# Why Request-for-Quote Systems Are the Standard for Complex Options Spreads ▴ Guide

**Published:** 2025-08-09
**Categories:** Guide

---

![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)

![A futuristic apparatus visualizes high-fidelity execution for digital asset derivatives. A transparent sphere represents a private quotation or block trade, balanced on a teal Principal's operational framework, signifying capital efficiency within an RFQ protocol](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-via-prime-os.jpg)

## The Foundation of Execution Certainty

Executing multi-leg options strategies in the digital asset space demands a level of precision that public order books were never designed to provide. A complex spread, involving simultaneous purchase and sale of multiple options contracts with varying strikes or expirations, represents a single, unified strategic view. Attempting to build such a position leg-by-leg on a central limit order book (CLOB) invites [slippage](https://prime.greeks.live/area/slippage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and, more critically, introduces leg-in risk ▴ the peril of the market moving against you after one part of your structure is filled but before the final component is in place.

This method exposes a meticulously planned position to the chaotic currents of public market flow, turning a calculated entry into a game of chance. The professional standard for circumventing this operational hazard is the Request-for-Quote (RFQ) system, a mechanism engineered for precision, discretion, and access to deeper pools of liquidity.

An [RFQ system](https://prime.greeks.live/area/rfq-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) functions as a private, competitive auction. Instead of sending individual orders to a public exchange, a trader packages the entire complex spread ▴ all legs included ▴ into a single request. This request is then dispatched simultaneously to a select group of specialist liquidity providers or [market makers](https://prime.greeks.live/question/how-do-exchanges-define-stressed-market-conditions-for-market-makers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). These counterparties compete to offer a single, firm, all-in price for the entire package.

The process is contained, efficient, and profoundly effective. It transforms the execution process from a public scramble into a private negotiation, ensuring the trader’s full strategy is executed at a guaranteed net price. This shift in execution methodology is fundamental for any serious market participant, moving the locus of control from the whims of the market back to the hands of the trader.

![A sophisticated metallic mechanism with integrated translucent teal pathways on a dark background. This abstract visualizes the intricate market microstructure of an institutional digital asset derivatives platform, specifically the RFQ engine facilitating private quotation and block trade execution](https://options.greeks.live/wp-content/uploads/2025/07/systemic-framework-for-institutional-digital-asset-derivatives-rfq-price-discovery-and-atomic-settlement.jpg)

## From Fragmented Liquidity to Unified Pricing

The core value of an RFQ system is its ability to consolidate fragmented liquidity. For any given options chain, especially on less liquid strikes or longer-dated expiries, the visible depth on the CLOB can be deceptively thin. The true liquidity resides on the balance sheets of institutional market makers who are willing to take on significant, complex risk but will not display their full capacity on a public screen. An RFQ system allows a trader to tap directly into this off-screen liquidity.

Market makers, in turn, can price the packaged spread based on the net risk to their portfolio. They can internalize the offsetting risks of the different legs, a dynamic that frequently results in a better net price for the trader than the sum of the individual leg prices available on the public market. This dynamic is central to understanding the superiority of the RFQ mechanism for complex trades.

![Abstract architectural representation of a Prime RFQ for institutional digital asset derivatives, illustrating RFQ aggregation and high-fidelity execution. Intersecting beams signify multi-leg spread pathways and liquidity pools, while spheres represent atomic settlement points and implied volatility](https://options.greeks.live/wp-content/uploads/2025/07/architecting-institutional-digital-asset-derivatives-trading-systems-for-optimized-rfq-execution-and-advanced-price-discovery.jpg)

## Anonymity and Minimized Market Impact

A significant operational advantage of [RFQ systems](https://prime.greeks.live/area/rfq-systems/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is the preservation of anonymity. Broadcasting a large, multi-leg order to the public market is akin to announcing your intentions to the world; it can trigger adverse price movements as other participants react to your order flow. RFQ requests are private, visible only to the selected market makers. This discretion prevents information leakage, thereby minimizing the market impact of the trade.

The execution occurs in a single, atomic transaction, leaving no trace of the complex strategy on the public tape. For traders managing substantial positions, this confidentiality is a critical component of maintaining an edge. The ability to enter and exit significant, complex positions without disturbing the prevailing market price is a hallmark of professional execution. It ensures the profitability of a strategy is determined by its thesis, not degraded by its implementation.

![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)

![Precision system for institutional digital asset derivatives. Translucent elements denote multi-leg spread structures and RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/precision-execution-infrastructure-for-institutional-digital-asset-derivatives-request-for-quote-protocol-optimization.jpg)

## Commanding Price on Complex Structures

Deploying capital through sophisticated options structures requires an execution method that honors the precision of the strategy itself. The RFQ system is the conduit for translating a well-defined market view into a perfectly implemented position. It provides the mechanism to price and execute intricate risk profiles with a level of certainty that is simply unattainable through sequential, open-market orders.

For the discerning investor, mastering the RFQ workflow is a direct path to superior pricing, reduced transaction costs, and the confident execution of high-stakes strategies. Below are specific, actionable illustrations of how RFQ systems are applied to professional-grade options trades in the digital asset market, moving from foundational two-legged spreads to more elaborate, multi-dimensional structures.

> Institutional reports indicate that complex options spreads executed via RFQ systems achieve, on average, a 15-basis-point price improvement over lit market mid-points.

![Geometric planes and transparent spheres represent complex market microstructure. A central luminous core signifies efficient price discovery and atomic settlement via RFQ protocol](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-microstructure-4.jpg)

## Protecting Core Holdings the Zero-Cost Collar

A primary concern for any long-term holder of a significant asset like Bitcoin (BTC) or Ethereum (ETH) is downside risk. A collar is a classic protective structure, constructed by buying a downside put option and simultaneously selling an upside call option against the holding. The premium received from selling the call is used to finance the purchase of the protective put. The goal is often to construct a “zero-cost collar,” where the premium collected from the call precisely offsets the premium paid for the put.

Attempting to execute this on a CLOB is fraught with peril; the prices of the put and call can move in the time it takes to fill both legs, turning a zero-cost structure into an unexpected expense. This is a scenario where the RFQ system demonstrates its immense value with elegant simplicity.

The process is direct and powerful. The trader packages the entire collar ▴ the specific put to be bought and the specific call to be sold ▴ as a single unit. This package is then put out for a quote to multiple market makers. The market makers are not bidding on the individual legs; they are competing to provide the best net price for the entire collar structure.

They might offer a small [net credit](https://prime.greeks.live/area/net-credit/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), a small net debit, or the ideal zero-cost execution. The trader can then select the most favorable response and execute the entire two-legged strategy in one atomic transaction. This guarantees the final cost of the protective structure, eliminating any risk of slippage between the legs. For a portfolio manager safeguarding a seven-figure crypto position, this certainty is not a luxury; it is a core component of responsible stewardship of capital. The RFQ process ensures the insurance is purchased at the intended price, every time.

![A teal-blue textured sphere, signifying a unique RFQ inquiry or private quotation, precisely mounts on a metallic, institutional-grade base. Integrated into a Prime RFQ framework, it illustrates high-fidelity execution and atomic settlement for digital asset derivatives within market microstructure, ensuring capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-prime-os-execution-1.jpg)

## Executing High-Conviction Volatility Trades the Straddle Block

When a trader anticipates a significant move in an asset’s price but is uncertain of the direction, the straddle is the instrument of choice. A straddle involves buying both a call and a put option with the same strike price and expiration date. The position profits if the underlying asset moves sharply in either direction, enough to cover the combined premium of the two options. Executing a large straddle, for instance on BTC ahead of a major economic announcement, presents a clear challenge.

Placing large buy orders for both the at-the-money call and put on the public market can distort the implied volatility calculation for that strike, causing the price to move away from the trader before the full position is established. The RFQ system is the definitive solution for this execution challenge.

This is where the power of packaging risk becomes paramount for the trader with a strong conviction. A request for a 100-contract BTC straddle is sent to the RFQ network. The market makers receiving this request see it as a single package of long volatility risk. They can hedge this risk within their own books, perhaps against other positions that are short volatility, allowing them to provide a tight, competitive price for the entire straddle.

The trader receives several firm quotes for the total debit of the 100-lot straddle. A single click executes the entire position at the chosen price. There is no risk of the put price changing while the call order is being filled. The market impact is negligible because the entire inquiry and transaction are private.

This clean, efficient execution ensures the trader’s P&L is a pure reflection of their volatility thesis, undiluted by the friction of poor trade implementation. It allows for the deployment of significant capital to express a clear view on market volatility with unmatched precision.

![Central axis with angular, teal forms, radiating transparent lines. Abstractly represents an institutional grade Prime RFQ execution engine for digital asset derivatives, processing aggregated inquiries via RFQ protocols, ensuring high-fidelity execution and price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-high-fidelity-execution-market-microstructure-price-discovery-volatility-surface-analytics.jpg)

## The Nuanced Art of the Multi-Leg Spread the Iron Condor

The [iron condor](https://prime.greeks.live/area/iron-condor/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is a four-legged, defined-risk strategy designed to profit from a period of low volatility, where the underlying asset is expected to trade within a specific range. It involves selling a call spread and a put spread simultaneously. Specifically, a trader sells an out-of-the-money put and buys a further out-of-the-money put, while also selling an out-of-the-money call and buying a further out-of-the-money call. The goal is to collect a net credit from the sale of the two spreads, which the trader keeps if the underlying asset price stays between the short strike prices at expiration.

Executing this four-part structure manually is the definition of operational risk. The probability of achieving a desirable net credit while juggling four separate order books is exceedingly low. For this reason, the iron condor is a strategy that lives and breathes on RFQ systems.

The entire four-legged structure is bundled into one RFQ package. A trader looking to establish an ETH iron condor might structure it as follows:

- Sell 100 ETH $3,000 Puts

- Buy 100 ETH $2,900 Puts

- Sell 100 ETH $3,500 Calls

- Buy 100 ETH $3,600 Calls

This entire package is sent out for a single, net credit quote. Market makers evaluate the total risk profile of the condor. They are not concerned with the individual legs but with the probability of the underlying ETH price expiring within the profitable range. Their models can precisely calculate the risk of the entire structure, allowing them to offer a competitive net credit.

The trader receives multiple bids and can simply choose the highest credit offered, executing all four legs instantly and simultaneously. This process transforms one of the most mechanically complex retail strategies into a single, seamless institutional-grade execution. It removes the barriers of execution friction, allowing the trader to focus entirely on the strategic element ▴ selecting the right range and timing for their low-volatility thesis. The RFQ mechanism makes the sophisticated accessible, and the complex, executable.

![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)

![Two high-gloss, white cylindrical execution channels with dark, circular apertures and secure bolted flanges, representing robust institutional-grade infrastructure for digital asset derivatives. These conduits facilitate precise RFQ protocols, ensuring optimal liquidity aggregation and high-fidelity execution within a proprietary Prime RFQ environment](https://options.greeks.live/wp-content/uploads/2025/08/institutional-grade-execution-channels-enabling-private-quotation-and-optimal-liquidity-aggregation-for-high-fidelity-digital-asset-derivatives-rfq-protocols-on-prime-os.jpg)

## The Frontier of Portfolio Alpha

Mastery of the Request-for-Quote system transitions a trader’s focus from the successful execution of a single trade to the strategic management of a dynamic portfolio. The principles of private liquidity access and packaged risk pricing become building blocks for more sophisticated, portfolio-level applications. This is the domain where execution quality directly translates into measurable alpha.

By integrating RFQ capabilities into a broader operational workflow, a trader or portfolio manager can manage complex risk profiles, respond to market dislocations with precision, and engineer return streams that are unavailable to those confined to public markets. The journey moves from executing strategies to architecting a resilient and opportunistic portfolio machine.

![Intersecting translucent planes and a central financial instrument depict RFQ protocol negotiation for block trade execution. Glowing rings emphasize price discovery and liquidity aggregation within market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-orchestration-for-high-fidelity-execution-across-prime-os.jpg)

## Systematizing Cross-Asset Hedging

Advanced portfolio management often requires hedging risks that span multiple assets or derivatives. Consider a portfolio with significant exposure to both BTC spot holdings and a basket of high-beta altcoin options. A market-wide downturn could impact both positions. A sophisticated hedge might involve a complex spread that combines BTC options with options on another major asset like SOL, creating a custom risk-reversal structure tailored to the portfolio’s unique sensitivities.

Executing such a cross-asset, multi-leg spread on any public exchange is functionally impossible. An RFQ system with a capable market maker network is the only viable venue for such a trade. The entire custom hedge can be packaged and put out for a competitive quote, allowing for the efficient management of portfolio-wide risk in a single, decisive transaction. This capability moves hedging from a reactive, single-asset defense to a proactive, portfolio-level science.

![A cutaway reveals the intricate market microstructure of an institutional-grade platform. Internal components signify algorithmic trading logic, supporting high-fidelity execution via a streamlined RFQ protocol for aggregated inquiry and price discovery within a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-execution-for-digital-asset-derivatives-via-rfq-protocols.jpg)

## Visible Intellectual Grappling

One confronts a genuine question here regarding the evolution of market-making intelligence. Does the proliferation of automated, AI-driven RFQ responders centralize risk within a few hyper-optimized models, or does it create a more resilient, decentralized ecosystem of competitive pricing? The data is still emerging, yet the trajectory points toward a system where the quality of a trader’s own execution logic becomes the primary differentiator.

The ability to intelligently select counterparties, to time RFQ auctions, and to analyze the quality of the quotes received becomes a source of alpha in itself. The system evolves into a meta-game of liquidity sourcing.

![Parallel marked channels depict granular market microstructure across diverse institutional liquidity pools. A glowing cyan ring highlights an active Request for Quote RFQ for precise price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-high-fidelity-execution-3.jpg)

## The Strategic Response to Liquidity Fragmentation

The digital asset market is notoriously fragmented, with liquidity scattered across numerous exchanges and OTC desks. An RFQ system acts as a powerful aggregator, unifying these disparate pools of liquidity for the trader. A well-designed RFQ platform can route a single request to a dozen different market makers, each with their own unique inventory and risk appetite. This competitive pressure forces them to provide their best price, giving the trader a comprehensive view of the true, available market for their spread.

This process actively combats the negative effects of fragmentation, ensuring that a large block trade is priced against the widest possible cross-section of institutional liquidity. It is a tool for imposing order on a chaotic market structure. The trader is no longer a passive price-taker at the mercy of a single exchange’s order book; they become an active price-maker, commanding the attention of the entire institutional market.

This is not a passive tool. True mastery involves cultivating a deep understanding of the specialties of different market makers. Some may be more aggressive in pricing volatility spreads, while others may specialize in long-dated calendar spreads. An astute trader learns to curate their RFQ auctions, directing specific types of spreads to the market makers most likely to provide the best quote.

This active management of liquidity relationships is a defining characteristic of a professional derivatives desk. It is a continuous process of optimization, ensuring that every complex trade is executed at the absolute best possible price the global market can offer. This is the ultimate expression of execution alpha.

![Polished, curved surfaces in teal, black, and beige delineate the intricate market microstructure of institutional digital asset derivatives. These distinct layers symbolize segregated liquidity pools, facilitating optimal RFQ protocol execution and high-fidelity execution, minimizing slippage for large block trades and enhancing capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/precision-rfq-protocol-execution-institutional-digital-asset-derivatives-flow.jpg)

## Your Market Your Terms

The transition to using a Request-for-Quote system is a defining step in an investor’s journey. It marks a departure from passively interacting with displayed prices and a move toward actively commanding execution on your own terms. The knowledge of how to package complex risk, source competitive private liquidity, and execute with discretion provides more than just better pricing; it builds a foundation of operational superiority. The strategies and structures discussed here are not theoretical concepts.

They are the daily working tools of professional derivatives traders and portfolio managers. By integrating this mechanism into your process, you are adopting the standard of care that institutions apply to their own capital. The market remains a complex and competitive arena, yet with the right tools, you dictate the terms of engagement.

![A translucent blue algorithmic execution module intersects beige cylindrical conduits, exposing precision market microstructure components. This institutional-grade system for digital asset derivatives enables high-fidelity execution of block trades and private quotation via an advanced RFQ protocol, ensuring optimal capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-core-execution-architecture-intelligence-layer.jpg)

## Glossary

<a href="https://prime.greeks.live/area/slippage/?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)

## Slippage

Meaning ▴ Slippage, in the context of crypto trading and systems architecture, defines the difference between an order's expected execution price and the actual price at which the trade is ultimately filled. </a><a href="https://prime.greeks.live/question/how-do-exchanges-define-stressed-market-conditions-for-market-makers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A central, metallic, complex mechanism with glowing teal data streams represents an advanced Crypto Derivatives OS. It visually depicts a Principal's robust RFQ protocol engine, driving high-fidelity execution and price discovery for institutional-grade digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-8.jpg)

## Market Makers

Exchanges define stressed market conditions as a codified, trigger-based state that relaxes liquidity obligations to ensure market continuity. </a><a href="https://prime.greeks.live/area/rfq-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A central, blue-illuminated, crystalline structure symbolizes an institutional grade Crypto Derivatives OS facilitating RFQ protocol execution. Diagonal gradients represent aggregated liquidity and market microstructure converging for high-fidelity price discovery, optimizing multi-leg spread trading for digital asset options](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-11.jpg)

## Rfq System

Meaning ▴ An RFQ System, within the sophisticated ecosystem of institutional crypto trading, constitutes a dedicated technological infrastructure designed to facilitate private, bilateral price negotiations and trade executions for substantial quantities of digital assets. </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">
![Institutional-grade infrastructure supports a translucent circular interface, displaying real-time market microstructure for digital asset derivatives price discovery. Geometric forms symbolize precise RFQ protocol execution, enabling high-fidelity multi-leg spread trading, optimizing capital efficiency and mitigating systemic risk](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-request-for-quote-protocol-high-fidelity-execution-market-microstructure-intelligence-layer.jpg)

## Rfq Systems

Meaning ▴ RFQ Systems, in the context of institutional crypto trading, represent the technological infrastructure and formalized protocols designed to facilitate the structured solicitation and aggregation of price quotes for digital assets and derivatives from multiple liquidity providers. </a><a href="https://prime.greeks.live/area/net-credit/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, futuristic mechanism showcases a large reflective blue dome with intricate internal gears, connected by precise metallic bars to a smaller sphere. This embodies an institutional-grade Crypto Derivatives OS, optimizing RFQ protocols for high-fidelity execution, managing liquidity pools, and enabling efficient price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-facilitating-high-fidelity-execution-and-optimal-market-microstructure-with-prime-os-intelligence.jpg)

## Net Credit

Meaning ▴ Net Credit, in the realm of options trading, refers to the total premium received when executing a multi-leg options strategy where the premium collected from selling options surpasses the premium paid for buying options. </a><a href="https://prime.greeks.live/area/iron-condor/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sophisticated institutional-grade system's internal mechanics. A central metallic wheel, symbolizing an algorithmic trading engine, sits above glossy surfaces with luminous data pathways and execution triggers](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-engine-core.jpg)

## Iron Condor

Meaning ▴ An Iron Condor is a sophisticated, four-legged options strategy meticulously designed to profit from low volatility and anticipated price stability in the underlying cryptocurrency, offering a predefined maximum profit and a clearly defined maximum loss. </a>

**Tags:** [Liquidity Fragmentation](https://options.greeks.live/area/liquidity-fragmentation/), [Price Improvement](https://options.greeks.live/area/price-improvement/), [Net Credit](https://options.greeks.live/area/net-credit/), [Volatility Block Trade](https://options.greeks.live/area/volatility-block-trade/), [Bitcoin Options Block](https://options.greeks.live/area/bitcoin-options-block/), [RFQ Systems](https://options.greeks.live/area/rfq-systems/)	

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- 
### [Unlock Elite Execution for Your Next Block Trade](https://options.greeks.live/guide/unlock-elite-execution-for-your-next-block-trade/)
![A polished metallic needle, crowned with a faceted blue gem, precisely inserted into the central spindle of a reflective digital storage platter. This visually represents the high-fidelity execution of institutional digital asset derivatives via RFQ protocols, enabling atomic settlement and liquidity aggregation through a sophisticated Prime RFQ intelligence layer for optimal price discovery and alpha generation.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-optimization-for-high-fidelity-execution-and-liquidity-aggregation-via-prime-os-intelligence-layer.jpg)

Command superior block trade execution, transforming market challenges into quantifiable alpha for your portfolio.

---

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---

**Original URL:** https://options.greeks.live/guide/why-request-for-quote-systems-are-the-standard-for-complex-options-spreads/
