# Why RFQ Is the Standard for Superior Options Execution ▴ Guide

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

---

![Abstract system interface on a global data sphere, illustrating a sophisticated RFQ protocol for institutional digital asset derivatives. The glowing circuits represent market microstructure and high-fidelity execution within a Prime RFQ intelligence layer, facilitating price discovery and capital efficiency across liquidity pools](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-execution-prime-os.jpg)

![A central hub with a teal ring represents a Principal's Operational Framework. Interconnected spherical execution nodes symbolize precise Algorithmic Execution and Liquidity Aggregation via RFQ Protocol](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-microstructure-prime-os-price-liquidity-alpha.jpg)

## The Mandate for On-Demand Liquidity

Executing sophisticated options strategies requires a fundamental shift in perspective. One moves from passively accepting screen-quoted prices to actively commanding liquidity. The Request for Quote (RFQ) mechanism is the procedural embodiment of this shift. It is a communications system that allows a trader to privately solicit firm, executable quotes 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) for a specific, often complex or large-scale, transaction.

This process operates outside the central limit order book, providing a controlled environment for [price discovery](https://prime.greeks.live/area/price-discovery/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) on trades that would otherwise face significant execution risk and cost. The core function is to generate a competitive, bespoke market for a single trade, at a precise moment in time.

Understanding this system begins with acknowledging the structural realities of options markets. Liquidity is fragmented. The price and size displayed on a screen for a standard option represent only a fraction of the true market depth available. For multi-leg strategies or [block trades](https://prime.greeks.live/area/block-trades/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) in less common strikes, the visible market may be nonexistent or misleadingly thin.

An RFQ directly addresses this by canvassing interest from market makers who have the capacity and risk appetite to price and facilitate large trades. The trader initiates a request detailing the exact structure ▴ be it a single block of calls, a complex four-legged iron condor, or a time-sensitive volatility trade. In response, multiple dealers submit competitive bids and offers, creating a transient, private auction for that specific order. This grants the initiator access to a deeper liquidity pool and the ability to execute the entire structure as a single transaction, eliminating the execution risk associated with trading each leg separately.

This methodology transforms the trader’s role from a passive price-taker, susceptible to [slippage](https://prime.greeks.live/area/slippage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and [market impact](https://prime.greeks.live/area/market-impact/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), into a strategic director of capital. The process is one of precision engineering applied to trade execution. By defining the exact parameters of the required trade and inviting competition among specialists, the trader manufactures a favorable execution environment.

The anonymity of the requestor shields their intention from the broader market, preventing the information leakage that often accompanies the piecemeal execution of large orders. This combination of privacy, competitive tension, and direct access to specialized liquidity providers establishes the foundation for superior execution outcomes, turning a theoretical market edge into a quantifiable improvement in the final fill price.

![An Institutional Grade RFQ Engine core for Digital Asset Derivatives. This Prime RFQ Intelligence Layer ensures High-Fidelity Execution, driving Optimal Price Discovery and Atomic Settlement for Aggregated Inquiries](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-core-high-fidelity.jpg)

![A precise RFQ engine extends into an institutional digital asset liquidity pool, symbolizing high-fidelity execution and advanced price discovery within complex market microstructure. This embodies a Principal's operational framework for multi-leg spread strategies and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-engine-interfacing-core-liquidity-system.jpg)

## The Execution Engineer’s Toolkit

Deploying capital with precision is the defining characteristic of a professional trader. The [RFQ system](https://prime.greeks.live/area/rfq-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is a primary vehicle for this deployment, offering a structured method to translate strategic intent into optimal execution. Its applications are wide-ranging, addressing the most common and costly friction points in [options trading](https://prime.greeks.live/area/options-trading/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite).

Mastering its use is a direct investment in reducing transaction costs, minimizing market impact, and ultimately, enhancing portfolio returns. The value is most apparent in scenarios where the public market’s limitations are most acute.

![A futuristic, metallic sphere, the Prime RFQ engine, anchors two intersecting blade-like structures. These symbolize multi-leg spread strategies and precise algorithmic execution for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-for-high-fidelity-rfq-execution-in-digital-asset-derivatives.jpg)

## Executing Complex Multi-Leg Strategies

Consider the execution of a large, multi-leg options strategy, such as a collar on a substantial holding of ETH or a straddle ahead of a major BTC event. Attempting to execute such a trade by “legging in” ▴ placing separate orders for each component on the open market ▴ introduces significant risk. Price fluctuations between the execution of each leg can turn a theoretically profitable setup into a loss. This is known as leg risk, a primary challenge for anyone trading spreads in size.

The RFQ system provides a direct countermeasure. By submitting the entire spread as a single, packaged request, the trader receives quotes for the net price of the whole structure. This guarantees simultaneous execution of all components at a known, agreed-upon price, completely neutralizing leg risk.

The process itself becomes a strategic advantage. A trader looking to collar a 1,000 ETH position can define the entire structure (long the underlying, long a protective put, short a call to finance it) and submit it to a curated list of derivatives desks. The responding quotes from liquidity providers are for the net cost or credit of the entire package.

This delivers price certainty. The competition among the dealers ensures the final price is as tight as possible, often improving upon the aggregate prices available on the public screens, which may lack sufficient size.

![The abstract image features angular, parallel metallic and colored planes, suggesting structured market microstructure for digital asset derivatives. A spherical element represents a block trade or RFQ protocol inquiry, reflecting dynamic implied volatility and price discovery within a dark pool](https://options.greeks.live/wp-content/uploads/2025/07/optimized-institutional-digital-asset-derivatives-rfq-protocol-framework-ensuring-principal-best-execution-and-latent-liquidity-capture.jpg)

## A Disciplined Operational Sequence

The successful deployment of an RFQ for a complex spread follows a clear, repeatable process. This operational discipline ensures that the trader extracts the maximum benefit from the system. It is a workflow designed for clarity, competition, and control.

- **Structure Definition** ▴ The trader first precisely defines the strategy. This includes the underlying asset (e.g. Bitcoin), the specific legs (e.g. buy 100 BTC March $80,000 calls, sell 100 BTC March $90,000 calls), the desired size, and the net debit or credit target. Clarity at this stage is paramount.

- **Counterparty Curation** ▴ A selection of liquidity providers is chosen to receive the request. This is a critical step. The list should include market makers known for their expertise in the specific asset class or strategy type. A well-curated list fosters better competition and pricing.

- **Request Submission and Anonymity** ▴ The RFQ is sent electronically and anonymously to the selected counterparties. They see the trade structure but not the identity of the requestor. This prevents reputational information leakage and keeps the trader’s broader strategy private.

- **Quote Aggregation and Evaluation** ▴ The platform aggregates the responses in real-time. The trader sees a consolidated ladder of bids and asks from all competing dealers. The best bid and offer are clearly highlighted, creating a transparent view of the bespoke market for that trade.

- **Execution Decision** ▴ The trader can choose to execute immediately against the best available price, place a limit order within the received quotes, or decline to trade if the pricing is unfavorable. The control remains entirely with the initiator. The transaction, if executed, is a single block trade.

![Intersecting abstract planes, some smooth, some mottled, symbolize the intricate market microstructure of institutional digital asset derivatives. These layers represent RFQ protocols, aggregated liquidity pools, and a Prime RFQ intelligence layer, ensuring high-fidelity execution and optimal price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-market-microstructure.jpg)

## Sourcing Liquidity for Block Trades

The most direct application of RFQ is for the execution of large, single-instrument block trades. Placing an order for 500 SPY calls or 2,000 TSLA puts directly onto the order book is an invitation for adverse price movement. The market impact of such an order can be substantial, as high-frequency participants and opportunistic traders detect the large volume and trade against it, causing slippage that erodes or eliminates the trade’s intended alpha. Information leakage is a significant cost.

The RFQ system is engineered to mitigate this very risk. It allows the trader to privately discover liquidity without broadcasting their intent to the entire market.

> In some studies, options block trades account for as much as 40% of total volume, indicating that a vast portion of the market operates away from the visible screen.

This process is fundamentally a search for a counterparty whose risk profile is complementary. A large institution may need to hedge a position that perfectly offsets the trader’s desired exposure. The RFQ acts as a highly efficient search mechanism, putting the order in front of the most likely counterparties without alerting those who would trade against it. The competitive nature of the auction ensures the price discovered is fair and reflects the true supply and demand from interested, professional parties.

The result is a better execution price and the preservation of the strategic rationale behind the trade. A trader executing a block via RFQ can often secure a price superior to the national best bid or offer (NBBO) for a size far greater than what is publicly quoted.

![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)

## Price Discovery in Illiquid Markets

One of the greatest challenges in options trading is dealing with illiquid contracts ▴ those with wide bid-ask spreads and little to no open interest. For these instruments, the screen price is often meaningless. It may be stale, or the size associated with it may be for a single contract. Attempting to execute any meaningful size at the displayed price is impossible.

Here, the RFQ system moves from being a tool of optimization to one of necessity. It is a mechanism for generating a price where one does not reliably exist.

By sending an RFQ for an illiquid option, a trader forces market makers to do the work of pricing it. The dealers must evaluate the underlying asset, its volatility, and their own hedging costs to formulate a firm quote. The process itself creates a tradable market. Without the RFQ, the trader has no reliable way to engage with professional liquidity.

This is particularly valuable for traders looking to implement strategies on less mainstream underlyings or on long-dated options where open interest is naturally sparse. The ability to generate interest and receive a two-sided, executable market on demand is a powerful capability, turning previously untradable ideas into actionable strategies.

There is a moment in the analysis of execution where a trader must re-evaluate their tools. Let us restate this for precision. There is a point where the standard market interface ceases to be sufficient for professional aims. It is at this juncture that one recognizes the need for a system designed not for retail flow, but for institutional size and complexity.

The RFQ is that system. It is the designated channel for engaging with the market on professional terms, providing the control, privacy, and liquidity access required for superior outcomes.

![A stylized spherical system, symbolizing an institutional digital asset derivative, rests on a robust Prime RFQ base. Its dark core represents a deep liquidity pool for algorithmic trading](https://options.greeks.live/wp-content/uploads/2025/08/institutional-grade-rfq-protocol-engine-facilitating-best-execution-and-liquidity-aggregation-for-digital-asset-derivatives.jpg)

![Interlocking modular components symbolize a unified Prime RFQ for institutional digital asset derivatives. Different colored sections represent distinct liquidity pools and RFQ protocols, enabling multi-leg spread execution](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-prime-os-market-microstructure-rfq-protocols.jpg)

## The Systemic Integration of Execution Alpha

Mastery of the RFQ mechanism extends beyond single-trade optimization. It becomes a systemic component of a sophisticated portfolio management process. The consistent reduction of transaction costs and the mitigation of market impact, trade after trade, compound over time into a significant source of performance enhancement.

This is often termed “[execution alpha](https://prime.greeks.live/area/execution-alpha/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)” ▴ the value added not from what you trade, but from how you trade it. Integrating the RFQ process as the standard for all significant options trades transforms it from a tactical tool into a strategic pillar of the entire investment operation.

![A central, metallic hub anchors four symmetrical radiating arms, two with vibrant, textured teal illumination. This depicts a Principal's high-fidelity execution engine, facilitating private quotation and aggregated inquiry for institutional digital asset derivatives via RFQ protocols, optimizing market microstructure and deep liquidity pools](https://options.greeks.live/wp-content/uploads/2025/07/prime-brokerage-digital-asset-rfq-execution-engine-microstructure.jpg)

## Framework for Portfolio-Level Hedging

For a portfolio manager, risk management is a continuous, dynamic process. Implementing portfolio-level hedges, such as purchasing out-of-the-money puts on a broad market index to protect against a downturn, often involves substantial trade sizes. Executing these hedges through an RFQ system ensures that the act of buying insurance does not, itself, create a new source of risk and cost.

The manager can solicit quotes for the entire hedge as a single block, receiving competitive pricing from dealers who specialize in index volatility products. This provides cost efficiency and certainty of execution at a critical moment.

Furthermore, the RFQ process allows for the efficient rolling of hedging positions. As expirations approach, a manager can use a single RFQ to request a quote for a spread trade that closes the existing hedge and opens a new one in a deferred month. This is executed as one net transaction, minimizing slippage and ensuring the portfolio remains continuously protected. This systematic, efficient approach to hedging is a hallmark of institutional-grade risk management, made possible by the underlying mechanics of the RFQ system.

![A sharp, metallic blue instrument with a precise tip rests on a light surface, suggesting pinpoint price discovery within market microstructure. This visualizes high-fidelity execution of digital asset derivatives, highlighting RFQ protocol efficiency](https://options.greeks.live/wp-content/uploads/2025/07/precision-digital-asset-derivative-rfq-execution-market-microstructure-high-fidelity-alpha-generation-prime-os-system.jpg)

## Enhancing Algorithmic and Systematic Strategies

The principles of RFQ are not limited to discretionary traders. They are increasingly integrated into algorithmic and systematic trading frameworks. A quantitative strategy that identifies an opportunity in the volatility surface may generate a signal to execute a complex, multi-leg trade.

The execution component of this algorithm can be designed to automatically generate an RFQ, submit it to a list of electronic liquidity providers, and execute against the best response, all within milliseconds. This automates the process of sourcing superior liquidity, allowing systematic strategies to operate at a scale and complexity that would be impossible with standard exchange order types.

This fusion of quantitative signals with advanced execution protocols represents the frontier of options trading. It acknowledges that a successful strategy requires both a valid signal and a method of implementation that does not destroy the signal’s value through execution costs. The API-driven nature of modern RFQ platforms facilitates this integration, allowing traders to build sophisticated systems that connect their proprietary analytics directly to deep, competitive liquidity pools.

This creates a closed loop of signal generation, execution, and risk management, all operating at peak efficiency. The trader’s focus elevates from manual execution to designing and overseeing these more powerful, integrated trading systems.

![An intricate, transparent digital asset derivatives engine visualizes market microstructure and liquidity pool dynamics. Its precise components signify high-fidelity execution via FIX Protocol, facilitating RFQ protocols for block trade and multi-leg spread strategies within an institutional-grade Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-digital-asset-derivatives-rfq-liquidity-ecosystem.jpg)

## The Operator’s Mindset

The transition to a professional execution framework is ultimately a cognitive one. It is the recognition that every basis point saved in execution is pure alpha, captured with certainty. The tools and techniques discussed are the external manifestation of an internal shift ▴ from participating in the market to operating upon it. This mindset views liquidity not as a passive feature to be found, but as a dynamic resource to be summoned.

It approaches every large trade with a clear-eyed assessment of its true cost, seeking to minimize friction and maximize finality. Adopting this perspective is the definitive step toward building a durable, long-term edge in the relentlessly competitive arena of options trading. This is the entire game.

![A pristine teal sphere, representing a high-fidelity digital asset, emerges from concentric layers of a sophisticated principal's operational framework. These layers symbolize market microstructure, aggregated liquidity pools, and RFQ protocol mechanisms ensuring best execution and optimal price discovery within an institutional-grade crypto derivatives OS](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-engine-core-2.jpg)

## Glossary

<a href="https://prime.greeks.live/area/liquidity-providers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precise abstract composition features intersecting reflective planes representing institutional RFQ execution pathways and multi-leg spread strategies. A central teal circle signifies a consolidated liquidity pool for digital asset derivatives, facilitating price discovery and high-fidelity execution within a Principal OS framework, optimizing capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-microstructure.jpg)

## Liquidity Providers

Meaning ▴ Liquidity Providers (LPs) are critical market participants in the crypto ecosystem, particularly for institutional options trading and RFQ crypto, who facilitate seamless trading by continuously offering to buy and sell digital assets or derivatives. </a><a href="https://prime.greeks.live/area/price-discovery/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A multi-faceted crystalline star, symbolizing the intricate Prime RFQ architecture, rests on a reflective dark surface. Its sharp angles represent precise algorithmic trading for institutional digital asset derivatives, enabling high-fidelity execution and price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-high-fidelity-execution-market-microstructure-optimization-for-prime-os-alpha-generation.jpg)

## Price Discovery

Meaning ▴ Price Discovery, within the context of crypto investing and market microstructure, describes the continuous process by which the equilibrium price of a digital asset is determined through the collective interaction of buyers and sellers across various trading venues. </a><a href="https://prime.greeks.live/area/block-trades/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, high-fidelity beige device with reflective black elements and a control point, set against a dynamic green-to-blue gradient sphere. This abstract representation symbolizes institutional-grade RFQ protocols for digital asset derivatives, ensuring high-fidelity execution and price discovery within market microstructure, powered by an intelligence layer for alpha generation and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-institutional-digital-asset-derivatives-rfq-execution-terminal-system.jpg)

## Block Trades

Meaning ▴ Block Trades refer to substantially large transactions of cryptocurrencies or crypto derivatives, typically initiated by institutional investors, which are of a magnitude that would significantly impact market prices if executed on a public limit order book. </a><a href="https://prime.greeks.live/area/market-impact/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## Market Impact

Meaning ▴ Market impact, in the context of crypto investing and institutional options trading, quantifies the adverse price movement caused by an investor's own trade execution. </a><a href="https://prime.greeks.live/area/slippage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Two abstract, polished components, diagonally split, reveal internal translucent blue-green fluid structures. This visually represents the Principal's Operational Framework for Institutional Grade Digital Asset Derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-execution-prime-os-liquidity-framework.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/area/options-trading/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A glowing central lens, embodying a high-fidelity price discovery engine, is framed by concentric rings signifying multi-layered liquidity pools and robust risk management. This institutional-grade system represents a Prime RFQ core for digital asset derivatives, optimizing RFQ execution and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-core-for-high-fidelity-rfq-execution-and-latent-liquidity-aggregation.jpg)

## Options Trading

Meaning ▴ Options trading involves the buying and selling of options contracts, which are financial derivatives granting the holder the right, but not the obligation, to buy (call option) or sell (put option) an underlying asset at a specified strike price on or before a certain expiration date. </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 sleek, two-toned dark and light blue surface with a metallic fin-like element and spherical component, embodying an advanced Principal OS for Digital Asset Derivatives. This visualizes a high-fidelity RFQ execution environment, enabling precise price discovery and optimal capital efficiency through intelligent smart order routing within complex market microstructure and dark liquidity pools](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-optimizing-market-microstructure-for-high-fidelity-execution-and-capital-efficiency.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/execution-alpha/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A multifaceted, luminous abstract structure against a dark void, symbolizing institutional digital asset derivatives market microstructure. Its sharp, reflective surfaces embody high-fidelity execution, RFQ protocol efficiency, and precise price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-trading-protocol-architecture-optimizing-high-fidelity-rfq-execution-and-latent-liquidity-discovery.jpg)

## Execution Alpha

Meaning ▴ Execution Alpha represents the quantifiable value added or subtracted from a trading strategy's overall performance that is directly attributable to the efficiency and skill of its order execution, distinct from the inherent directional movement or fundamental value of the underlying asset. </a>

**Tags:** [RFQ System](https://options.greeks.live/area/rfq-system/), [Liquidity Providers](https://options.greeks.live/area/liquidity-providers/), [Options Trading](https://options.greeks.live/area/options-trading/), [Market Impact](https://options.greeks.live/area/market-impact/), [Price Discovery](https://options.greeks.live/area/price-discovery/), [Options Liquidity](https://options.greeks.live/area/options-liquidity/)	

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### [Why Institutional Traders Use RFQ for Superior Pricing and Anonymity](https://options.greeks.live/guide/why-institutional-traders-use-rfq-for-superior-pricing-and-anonymity/)
![Abstract composition featuring transparent liquidity pools and a structured Prime RFQ platform. Crossing elements symbolize algorithmic trading and multi-leg spread execution, visualizing high-fidelity execution within market microstructure for institutional digital asset derivatives via RFQ protocols.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-trading-system-precision-engineering-facilitating-high-fidelity-execution-via-rfq-protocols-and-optimal-liquidity-aggregation.jpg)

Institutional traders use RFQ to command private liquidity, engineering superior prices and anonymity for block trades.

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---

**Original URL:** https://options.greeks.live/guide/why-rfq-is-the-standard-for-superior-options-execution/
