# Why the RFQ Is the Professional's Tool for Trading Illiquid Markets ▴ Guide

**Published:** 2025-08-05
**Categories:** Guide

---

![A focused view of a robust, beige cylindrical component with a dark blue internal aperture, symbolizing a high-fidelity execution channel. This element represents the core of an RFQ protocol system, enabling bespoke liquidity for Bitcoin Options and Ethereum Futures, minimizing slippage and information leakage](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-digital-asset-derivatives-rfq-engine-core-precision-component.jpg)

![Sleek, modular infrastructure for institutional digital asset derivatives trading. Its intersecting elements symbolize integrated RFQ protocols, facilitating high-fidelity execution and precise price discovery across complex multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-system-optimizing-high-fidelity-block-trade-liquidity-and-multi-leg-spread-precision.jpg)

## The Mandate for On-Demand Liquidity

Professional-grade trading is defined by the quality of its execution. The ability to transact significant volume at a predictable price with minimal market disturbance is a core component of sustained performance. In markets characterized by wide spreads or shallow depth, the central limit [order book](https://prime.greeks.live/area/order-book/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) can present challenges for substantial orders.

A [large order](https://prime.greeks.live/question/can-a-smart-order-router-effectively-blend-rfq-and-dark-pool-strategies-for-a-single-large-order/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) may sweep through multiple price levels, resulting in considerable slippage and an executed price far from the original intent. This dynamic creates execution uncertainty, a variable that professional strategies seek to systematically control.

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 provides a direct mechanism for this control. It is a communications method where an initiator sends a private request for a price on a specific instrument and size to a select group of [liquidity providers](https://prime.greeks.live/area/liquidity-providers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). These providers respond with firm, executable quotes, creating a competitive auction for the order. The initiator can then transact on the most favorable response.

This process is distinct from placing an order on a public book; it is a discreet negotiation designed to source liquidity efficiently and privately. The anonymity of the initiator’s ultimate direction, buying or selling, is maintained until the point of execution, preserving the integrity of the trading strategy.

> A Request for Quote is an electronic message sent to market participants expressing interest in a strategy or instrument, allowing for the creation of a unique, tradeable instrument on CME Globex where participants respond with bids and offers.

The operational logic of an RFQ addresses the structural realities of [illiquid markets](https://prime.greeks.live/area/illiquid-markets/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). Where continuous order flow is insufficient to absorb large trades, an RFQ summons liquidity on demand. It is a tool for price discovery in environments where a true market price is not readily apparent on screen. For complex, [multi-leg options strategies](https://prime.greeks.live/guide/eliminate-leg-risk-forever-with-multi-leg-rfq-strategies/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), an RFQ allows the entire structure to be priced and executed as a single unit.

This eliminates “leg risk,” the danger that one part of the spread will be filled at an unfavorable price while another part remains unfilled. The system transforms a series of separate, uncertain executions into a single, cohesive transaction with a known [cost basis](https://prime.greeks.live/area/cost-basis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite).

This method is particularly effective for block trades, which are large transactions privately negotiated between two parties. An RFQ facilitates this process in a structured, electronic format, allowing a trader to poll [multiple 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) simultaneously to find the best counterparty for their size. Some systems even permit multiple responders to fill a single large order, aggregating liquidity from several sources to complete the [block trade](https://prime.greeks.live/area/block-trade/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) in one session.

This capacity to concentrate liquidity is the RFQ’s primary function. It provides a systematic and repeatable process for achieving efficient execution, turning the challenge of illiquid markets into a manageable operational variable.

![A precise, multi-layered disk embodies a dynamic Volatility Surface or deep Liquidity Pool for Digital Asset Derivatives. Dual metallic probes symbolize Algorithmic Trading and RFQ protocol inquiries, driving Price Discovery and High-Fidelity Execution of Multi-Leg Spreads within a Principal's operational framework](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-rfq-protocol-mechanism-for-digital-asset-derivatives-price-discovery-and-high-fidelity-execution-via-prime-os.jpg)

![A central teal sphere, representing the Principal's Prime RFQ, anchors radiating grey and teal blades, signifying diverse liquidity pools and high-fidelity execution paths for digital asset derivatives. Transparent overlays suggest pre-trade analytics and volatility surface dynamics](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-and-market-microstructure.jpg)

## Systematic Execution in the Digital Arena

Deploying the [RFQ mechanism](https://prime.greeks.live/area/rfq-mechanism/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is a clear operational upgrade for any serious trader. Its application moves the act of execution from a passive acceptance of displayed prices to a proactive sourcing of competitive bids and offers. This is particularly meaningful when dealing with derivatives, where precision and cost basis have a direct effect on the profitability of a position. Mastering the RFQ process is a tangible step toward institutional-grade trade management.

![A precision-engineered metallic and glass system depicts the core of an Institutional Grade Prime RFQ, facilitating high-fidelity execution for Digital Asset Derivatives. Transparent layers represent visible liquidity pools and the intricate market microstructure supporting RFQ protocol processing, ensuring atomic settlement capabilities](https://options.greeks.live/wp-content/uploads/2025/08/robust-institutional-digital-asset-derivatives-trading-platform-for-optimized-rfq-protocol-execution-and-deep-liquidity-access.jpg)

## Executing Complex Options Spreads

Multi-leg options strategies are fundamental instruments for sophisticated directional, volatility, or hedging expressions. Executing a four-leg iron condor or a ratio spread on a [public order book](https://prime.greeks.live/area/public-order-book/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) can be fraught with operational risk. The trader must manage four separate order books, facing the possibility of partial fills and price slippage on each leg. The resulting position may fail to reflect the intended risk profile and cost basis.

The RFQ system treats the entire spread as a single, indivisible instrument. A trader can construct a custom strategy, such as a call spread in a specific equity ETF, and request a single price for the entire package. Multiple [market makers](https://prime.greeks.live/area/market-makers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) then compete to offer the tightest [bid-ask spread](https://prime.greeks.live/area/bid-ask-spread/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) on that package. This competitive dynamic often results in a net price for the spread that is superior to the National Best Bid and Offer (NBBO) available on the public markets.

The trader achieves a clean, instantaneous execution of the full strategy at a single, confirmed price. This eliminates leg risk and provides absolute certainty over the entry cost of the position.

![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)

## A Practical Workflow for Options RFQ

A disciplined approach to using RFQ for options is vital. The following steps outline a professional workflow:

- 
**Structure Definition** ▴ The first step involves precisely defining the desired options strategy within your trading platform. This includes specifying each leg ▴ the underlying instrument, expiration date, strike price, and type (call or put). For a structure like a calendar spread, you would define both the short-dated and long-dated options as a single package.

- 
**Request Initiation** ▴ With the structure built, you initiate the RFQ. You specify the total size of the spread you intend to trade. Your request is then dispatched electronically and anonymously to a pre-selected group of market makers or to the entire market, depending on the platform’s configuration. You do not reveal whether you are a buyer or seller of the spread.

- 
**Quote Aggregation and Analysis** ▴ Market makers who receive the request will analyze the structure and respond with firm, two-sided quotes (a bid and an ask) for the specified size. Your trading interface will aggregate these responses, displaying the best available bid and ask prices in real-time. This creates a private, competitive auction for your order.

- 
**Execution Decision** ▴ You now have a transparent view of the executable market for your entire spread. You can choose to trade at the best bid or offer, place a limit order inside the spread, or let the RFQ expire if the prices are not satisfactory. The decision to execute is entirely yours, and it is based on firm quotes from [multiple liquidity providers](https://prime.greeks.live/question/how-does-the-fix-protocol-facilitate-the-complex-workflow-between-an-ems-and-multiple-liquidity-providers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite).

![A sophisticated metallic and teal mechanism, symbolizing an institutional-grade Prime RFQ for digital asset derivatives. Its precise alignment suggests high-fidelity execution, optimal price discovery via aggregated RFQ protocols, and robust market microstructure for multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-precision-execution.jpg)

## Securing Liquidity for Block Trades

Trading a large block of an underlying asset, such as a cryptocurrency or a specific stock, presents a significant challenge. Placing a large market order can signal your intent to the entire market, inviting front-running and causing adverse price movement. Breaking the order into smaller pieces is time-consuming and still risks information leakage. The goal is to transfer a large position with minimal price impact.

> RFQ systems offer benefits from both old school open outcry trading and electronic execution, allowing a trader to solicit quotes from multiple liquidity providers while maintaining anonymity.

A block [RFQ system](https://prime.greeks.live/area/rfq-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is engineered for this exact purpose. A trader can request a quote for a multi-million dollar position directly from the trading desks of major market makers. The negotiation is private. The size of the trade is never exposed to the [public order](https://prime.greeks.live/guide/why-the-public-order-book-is-costing-you-money-on-large-trades/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) book.

This discretion is paramount; it prevents the market from reacting to the knowledge of a large order, thereby protecting the execution price. The process ensures that the trader is accessing a deep pool of institutional liquidity that is not visible on the central exchange. The resulting transaction is reported as a block trade, often with significant price improvement compared to what would have been achieved on the open market.

![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)

## Key Steps in a Block RFQ Transaction

The table below details the typical stages of executing a large block trade using an RFQ platform, highlighting the functions at each stage.

| Stage | Action of the Initiator (Taker) | Response of the Liquidity Provider (Maker) |
| --- | --- | --- |
| 1. Request | Submits an anonymous request for a specific instrument and large size (e.g. 500 BTC). The direction (buy/sell) is not specified. | Receives the anonymous request. Analyzes the risk and decides whether to provide a quote. |
| 2. Quoting | Monitors incoming quotes from multiple providers in a private window. | Submits a firm, two-sided quote (bid and ask) for a specific quantity, valid for a short period (e.g. 5 minutes). |
| 3. Aggregation | The platform aggregates all quotes, potentially combining smaller quotes from multiple makers to fill the full requested amount. | Makers compete on price and size, aware that other makers are also quoting. |
| 4. Execution | Selects the best price and executes the trade against one or more liquidity providers to fill the entire block order. | The winning maker(s) are filled on their quotes. The trade is settled privately. |

This structured process provides a powerful advantage. It transforms the uncertain and often costly process of [executing large](https://prime.greeks.live/question/what-are-the-primary-mechanisms-for-mitigating-information-leakage-when-executing-large-orders/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) trades into a highly efficient, private negotiation. The trader is placed in a position of control, able to command liquidity from the market’s deepest sources on their own terms.

![Detailed metallic disc, a Prime RFQ core, displays etched market microstructure. Its central teal dome, an intelligence layer, facilitates price discovery](https://options.greeks.live/wp-content/uploads/2025/07/principal-operating-system-intelligence-layer-powering-digital-asset-derivatives-rfq-protocols-for-optimal-execution.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)

## The Portfolio Architect’s Edge

Mastery of the RFQ mechanism extends beyond single-trade execution. It becomes a foundational component of a more sophisticated portfolio management framework. The ability to source liquidity and price complex structures on demand informs how a portfolio is constructed, hedged, and scaled.

It provides a strategic capability that directly influences risk management and the generation of returns over time. An operator who understands this system can design and implement strategies that are simply unavailable to those confined to the public order book.

![A sophisticated metallic instrument, a precision gauge, indicates a calibrated reading, essential for RFQ protocol execution. Its intricate scales symbolize price discovery and high-fidelity execution for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-platform.jpg)

## Building Financial Firewalls with Custom Hedging

Advanced risk management often requires tailored hedging instruments. A portfolio might have a unique exposure that a standard, exchange-listed future or option cannot perfectly offset. For instance, a portfolio of digital assets might require a hedge against the volatility of a specific basket of tokens.

An RFQ system allows for the creation of bespoke derivatives. A trader can define the specific parameters of a desired options structure, including custom underlyings or non-standard settlement terms, and request quotes from specialized derivatives desks.

This opens a new dimension of strategic hedging. A portfolio manager can construct a precise financial firewall, designed to neutralize a specific, identified risk within the portfolio. The RFQ process facilitates the pricing and execution of this custom instrument.

The manager is not limited by the products listed on an exchange; they can create the exact tool required for the job. This proactive approach to risk mitigation is a hallmark of institutional-grade portfolio management, turning a reactive defensive posture into a strategic advantage.

![A precision-engineered control mechanism, featuring a ribbed dial and prominent green indicator, signifies Institutional Grade Digital Asset Derivatives RFQ Protocol optimization. This represents High-Fidelity Execution, Price Discovery, and Volatility Surface calibration for Algorithmic Trading](https://options.greeks.live/wp-content/uploads/2025/07/principal-operational-framework-precision-calibration-for-institutional-digital-asset-derivatives-rfq-protocol-high-fidelity-execution-prime-os-and-volatility-surface-optimization.jpg)

## Accessing the Wholesale Market for Superior Pricing

The RFQ system is, in essence, a gateway to the wholesale financial markets. The liquidity providers responding to RFQs are typically institutional market makers who trade in very large volumes. The prices they offer during a competitive RFQ auction often reflect tighter spreads than those available to retail participants. Consistent use of RFQ grants a trader systematic access to this institutional pricing tier.

Over a large number of trades, the cumulative effect of this price improvement can be substantial. A fractional improvement on the execution of a large options spread or block trade translates directly to the portfolio’s bottom line. This is not a one-time benefit; it is a structural edge embedded into the trading process.

By consistently sourcing liquidity through the RFQ channel, a trader ensures they are operating at a level of cost efficiency that is structurally superior to interacting solely with the public lit market. This efficiency compounds over time, contributing to enhanced risk-adjusted returns.

![An abstract, precision-engineered mechanism showcases polished chrome components connecting a blue base, cream panel, and a teal display with numerical data. This symbolizes an institutional-grade RFQ protocol for digital asset derivatives, ensuring high-fidelity execution, price discovery, multi-leg spread processing, and atomic settlement within a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-precision-execution-1.jpg)

## Developing a Mindset of Execution Certainty

Finally, the consistent use of RFQ cultivates a powerful psychological advantage. The uncertainty of execution in illiquid markets can cause hesitation and flawed decision-making. A trader might scale down a high-conviction idea because they fear the market impact of a large order.

They might avoid a complex but optimal hedging strategy due to the perceived difficulty of its execution. This is a state of operating from a position of constraint.

The RFQ mechanism removes these constraints. It provides a reliable and repeatable process for executing large and complex trades with a high degree of certainty. This certainty allows the trader to focus on strategy rather than mechanics. They can design their ideal position based on their market view, confident in their ability to implement it efficiently.

This fosters a more proactive, assertive, and strategically pure approach to trading. The focus shifts from “Can I get this trade done?” to “What is the optimal trade to put on?” This mental shift, from reactive to proactive, is perhaps the most profound benefit of integrating this professional tool into a trading regimen.

![A sleek, multi-component system, predominantly dark blue, features a cylindrical sensor with a central lens. This precision-engineered module embodies an intelligence layer for real-time market microstructure observation, facilitating high-fidelity execution via RFQ protocol](https://options.greeks.live/wp-content/uploads/2025/07/institutional-rfq-protocol-intelligence-layer-for-digital-asset-derivatives-microstructure.jpg)

## Beyond the Ticker

The journey from a retail participant to a professional operator is measured by the adoption of superior systems. The tools you deploy define the opportunities you can access and the precision with which you can act. Understanding and utilizing a mechanism like the Request for Quote is a definitive statement of intent. It signifies a move from passively observing market prices to actively commanding liquidity.

This is more than a technical skill; it is a strategic repositioning. The knowledge gained here is the foundation for a more direct and powerful engagement with the market, where execution becomes an expression of strategy, not a limitation upon it.

![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)

## Glossary

<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 sleek, futuristic institutional-grade instrument, representing high-fidelity execution of digital asset derivatives. Its sharp point signifies price discovery via RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/precision-rfq-execution-engine-for-institutional-digital-asset-derivatives.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/question/can-a-smart-order-router-effectively-blend-rfq-and-dark-pool-strategies-for-a-single-large-order/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Polished concentric metallic and glass components represent an advanced Prime RFQ for institutional digital asset derivatives. It visualizes high-fidelity execution, price discovery, and order book dynamics within market microstructure, enabling efficient RFQ protocols for block trades](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-prime-os-precision.jpg)

## Large Order

A Smart Order Router systematically blends dark pool anonymity with RFQ certainty to minimize impact and secure liquidity for large orders. </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">
![Precision mechanics illustrating institutional RFQ protocol dynamics. Metallic and blue blades symbolize principal's bids and counterparty responses, pivoting on a central matching engine](https://options.greeks.live/wp-content/uploads/2025/07/precision-institutional-digital-asset-derivatives-rfq-execution-engine-microstructure.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/request-for-quote/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## 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/guide/eliminate-leg-risk-forever-with-multi-leg-rfq-strategies/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A centralized intelligence layer for institutional digital asset derivatives, visually connected by translucent RFQ protocols. This Prime RFQ facilitates high-fidelity execution and private quotation for block trades, optimizing liquidity aggregation and price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-digital-asset-derivatives-rfq-protocol-engine.jpg)

## Multi-Leg Options Strategies

Command institutional-grade liquidity and execute complex options strategies with the certainty of a single, guaranteed price. </a><a href="https://prime.greeks.live/area/illiquid-markets/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## Illiquid Markets

Meaning ▴ Illiquid markets are financial environments characterized by low trading volume, wide bid-ask spreads, and significant price sensitivity to order execution, indicating a scarcity of readily available counterparties for immediate transaction. </a><a href="https://prime.greeks.live/area/cost-basis/?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)

## Cost Basis

Meaning ▴ The initial acquisition value of an asset, meticulously calculated to include the purchase price and all directly attributable transaction costs, serves as the definitive baseline for assessing subsequent financial performance and tax implications. </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">
![Abstract metallic components, resembling an advanced Prime RFQ mechanism, precisely frame a teal sphere, symbolizing a liquidity pool. This depicts the market microstructure supporting RFQ protocols for high-fidelity execution of digital asset derivatives, ensuring capital efficiency in algorithmic trading](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-institutional-digital-asset-derivatives-prime-os-architecture-driving-rfq-protocol-execution-and-capital-efficiency-optimization.jpg)

## Multiple 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/block-trade/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Luminous blue drops on geometric planes depict institutional Digital Asset Derivatives trading. Large spheres represent atomic settlement of block trades and aggregated inquiries, while smaller droplets signify granular market microstructure data](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-digital-asset-derivatives-rfq-protocols-driving-high-fidelity-execution-and-optimal-liquidity-discovery.jpg)

## Block Trade

Meaning ▴ A Block Trade constitutes a large-volume transaction of securities or digital assets, typically negotiated privately away from public exchanges to minimize market impact. </a><a href="https://prime.greeks.live/area/rfq-mechanism/?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 Mechanism

Meaning ▴ The Request for Quote (RFQ) Mechanism is a structured electronic protocol designed to facilitate bilateral or multilateral price discovery for specific financial instruments, particularly block trades in illiquid or over-the-counter digital asset derivatives. </a><a href="https://prime.greeks.live/area/public-order-book/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A metallic precision tool rests on a circuit board, its glowing traces depicting market microstructure and algorithmic trading. A reflective disc, symbolizing a liquidity pool, mirrors the tool, highlighting high-fidelity execution and price discovery for institutional digital asset derivatives via RFQ protocols and Principal's Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocols-driving-high-fidelity-execution-and-market-microstructure-optimization-via-principal-prime-os.jpg)

## Public Order Book

Meaning ▴ The Public Order Book constitutes a real-time, aggregated data structure displaying all active limit orders for a specific digital asset derivative instrument on an exchange, categorized precisely by price level and corresponding quantity for both bid and ask sides. </a><a href="https://prime.greeks.live/area/bid-ask-spread/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## Bid-Ask Spread

Meaning ▴ The Bid-Ask Spread represents the differential between the highest price a buyer is willing to pay for an asset, known as the bid price, and the lowest price a seller is willing to accept, known as the ask price. </a><a href="https://prime.greeks.live/area/market-makers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A polished metallic disc represents an institutional liquidity pool for digital asset derivatives. A central spike enables high-fidelity execution via algorithmic trading of multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-liquidity-system.jpg)

## Market Makers

Meaning ▴ Market Makers are financial entities that provide liquidity to a market by continuously quoting both a bid price (to buy) and an ask price (to sell) for a given financial instrument. </a><a href="https://prime.greeks.live/question/how-does-the-fix-protocol-facilitate-the-complex-workflow-between-an-ems-and-multiple-liquidity-providers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A multi-layered device with translucent aqua dome and blue ring, on black. This represents an Institutional-Grade Prime RFQ Intelligence Layer for Digital Asset Derivatives](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-intelligence-layer.jpg)

## Multiple Liquidity Providers

The FIX protocol provides a universal messaging standard that enables an EMS to systematically manage order flow and aggregate liquidity from diverse providers. </a><a href="https://prime.greeks.live/guide/why-the-public-order-book-is-costing-you-money-on-large-trades/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Central nexus with radiating arms symbolizes a Principal's sophisticated Execution Management System EMS. Segmented areas depict diverse liquidity pools and dark pools, enabling precise price discovery for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-rfq-liquidity-orchestration.jpg)

## Public Order

Stop bleeding profit on slippage; learn the institutional protocol for executing large trades at the price you command. </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 sharp, translucent, green-tipped stylus extends from a metallic system, symbolizing high-fidelity execution for digital asset derivatives. It represents a private quotation mechanism within an institutional grade Prime RFQ, enabling optimal price discovery for block trades via RFQ protocols, ensuring capital efficiency and minimizing slippage](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-interface.jpg)

## Rfq System

Meaning ▴ An RFQ System, or Request for Quote System, is a dedicated electronic platform designed to facilitate the solicitation of executable prices from multiple liquidity providers for a specified financial instrument and quantity. </a><a href="https://prime.greeks.live/question/what-are-the-primary-mechanisms-for-mitigating-information-leakage-when-executing-large-orders/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precision-engineered, multi-layered mechanism symbolizing a robust RFQ protocol engine for institutional digital asset derivatives. Its components represent aggregated liquidity, atomic settlement, and high-fidelity execution within a sophisticated market microstructure, enabling efficient price discovery and optimal capital efficiency for block trades](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-engine.jpg)

## Executing Large

Mitigating information leakage requires architecting an execution that obscures intent through algorithmic dispersion, venue selection, and discreet liquidity sourcing. </a>

**Tags:** [Slippage Control](https://options.greeks.live/area/slippage-control/), [Options Spreads](https://options.greeks.live/area/options-spreads/), [RFQ Mechanism](https://options.greeks.live/area/rfq-mechanism/), [Bid-Ask Spread](https://options.greeks.live/area/bid-ask-spread/), [Order Book](https://options.greeks.live/area/order-book/), [Liquidity Providers](https://options.greeks.live/area/liquidity-providers/)	

## Discover More

- 
### [Mastering RFQ Systems for Guaranteed Crypto Pricing](https://options.greeks.live/guide/mastering-rfq-systems-for-guaranteed-crypto-pricing/)
![Polished metallic disks, resembling data platters, with a precise mechanical arm poised for high-fidelity execution. This embodies an institutional digital asset derivatives platform, optimizing RFQ protocol for efficient price discovery, managing market microstructure, and leveraging a Prime RFQ intelligence layer to minimize execution latency.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-precision-execution-via-advanced-rfq-protocols-and-prime-os-intelligence-layer-for-optimal-market-microstructure.jpg)

Mastering RFQ systems grants traders command over their execution with guaranteed pricing for complex crypto derivatives.

- 
### [The RFQ Advantage How to Get the Best Price on Your Block Trades](https://options.greeks.live/guide/the-rfq-advantage-how-to-get-the-best-price-on-your-block-trades/)
![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. A small sphere represents a specific private quotation within institutional market microstructure for digital asset derivatives.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-microstructure-7.jpg)

Command your price. Execute large trades with precision using the professional's tool for sourcing deep, private liquidity.

- 
### [Eliminate Slippage the RFQ Method for Superior Trade Pricing](https://options.greeks.live/guide/eliminate-slippage-the-rfq-method-for-superior-trade-pricing/)
![Precision-engineered multi-layered architecture depicts institutional digital asset derivatives platforms, showcasing modularity for optimal liquidity aggregation and atomic settlement. This visualizes sophisticated RFQ protocols, enabling high-fidelity execution and robust pre-trade analytics.](https://options.greeks.live/wp-content/uploads/2025/08/modular-digital-asset-derivative-prime-os-for-institutional-rfq-and-block-trade-execution.jpg)

Command your execution and access bespoke liquidity with the professional's tool for superior trade pricing.

- 
### [Why RFQ Is the Standard for Complex Derivatives Strategies](https://options.greeks.live/guide/why-rfq-is-the-standard-for-complex-derivatives-strategies/)
![Precisely engineered circular beige, grey, and blue modules stack tilted on a dark base. A central aperture signifies the core RFQ protocol engine. This embodies a Prime RFQ facilitating high-fidelity execution for institutional digital asset derivatives, optimizing liquidity pool aggregation, multi-leg spread pricing, and robust price discovery in market microstructure.](https://options.greeks.live/wp-content/uploads/2025/07/core-prime-os-rfq-engine-digital-asset-derivatives-trading-system-execution.jpg)

Command your execution on complex derivatives with the professional standard for sourcing liquidity and pricing: the RFQ system.

- 
### [Why Request for Quote Is Your Gateway to Deeper Liquidity](https://options.greeks.live/guide/why-request-for-quote-is-your-gateway-to-deeper-liquidity/)
![A sharp metallic element pierces a central teal ring, symbolizing high-fidelity execution via an RFQ protocol gateway for institutional digital asset derivatives. This depicts precise price discovery and smart order routing within market microstructure, optimizing dark liquidity for block trades and capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-protocol-optimizing-liquidity-discovery-and-smart-order-routing.jpg)

Command your execution and unlock deep liquidity with the professional's tool for price certainty and minimal market impact.

- 
### [Why Sophisticated Traders Use RFQ for Volatility Management](https://options.greeks.live/guide/why-sophisticated-traders-use-rfq-for-volatility-management/)
![A multi-segmented sphere symbolizes institutional digital asset derivatives. One quadrant shows a dynamic implied volatility surface. Others represent RFQ protocols, principal capital, and aggregated liquidity pools for high-fidelity execution of Bitcoin options.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-liquidity-management.jpg)

Command liquidity and execute complex options strategies with the precision of a financial engineer using the RFQ system.

- 
### [Achieve Superior Pricing with the Request for Quote System](https://options.greeks.live/guide/achieve-superior-pricing-with-the-request-for-quote-system/)
![Central mechanical hub with concentric rings and gear teeth, extending into multi-colored radial arms. This symbolizes an institutional-grade Prime RFQ driving RFQ protocol price discovery for digital asset derivatives, ensuring high-fidelity execution across liquidity pools within market microstructure.](https://options.greeks.live/wp-content/uploads/2025/07/precision-institutional-digital-asset-derivatives-rfq-protocol.jpg)

Command institutional-grade liquidity and execute complex derivatives with precision using the Request for Quote system.

- 
### [The Insider’S Guide to RFQ the Professional’s Edge in Options Trading](https://options.greeks.live/guide/the-insiders-guide-to-rfq-the-professionals-edge-in-options-trading/)
![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)

Command institutional-grade liquidity and execute large options trades with precision using the professional's RFQ system.

- 
### [What Are the Key Differences in Mitigating Adverse Selection between an RFQ and a Dark Pool for Options Trading?](https://options.greeks.live/question/what-are-the-key-differences-in-mitigating-adverse-selection-between-an-rfq-and-a-dark-pool-for-options-trading/)
![A sleek Execution Management System diagonally spans segmented Market Microstructure, representing Prime RFQ for Institutional Grade Digital Asset Derivatives. It rests on two distinct Liquidity Pools, one facilitating RFQ Block Trade Price Discovery, the other a Dark Pool for Private Quotation.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-execution-optimizing-rfq-protocols-across-segmented-liquidity-pools.jpg)

RFQ contains information risk within a competitive auction for execution certainty; dark pools conceal intent for potential price improvement at the cost of fill uncertainty.

---

## Raw Schema Data

```json
{
    "@context": "https://schema.org",
    "@type": "BreadcrumbList",
    "itemListElement": [
        {
            "@type": "ListItem",
            "position": 1,
            "name": "Home",
            "item": "https://options.greeks.live"
        },
        {
            "@type": "ListItem",
            "position": 2,
            "name": "Guide",
            "item": "https://options.greeks.live/guide/"
        },
        {
            "@type": "ListItem",
            "position": 3,
            "name": "Why the RFQ Is the Professional&#8217;s Tool for Trading Illiquid Markets",
            "item": "https://options.greeks.live/guide/why-the-rfq-is-the-professionals-tool-for-trading-illiquid-markets/"
        }
    ]
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "Organization",
    "@id": "https://greeks.live/#organization",
    "name": "Greeks.Live",
    "url": "https://greeks.live/",
    "description": "Greeks.live is the definitive toolkit for the professional options trader, dedicated to empowering our users with institutional-grade data, advanced analytics, and a comprehensive suite of trading tools designed to provide a decisive edge in the market. Every article and guide published under the Greeks.live name is a product of our deep commitment to data-driven analysis and our mission to support the global trading community.",
    "email": "support@greeks.live",
    "logo": {
        "@type": "ImageObject",
        "url": "https://options.greeks.live/wp-content/uploads/2025/07/Greeks.Live-Logo-Icon.svg"
    },
    "hasPart": [
        {
            "@type": "WebSite",
            "name": "About Us",
            "url": "https://about.greeks.live"
        },
        {
            "@type": "WebSite",
            "name": "App Download Page",
            "url": "https://about.greeks.live/#/download/basic_trade"
        },
        {
            "@type": "WebSite",
            "name": "Newcomers' Guide",
            "url": "https://twisty-sign-c8b.notion.site/Guide-for-Greeks-live-X-Deribit-Newbies-5a08a3052822427d800af6eaf3704c8d"
        },
        {
            "@type": "WebSite",
            "name": "Knowledge Base",
            "url": "https://linktr.ee/greeks.live"
        },
        {
            "@type": "WebSite",
            "name": "Option Terminology",
            "url": "https://greekslive.notion.site/88dfc00e7c584d4d8969b6302a79a12f?pvs=4"
        },
        {
            "@type": "WebSite",
            "name": "Terms of Service",
            "url": "https://greeks.live/#/tos"
        },
        {
            "@type": "WebSite",
            "name": "Disclaimer",
            "url": "https://greeks.live/#/disclaimer"
        }
    ],
    "sameAs": [
        "https://x.com/greekslive",
        "https://youtube.com/@greeks_live?si=-KjT0Lkw4WUCI0tD",
        "https://t.me/greekslive_notifications",
        "https://t.me/greekslive",
        "https://pinterest.com/greekslive/"
    ],
    "makesOffer": [
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "RFQ Platform",
                "url": "https://rfq.greeks.live",
                "description": "Execute institutional-grade block trades for crypto options and futures. This platform provides deep, over-the-counter (OTC) liquidity via a professional Request for Quote system.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Lending Tools",
                "url": "https://lend.greeks.live",
                "description": "Manage crypto lending and borrowing activities to earn yield or secure loans. This suite of tools helps users analyze interest rates and manage collateralized debt positions.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Data Lab",
                "url": "https://greeks.live/#/deribit/tools/datalab/BTC",
                "description": "Analyze historical and real-time options data with advanced metrics. This tool is designed for backtesting strategies and identifying market trends through comprehensive data visualization.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Profit & Loss Analysis (PnL)",
                "url": "https://greeks.live/#/deribit/tools/pnl_analysis",
                "description": "Track and analyze the Profit and Loss (PnL) of your options portfolio. This tool provides detailed performance metrics to help traders evaluate and refine their strategies.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Position Visualization",
                "url": "https://greeks.live/#/deribit/tools/pv/BTC",
                "description": "Visualize complex options positions and their corresponding risk profiles. This tool generates payoff diagrams to help traders intuitively understand potential profit, loss, and exposure.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Options Calculator",
                "url": "https://greeks.live/#/deribit/tools/calculator",
                "description": "Calculate the theoretical price and risk parameters ('the Greeks') of crypto options. An essential tool for pricing new trades and analyzing the sensitivity of existing positions.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Greeks.live Main Platform",
                "url": "https://greeks.live/",
                "description": "The central hub for the Greeks.live suite of professional cryptocurrency options and derivatives trading tools. Access analytics, manage positions, and explore the ecosystem.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Community Forum",
                "url": "https://t.greeks.live",
                "description": "Join the official Greeks.live community. Connect with other traders, share insights, and receive the latest updates directly from the team.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Greeks.live for Deribit",
                "url": "http://deribit.greeks.live",
                "description": "A dedicated interface for trading on the Deribit exchange. This platform leverages Greeks.live's advanced analytics and tools specifically for users of Deribit's options and futures markets.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Greeks.live for OKX",
                "url": "http://okx.greeks.live",
                "description": "A dedicated interface for trading on the OKX exchange. This platform integrates Greeks.live's powerful analytics with the OKX marketplace, focusing on its options and derivatives products.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "GLVS.AI Trading Platform",
                "url": "https://www.glvs.ai/",
                "description": "An AI-powered platform for automated crypto options trading. Leverage advanced algorithms and data-driven signals to develop and deploy sophisticated, hands-free trading strategies.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "API Testnet & Sandbox",
                "url": "https://test.greeks.live",
                "description": "A dedicated testnet environment for developers to test their API integrations and automated trading strategies. This sandbox allows for full functionality testing without risking real funds.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        }
    ],
    "subOrganization": [
        {
            "@type": "Organization",
            "name": "GreeksLive HK Co., Limited",
            "email": "support@greeks.live",
            "telephone": "+852-56418949",
            "address": {
                "@type": "PostalAddress",
                "streetAddress": "Unit 11, 27/F, K. Wah Centre, 191 Java Road",
                "addressLocality": "Hong Kong",
                "addressRegion": "North Point",
                "addressCountry": "CN",
                "postalCode": "0000"
            },
            "geo": {
                "@type": "GeoCoordinates",
                "latitude": "22.2932357",
                "longitude": "114.2022026"
            },
            "image": "https://options.greeks.live/wp-content/uploads/2025/08/Wah-Centre-Hong-Kong.jpg"
        }
    ]
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "Article",
    "mainEntityOfPage": {
        "@type": "WebPage",
        "@id": "https://options.greeks.live/guide/why-the-rfq-is-the-professionals-tool-for-trading-illiquid-markets/"
    },
    "headline": "Why the RFQ Is the Professional's Tool for Trading Illiquid Markets \u25b4 Guide",
    "description": "Command institutional-grade liquidity and execute large-scale trades with precision using the professional's RFQ system. \u25b4 Guide",
    "url": "https://options.greeks.live/guide/why-the-rfq-is-the-professionals-tool-for-trading-illiquid-markets/",
    "datePublished": "2025-08-05T12:03:12+00:00",
    "dateModified": "2025-08-05T12:03:12+00:00",
    "articleSection": [
        "Guide"
    ],
    "author": {
        "@id": "https://greeks.live/#organization"
    },
    "publisher": {
        "@id": "https://greeks.live/#organization"
    },
    "image": {
        "@type": "ImageObject",
        "url": "https://options.greeks.live/wp-content/uploads/2025/08/precision-engineered-institutional-digital-asset-derivatives-rfq-execution.jpg",
        "caption": "The image captures a precision-engineered system illustrating the robust framework for institutional digital asset derivatives trading. A specialized metallic tool engages a striped block, symbolizing a multi-leg spread or a structured crypto derivative, demonstrating atomic settlement and best execution via an RFQ protocol. This setup reflects sophisticated quantitative analysis, managing systemic risk, and leveraging dark liquidity within a Prime Brokerage's advanced Execution Management System for optimal alpha generation."
    },
    "keywords": [
        "Bid-Ask Spread",
        "Block Trade",
        "Cost Basis",
        "Derivatives Hedging",
        "Execution Certainty",
        "Illiquid Markets",
        "Institutional Trading",
        "Liquidity Providers",
        "Liquidity Sourcing",
        "Market Makers",
        "Market Microstructure",
        "Multi-Leg Strategy",
        "Options Spreads",
        "Order Book",
        "Price Discovery",
        "Public Order Book",
        "Request for Quote",
        "RFQ Mechanism",
        "RFQ System",
        "Slippage Control"
    ]
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "WebSite",
    "url": "https://options.greeks.live/",
    "potentialAction": {
        "@type": "SearchAction",
        "target": "https://options.greeks.live/?s=search_term_string",
        "query-input": "required name=search_term_string"
    }
}
```


---

**Original URL:** https://options.greeks.live/guide/why-the-rfq-is-the-professionals-tool-for-trading-illiquid-markets/
