-for-best-execution-and-prime-os.jpg)

Command institutional-grade liquidity and execute complex derivatives with surgical precision using private auctions.

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---

**Original URL:** https://options.greeks.live/guide/why-professional-traders-use-rfqs-instead-of-market-orders/
