# How Can Buy Side Firms Mitigate Information Leakage during the Rfq Process? ▴ Question

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

---

![Layered abstract forms depict a Principal's Prime RFQ for institutional digital asset derivatives. A textured band signifies robust RFQ protocol and market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-high-fidelity-execution-prime-os-market-microstructure.jpg)

![A cutaway view reveals an advanced RFQ protocol engine for institutional digital asset derivatives. Intricate coiled components represent algorithmic liquidity provision and portfolio margin calculations](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-engine-digital-asset-derivatives-core-internal-mechanism-visualized.jpg)

## Concept

The request-for-quote (RFQ) process, in its purest form, is an instrument of price discovery. For the buy-side institution, it represents a direct, controlled inquiry into the opaque liquidity reserves of select market makers. The core operational challenge is that this inquiry, this very act of asking, generates a data exhaust. This exhaust, known as [information leakage](https://prime.greeks.live/area/information-leakage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), is the unintentional signaling of trading intent to the wider market.

It is a systemic vulnerability that arises when the protocol for sourcing liquidity is inadequately architected to shield the initiator’s ultimate objective. The leakage is not a mere cost of doing business; it is a quantifiable erosion of execution quality, a direct transfer of alpha from the asset manager to opportunistic market participants who can decode the signals.

From a systems perspective, every RFQ is a packet of information launched into a network of dealers. The contents of that packet ▴ the instrument, the size, the direction ▴ and the metadata surrounding it ▴ which dealers are queried, the sequence of the query, the time of day ▴ are all potential sources of leakage. When a [buy-side firm](https://prime.greeks.live/area/buy-side-firm/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) sends a request for a large block of an infrequently traded corporate bond to a wide panel of dealers, the collective footprint of that request can illuminate the firm’s intentions. Dealers who are queried but do not win the trade are left with valuable, actionable intelligence.

They may infer the initiator’s desperation or direction and trade ahead of the order in the public markets, causing adverse price movement that directly penalizes the buy-side firm. This phenomenon, known as [front-running](https://prime.greeks.live/area/front-running/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), is a direct consequence of a poorly contained information protocol. Research has quantified the potential impact of this leakage at up to 73 basis points on a given trade, a staggering cost that directly impacts portfolio returns.

> The fundamental design challenge of any RFQ system is to maximize competitive tension among dealers while minimizing the broadcast of actionable intelligence.

Therefore, mastering the RFQ process requires a shift in perspective. It is an exercise in information security as much as it is a trading function. The objective is to construct a query that is specific enough to elicit a firm, executable price from a trusted counterparty, yet discreet enough to prevent the signal from propagating beyond the intended recipients. This involves a deep understanding of [market microstructure](https://prime.greeks.live/area/market-microstructure/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), the behavioral patterns of liquidity providers, and the technological architecture that governs the interaction.

The buy-side firm must operate as a careful steward of its own information, recognizing that every request is a potential liability. Mitigating leakage is about designing and implementing a superior operational framework that treats the firm’s trading intent as its most valuable and perishable asset.

![Abstract geometric forms depict multi-leg spread execution via advanced RFQ protocols. Intersecting blades symbolize aggregated liquidity from diverse market makers, enabling optimal price discovery and high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-multi-leg-rfq-execution-orchestration.jpg)

![Abstract forms representing a Principal-to-Principal negotiation within an RFQ protocol. The precision of high-fidelity execution is evident in the seamless interaction of components, symbolizing liquidity aggregation and market microstructure optimization for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-execution-engine.jpg)

## Strategy

Developing a robust strategy to counter information leakage is predicated on a single principle ▴ control. The buy-side firm must architect a process that grants it granular control over every stage of the RFQ lifecycle, from pre-trade analysis to post-trade evaluation. This moves the firm from a passive price-taker to an active manager of its own [liquidity sourcing](https://prime.greeks.live/area/liquidity-sourcing/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) protocol.

The evolution from informal, voice-based RFQs to sophisticated, data-driven electronic platforms is the primary enabler of this strategic shift. Electronic systems provide the necessary tools to implement and refine these control mechanisms with precision.

![A sophisticated system's core component, representing an Execution Management System, drives a precise, luminous RFQ protocol beam. This beam navigates between balanced spheres symbolizing counterparties and intricate market microstructure, facilitating institutional digital asset derivatives trading, optimizing price discovery, and ensuring high-fidelity execution within a prime brokerage framework](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-10.jpg)

## Intelligent Dealer Selection

The most critical strategic lever is the curation of the dealer panel for any given RFQ. A “spray and pray” approach, where a request is sent to the largest possible number of dealers, is a direct invitation for information leakage. An advanced strategy involves dynamic and intelligent [dealer selection](https://prime.greeks.live/area/dealer-selection/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), treating liquidity providers not as a homogenous group, but as specialists with varying strengths. This requires a rigorous, data-driven framework for evaluating dealer performance over time.

A firm can build a proprietary [dealer scoring system](https://prime.greeks.live/area/dealer-scoring-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), integrating data from their [Execution Management System](https://prime.greeks.live/area/execution-management-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (EMS). This system would track metrics beyond the simple win/loss ratio of a quote. Key performance indicators should include:

- **Response Rate and Speed** ▴ Which dealers consistently respond to requests in a timely manner? Slow responses can indicate a lack of genuine interest or capacity.

- **Quote Stability** ▴ How often does a dealer’s final price deviate from their initial quote? High stability indicates a reliable counterparty.

- **Hit Ratio** ▴ What percentage of a dealer’s quotes are competitive enough to win the trade? This measures their pricing efficacy for specific asset classes.

- **Post-Trade Market Impact** ▴ This is the most sophisticated metric. By analyzing market data immediately following a trade with a specific dealer, the firm can detect patterns of information leakage. Did the market move adversely after the trade was awarded, suggesting the dealer or other queried parties may have traded on the information? [Transaction Cost Analysis](https://prime.greeks.live/area/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (TCA) platforms are essential for this measurement.

> A data-driven dealer selection process transforms the RFQ from a broad appeal for liquidity into a targeted, surgical strike.

![A futuristic circular lens or sensor, centrally focused, mounted on a robust, multi-layered metallic base. This visual metaphor represents a precise RFQ protocol interface for institutional digital asset derivatives, symbolizing the focal point of price discovery, facilitating high-fidelity execution and managing liquidity pool access for Bitcoin options](https://options.greeks.live/wp-content/uploads/2025/07/institutional-rfq-protocol-for-digital-asset-derivatives-execution.jpg)

## What Is the Optimal RFQ Protocol Configuration?

Beyond selecting the right dealers, the very structure of the [RFQ protocol](https://prime.greeks.live/area/rfq-protocol/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) can be configured to minimize leakage. Modern electronic platforms offer a suite of options that allow the buy-side trader to tailor the request to the specific conditions of the order and the market. The choice between these configurations is a strategic decision based on the size of the order, the liquidity of the instrument, and the firm’s risk tolerance.

A comparative analysis of different protocol structures reveals the trade-offs involved:

### Table 1 ▴ Comparison of RFQ Protocol Structures

| Protocol Type | Description | Advantage | Information Leakage Risk |
| --- | --- | --- | --- |
| Simultaneous RFQ | A single request is sent to all selected dealers at the same time. This is the standard model on most platforms. | Maximizes competitive pressure in a short time frame, reducing execution time risk. | High. All queried dealers are aware of the request simultaneously, increasing the potential for coordinated signaling or front-running by losing bidders. |
| Sequential RFQ | Requests are sent to dealers one by one, or in small, tiered groups. The trader can stop the process once an acceptable quote is received. | Significantly lower leakage, as fewer dealers are aware of the trade intent at any given moment. | Low. The information footprint is contained to a very small set of market participants. |
| Disclosed RFQ | The full details of the order (instrument, size, direction) are revealed to the queried dealers. | Elicits the firmest and most accurate quotes, as dealers have complete information to price their risk. | Very High. This provides maximum actionable intelligence to all queried counterparties. |
| Anonymous/Masked RFQ | Certain details of the RFQ are withheld. For example, the firm’s name may be anonymous, or the size may be presented in tiers (e.g. “$10M-$20M”). | Reduces the ability of dealers to profile the requester or ascertain the full magnitude of the order, thereby limiting leakage. | Medium. While it obscures some information, the nature of the instrument itself can still provide strong signals. Quotes may also be wider due to dealer uncertainty. |

The optimal strategy often involves a hybrid approach. For a large, illiquid block trade, a trader might initiate a sequential RFQ, starting with their top-ranked dealers based on historical performance. This allows them to test the waters with minimal information footprint. If a satisfactory price is not achieved, they can then strategically expand the panel, fully aware of the trade-off they are making between broader price discovery and increased leakage risk.

![A polished glass sphere reflecting diagonal beige, black, and cyan bands, rests on a metallic base against a dark background. This embodies RFQ-driven Price Discovery and High-Fidelity Execution for Digital Asset Derivatives, optimizing Market Microstructure and mitigating Counterparty Risk via Prime RFQ Private Quotation](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-best-execution-protocol.jpg)

![A central Principal OS hub with four radiating pathways illustrates high-fidelity execution across diverse institutional digital asset derivatives liquidity pools. Glowing lines signify low latency RFQ protocol routing for optimal price discovery, navigating market microstructure for multi-leg spread strategies](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-intelligence.jpg)

## Execution

The execution phase is where strategy is translated into operational reality. For the institutional buy-side desk, this means implementing a precise, repeatable, and auditable workflow for every RFQ. This workflow must be embedded within the firm’s technological architecture, primarily the Execution Management System (EMS) or Order Management System (OMS), to ensure that data from each trade informs the strategy for the next. The goal is to create a virtuous cycle of execution, analysis, and refinement.

![An intricate, high-precision mechanism symbolizes an Institutional Digital Asset Derivatives RFQ protocol. Its sleek off-white casing protects the core market microstructure, while the teal-edged component signifies high-fidelity execution and optimal price discovery](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-institutional-digital-asset-derivatives-rfq-protocol-high-fidelity-market-microstructure-optimization.jpg)

## An Operational Playbook for Low-Leakage RFQ

Executing a large block trade while minimizing information leakage requires a disciplined, multi-stage process. The following playbook outlines the critical steps a buy-side trader should follow, moving from pre-trade intelligence to post-trade analysis.

- **Pre-Trade Intelligence Gathering** ▴ 

<li>**Internal Analysis** ▴ Before initiating any external query, analyze the firm’s historical trading data for the same or similar instruments. What were the execution costs? Which dealers provided the best performance? This internal data is the most valuable and secure source of intelligence.

- **Market Environment Scan** ▴ Use real-time market data and analytics to assess the current liquidity environment. Is the market volatile? Are there major economic data releases pending? The timing of an RFQ is a critical variable. Avoid launching large RFQs during periods of low liquidity or high uncertainty.

- **Strategy Selection** ▴ Based on the order’s characteristics (size, liquidity profile) and the market environment, select the appropriate RFQ strategy (e.g. targeted sequential, small-panel simultaneous). This decision must be made before the first request is sent. 

</li>
- **At-Trade Execution Protocol** ▴ 

<li>**Dealer Panel Curation** ▴ Using the [dealer scoring matrix](https://prime.greeks.live/area/dealer-scoring-matrix/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), select a small, targeted panel of 2-4 dealers for the initial inquiry. The selection should be based on data, not just legacy relationships. 

- **Protocol Configuration** ▴ Within the EMS/RFQ platform, configure the specific parameters of the request. Set a firm “Time to Live” (TTL) for the quotes (e.g. 30-60 seconds) to create urgency and prevent dealers from “shopping” the request. Use masked or anonymous features where available and appropriate. 

- **Execution and Monitoring** ▴ Launch the RFQ and monitor the incoming quotes in real-time. Assess not just the price, but the size and speed of the response. Execute swiftly with the winning dealer to minimize the window of uncertainty.

</li>
- **Post-Trade Analysis and System Refinement** ▴ 

<li>**Transaction Cost Analysis (TCA)** ▴ Immediately following the execution, run a TCA report. The key metric to analyze is market impact, comparing the execution price to the arrival price and subsequent price movements. Was there significant adverse price movement after the trade?

- **Update [Dealer Scoring](https://prime.greeks.live/area/dealer-scoring/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) Matrix** ▴ Feed the performance data from the trade back into the dealer scoring system. Was the winning dealer’s quote stable? Did the losing dealers’ activity contribute to negative market impact? Every trade should refine the firm’s understanding of its counterparties.

- **Audit Trail Capture** ▴ Ensure the EMS automatically captures a complete, time-stamped audit trail of the entire process ▴ from panel selection to final execution. This is critical for regulatory compliance (e.g. [MiFID II](https://prime.greeks.live/area/mifid-ii/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)) and for demonstrating [best execution](https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). 

</li>

![Abstract intersecting blades in varied textures depict institutional digital asset derivatives. These forms symbolize sophisticated RFQ protocol streams enabling multi-leg spread execution across aggregated liquidity](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-driven-digital-asset-derivatives-rfq-protocol-execution.jpg)

## How Does a Firm Quantify Dealer Performance?

A quantitative approach to dealer management is the bedrock of an effective leakage mitigation strategy. The following table provides a simplified model of a Dealer Scoring Matrix. A real-world implementation would be automated within the EMS, tracking dozens of data points over thousands of trades. The scores are used to rank dealers for inclusion in future RFQ panels, creating a competitive environment where performance is rewarded with flow.

### Table 2 ▴ Hypothetical Dealer Scoring Matrix for Corporate Bond RFQs

| Dealer | Avg. Response Time (s) | Hit Ratio (%) | Avg. Price Improvement (bps vs. Arrival) | Post-Trade Leakage Score (1-10, 1=Low) | Overall Rank |
| --- | --- | --- | --- | --- | --- |
| Dealer A | 15 | 28 | +1.5 | 2 | 1 |
| Dealer B | 25 | 15 | +0.5 | 7 | 4 |
| Dealer C | 18 | 22 | +1.2 | 3 | 2 |
| Dealer D | 20 | 18 | +0.8 | 5 | 3 |

> Systematic measurement of counterparty behavior is the ultimate defense against the economic drag of information leakage.

In this model, Dealer A is the clear preferred counterparty. They respond quickly, provide competitive quotes, and, most importantly, have a low leakage score, indicating their trading activity does not adversely impact the market post-trade. Dealer B, despite being a potential counterparty, presents a significant leakage risk.

A data-driven buy-side desk would deprioritize or even exclude Dealer B from sensitive RFQs until their performance improves. This quantitative feedback loop is the engine of a continuously improving execution process.

![A luminous teal sphere, representing a digital asset derivative private quotation, rests on an RFQ protocol channel. A metallic element signifies the algorithmic trading engine and robust portfolio margin](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-microstructure-optimizing-prime-os.jpg)

## References

- Tradeweb. “Can RFQ Quench the Buy Side’s Thirst for Options Liquidity?” Tradeweb, January 2020.

- Tradeweb. “RFQ for Equities ▴ Arming the buy-side with choice and ease of execution.” Tradeweb, 25 April 2019.

- The TRADE. “Buy-side bond traders reevaluating traditional RFQ model.” The TRADE, 2 February 2018.

- Carter, Lucy. “Information leakage.” Global Trading, February 2025.

- Babushkin, Anton, et al. “Principal Trading Procurement ▴ Competition and Information Leakage.” The Microstructure Exchange, 20 July 2021.

![An abstract composition of interlocking, precisely engineered metallic plates represents a sophisticated institutional trading infrastructure. Visible perforations within a central block symbolize optimized data conduits for high-fidelity execution and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-multi-leg-execution-layer.jpg)

## Reflection

![Abstract geometric forms in blue and beige represent institutional liquidity pools and market segments. A metallic rod signifies RFQ protocol connectivity for atomic settlement of digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-market-microstructure-1.jpg)

## Architecting Your Information Defenses

The principles outlined here provide a framework for transforming the RFQ process from a potential liability into a strategic asset. The implementation of these concepts requires a commitment to viewing trading not as a series of discrete events, but as an integrated system. Each component ▴ the technology, the data, the strategy, and the human expertise ▴ must work in concert to protect the firm’s most critical asset ▴ its intent.

The ultimate objective is to build an operational architecture so robust and so intelligent that it creates a structural advantage, allowing the firm to access liquidity on its own terms. How does your current execution protocol measure and control the flow of information, and where are the vulnerabilities in that system?

![Modular institutional-grade execution system components reveal luminous green data pathways, symbolizing high-fidelity cross-asset connectivity. This depicts intricate market microstructure facilitating RFQ protocol integration for atomic settlement of digital asset derivatives within a Principal's operational framework, underpinned by a Prime RFQ intelligence layer](https://options.greeks.live/wp-content/uploads/2025/07/modular-high-fidelity-execution-architecture-for-institutional-digital-asset-derivatives-rfq-protocol-integration-and-principals-operational-framework-optimization.jpg)

## Glossary

<a href="https://prime.greeks.live/area/information-leakage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A metallic, reflective disc, symbolizing a digital asset derivative or tokenized contract, rests on an intricate Principal's operational framework. This visualizes the market microstructure for high-fidelity execution of institutional digital assets, emphasizing RFQ protocol precision, atomic settlement, and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/08/high-fidelity-digital-asset-derivatives-rfq-protocol-system-infrastructure.jpg)

## Information Leakage

Meaning ▴ Information leakage, in the realm of crypto investing and institutional options trading, refers to the inadvertent or intentional disclosure of sensitive trading intent or order details to other market participants before or during trade execution. </a><a href="https://prime.greeks.live/area/buy-side-firm/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Precision-engineered metallic tracks house a textured block with a central threaded aperture. This visualizes a core RFQ execution component within an institutional market microstructure, enabling private quotation for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-execution-framework-precision-microstructure-component.jpg)

## Buy-Side Firm

Meaning ▴ A Buy-Side Firm is a financial institution that manages investments on behalf of clients, typically with the primary goal of generating returns for those clients. </a><a href="https://prime.greeks.live/area/front-running/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A polished, dark blue domed component, symbolizing a private quotation interface, rests on a gleaming silver ring. This represents a robust Prime RFQ framework, enabling high-fidelity execution for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/08/optimized-execution-for-institutional-digital-asset-derivatives-rfq.jpg)

## Front-Running

Meaning ▴ Front-running, in crypto investing and trading, is the unethical and often illegal practice where a market participant, possessing prior knowledge of a pending large order that will likely move the market, executes a trade for their own benefit before the larger order. </a><a href="https://prime.greeks.live/area/market-microstructure/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precision-engineered metallic institutional trading platform, bisected by an execution pathway, features a central blue RFQ protocol engine. This Crypto Derivatives OS core facilitates high-fidelity execution, optimal price discovery, and multi-leg spread trading, reflecting advanced market microstructure](https://options.greeks.live/wp-content/uploads/2025/08/precision-engineered-institutional-digital-asset-derivatives-execution-core-facilitating-rfq-protocol-driven-optimal-price-discovery-and-multi-leg-spread-trading-for-capital-efficiency.jpg)

## Market Microstructure

Meaning ▴ Market Microstructure, within the cryptocurrency domain, refers to the intricate design, operational mechanics, and underlying rules governing the exchange of digital assets across various trading venues. </a><a href="https://prime.greeks.live/area/liquidity-sourcing/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Engineered components in beige, blue, and metallic tones form a complex, layered structure. This embodies the intricate market microstructure of institutional digital asset derivatives, illustrating a sophisticated RFQ protocol framework for optimizing price discovery, high-fidelity execution, and managing counterparty risk within multi-leg spreads on a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-stack-optimization.jpg)

## Liquidity Sourcing

Meaning ▴ Liquidity sourcing in crypto investing refers to the strategic process of identifying, accessing, and aggregating available trading depth and volume across various fragmented venues to execute large orders efficiently. </a><a href="https://prime.greeks.live/area/dealer-selection/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Two off-white elliptical components separated by a dark, central mechanism. This embodies an RFQ protocol for institutional digital asset derivatives, enabling price discovery for block trades, ensuring high-fidelity execution and capital efficiency within a Prime RFQ for dark liquidity](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-4.jpg)

## Dealer Selection

Meaning ▴ Dealer Selection, within the framework of crypto institutional options trading and Request for Quote (RFQ) systems, refers to the strategic process by which a liquidity seeker chooses specific market makers or dealers to solicit quotes from for a particular trade. </a><a href="https://prime.greeks.live/area/execution-management-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract layers and metallic components depict institutional digital asset derivatives market microstructure. They symbolize multi-leg spread construction, robust FIX Protocol for high-fidelity execution, and private quotation](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-digital-asset-derivatives-rfq-protocol-high-fidelity-execution.jpg)

## Execution Management System

Meaning ▴ An Execution Management System (EMS) in the context of crypto trading is a sophisticated software platform designed to optimize the routing and execution of institutional orders for digital assets and derivatives, including crypto options, across multiple liquidity venues. </a><a href="https://prime.greeks.live/area/dealer-scoring-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A central teal sphere, secured by four metallic arms on a circular base, symbolizes an RFQ protocol for institutional digital asset derivatives. It represents a controlled liquidity pool within market microstructure, enabling high-fidelity execution of block trades and managing counterparty risk through a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-hub-1.jpg)

## Dealer Scoring System

Meaning ▴ A dealer scoring system in crypto trading quantifies and ranks the performance of liquidity providers based on predefined metrics, offering a data-driven approach to evaluate counterparty quality for institutional requests for quotes (RFQs). </a><a href="https://prime.greeks.live/area/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A metallic ring, symbolizing a tokenized asset or cryptographic key, rests on a dark, reflective surface with water droplets. This visualizes a Principal's operational framework for High-Fidelity Execution of Institutional Digital Asset Derivatives](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-institutional-digital-asset-derivatives-rfq-protocol-execution.jpg)

## Transaction Cost Analysis

Meaning ▴ Transaction Cost Analysis (TCA), in the context of cryptocurrency trading, is the systematic process of quantifying and evaluating all explicit and implicit costs incurred during the execution of digital asset trades. </a><a href="https://prime.greeks.live/area/rfq-protocol/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![The abstract composition features a central, multi-layered blue structure representing a sophisticated institutional digital asset derivatives platform, flanked by two distinct liquidity pools. Intersecting blades symbolize high-fidelity execution pathways and algorithmic trading strategies, facilitating private quotation and block trade settlement within a market microstructure optimized for price discovery and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-high-fidelity-execution-1.jpg)

## Rfq Protocol

Meaning ▴ An RFQ Protocol, or Request for Quote Protocol, defines a standardized set of rules and communication procedures governing the electronic exchange of price inquiries and subsequent responses between market participants in a trading environment. </a><a href="https://prime.greeks.live/area/dealer-scoring-matrix/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A modular component, resembling an RFQ gateway, with multiple connection points, intersects a high-fidelity execution pathway. This pathway extends towards a deep, optimized liquidity pool, illustrating robust market microstructure for institutional digital asset derivatives trading and atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/rfq-protocol-layer-connecting-institutional-digital-asset-liquidity-pools.jpg)

## Dealer Scoring Matrix

Meaning ▴ A Dealer Scoring Matrix, in the context of institutional crypto trading and Request for Quote (RFQ) systems, is a quantitative framework used by buy-side firms to evaluate and rank their liquidity providers or market makers. </a><a href="https://prime.greeks.live/area/dealer-scoring/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Two precision-engineered nodes, possibly representing a Private Quotation or RFQ mechanism, connect via a transparent conduit against a striped Market Microstructure backdrop. This visualizes High-Fidelity Execution pathways for Institutional Grade Digital Asset Derivatives, enabling Atomic Settlement and Capital Efficiency within a Dark Pool environment, optimizing Price Discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-system-nodes.jpg)

## Dealer Scoring

Meaning ▴ Dealer Scoring is a sophisticated analytical process systematically employed by institutional crypto traders and advanced trading platforms to rigorously evaluate and rank the performance, competitiveness, and reliability of various liquidity providers or market makers. </a><a href="https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek green probe, symbolizing a precise RFQ protocol, engages a dark, textured execution venue, representing a digital asset derivatives liquidity pool. This signifies institutional-grade price discovery and high-fidelity execution through an advanced Prime RFQ, minimizing slippage and optimizing capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-protocol-integration-for-high-fidelity-execution-and-institutional-liquidity-aggregation-on-prime-os.jpg)

## Best Execution

Meaning ▴ Best Execution, in the context of cryptocurrency trading, signifies the obligation for a trading firm or platform to take all reasonable steps to obtain the most favorable terms for its clients' orders, considering a holistic range of factors beyond merely the quoted price. </a><a href="https://prime.greeks.live/area/mifid-ii/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A polished, abstract geometric form represents a dynamic RFQ Protocol for institutional-grade digital asset derivatives. A central liquidity pool is surrounded by opening market segments, revealing an emerging arm displaying high-fidelity execution data](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-institutional-digital-asset-derivatives-rfq-protocol-system.jpg)

## Mifid Ii

Meaning ▴ MiFID II (Markets in Financial Instruments Directive II) is a comprehensive regulatory framework implemented by the European Union to enhance the efficiency, transparency, and integrity of financial markets. </a>

**Tags:** [Best Execution](https://options.greeks.live/area/best-execution/), [Market Microstructure](https://options.greeks.live/area/market-microstructure/), [Liquidity Sourcing](https://options.greeks.live/area/liquidity-sourcing/), [Dealer Scoring](https://options.greeks.live/area/dealer-scoring/), [Front-Running](https://options.greeks.live/area/front-running/), [Dealer Scoring Matrix](https://options.greeks.live/area/dealer-scoring-matrix/)	

## Discover More

- 
### [In What Market Conditions Is a Request for Quote Superior to Central Limit Order Book Execution?](https://options.greeks.live/question/in-what-market-conditions-is-a-request-for-quote-superior-to-central-limit-order-book-execution/)
![A symmetrical, high-tech digital infrastructure depicts an institutional-grade RFQ execution hub. Luminous conduits represent aggregated liquidity for digital asset derivatives, enabling high-fidelity execution and atomic settlement. Intricate components signify algorithmic trading ensuring best execution within market microstructure.](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-institutional-digital-asset-derivatives-rfq-system.jpg)

RFQ is superior in illiquid, volatile, or complex markets where minimizing information leakage and market impact is paramount.

- 
### [How Did Mifid Ii Influence the Adoption of the Rfq Protocol in European Equity Markets?](https://options.greeks.live/question/how-did-mifid-ii-influence-the-adoption-of-the-rfq-protocol-in-european-equity-markets/)
![A central metallic RFQ engine anchors radiating segmented panels, symbolizing diverse liquidity pools and market segments. Varying shades denote distinct execution venues within the complex market microstructure, facilitating price discovery for institutional digital asset derivatives with minimal slippage and latency via high-fidelity execution.](https://options.greeks.live/wp-content/uploads/2025/07/principals-digital-asset-derivatives-rfq-protocol-execution-nexus.jpg)

MiFID II catalyzed RFQ adoption by constraining dark pools and formalizing SIs, making RFQ the prime protocol for compliant block liquidity.

- 
### [What Are the Primary Trade-Offs between Execution Speed and Information Leakage When Designing an RFQ Protocol?](https://options.greeks.live/question/what-are-the-primary-trade-offs-between-execution-speed-and-information-leakage-when-designing-an-rfq-protocol/)
![A central teal sphere, secured by four metallic arms on a circular base, symbolizes an RFQ protocol for institutional digital asset derivatives. It represents a controlled liquidity pool within market microstructure, enabling high-fidelity execution of block trades and managing counterparty risk through a Prime RFQ.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-hub-1.jpg)

Designing an RFQ protocol is a calibration of controlled information release to balance competitive pricing against market impact.

- 
### [What Are the Primary Trade Offs between an Anonymous and a Disclosed Rfq Protocol?](https://options.greeks.live/question/what-are-the-primary-trade-offs-between-an-anonymous-and-a-disclosed-rfq-protocol/)
![A slender metallic probe extends between two curved surfaces. This abstractly illustrates high-fidelity execution for institutional digital asset derivatives, driving price discovery within market microstructure. It represents Prime RFQ protocol precision navigating dark liquidity for best execution and capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/precision-instrument-navigating-institutional-digital-asset-derivatives-rfq-protocols-for-optimal-price-discovery-and-high-fidelity-execution.jpg)

The primary trade-off in RFQ protocols is balancing the information control of anonymity against the potential price improvement from disclosed relationships.

- 
### [How Do Regulatory Frameworks like MiFID II and Reg NMS Influence RFQ Usage across Asset Classes?](https://options.greeks.live/question/how-do-regulatory-frameworks-like-mifid-ii-and-reg-nms-influence-rfq-usage-across-asset-classes/)
![A precision optical system with a reflective lens embodies the Prime RFQ intelligence layer. Gray and green planes represent divergent RFQ protocols or multi-leg spread strategies for institutional digital asset derivatives, enabling high-fidelity execution and optimal price discovery within complex market microstructure.](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-intelligent-core-driving-digital-asset-derivatives-rfq-protocols-high-fidelity-execution-across-diverse-liquidity-pools-for-optimal-price-discovery.jpg)

Regulatory frameworks like MiFID II and Reg NMS shape RFQ usage by defining the boundaries for transparency and best execution.

- 
### [How Do Large in Scale Waivers under MiFID II Impact RFQ Execution Strategy for Block Trades?](https://options.greeks.live/question/how-do-large-in-scale-waivers-under-mifid-ii-impact-rfq-execution-strategy-for-block-trades/)
![Clear geometric prisms and flat planes interlock, symbolizing complex market microstructure and multi-leg spread strategies in institutional digital asset derivatives. A solid teal circle represents a discrete liquidity pool for private quotation via RFQ protocols, ensuring high-fidelity execution.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-price-discovery-and-high-fidelity-execution.jpg)

LIS waivers under MiFID II enable discreet, large-scale liquidity sourcing via RFQ protocols, minimizing market impact for block trades.

- 
### [What Are the Primary Best Execution Considerations When Choosing between a Dark Pool and an RFQ?](https://options.greeks.live/question/what-are-the-primary-best-execution-considerations-when-choosing-between-a-dark-pool-and-an-rfq/)
![A precision sphere, an Execution Management System EMS, probes a Digital Asset Liquidity Pool. This signifies High-Fidelity Execution via Smart Order Routing for institutional-grade digital asset derivatives. It highlights Price Discovery and Pre-Trade Analytics within a Principal's Prime RFQ framework.](https://options.greeks.live/wp-content/uploads/2025/07/principal-rfq-engine-orchestrating-global-digital-asset-derivatives-liquidity-pool-price-discovery-and-high-fidelity-execution.jpg)

The primary consideration in choosing between a dark pool and an RFQ is balancing the need for pre-trade anonymity against the demand for execution certainty.

- 
### [How Does Dealer Selection in an Rfq Affect Information Leakage Costs?](https://options.greeks.live/question/how-does-dealer-selection-in-an-rfq-affect-information-leakage-costs/)
![A precision optical component on an institutional-grade chassis, vital for high-fidelity execution. It supports advanced RFQ protocols, optimizing multi-leg spread trading, rapid price discovery, and mitigating slippage within the Principal's digital asset derivatives.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-optical-component-prime-os.jpg)

Dealer selection in an RFQ dictates the tradeoff between price competition and information leakage, directly impacting execution costs.

- 
### [What Are the Regulatory Differences between On-Exchange Clob and Off-Exchange Rfq Trades?](https://options.greeks.live/question/what-are-the-regulatory-differences-between-on-exchange-clob-and-off-exchange-rfq-trades/)
![A robust circular Prime RFQ component with horizontal data channels, radiating a turquoise glow signifying price discovery. This institutional-grade RFQ system facilitates high-fidelity execution for digital asset derivatives, optimizing market microstructure and capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-rfq-engine-for-digital-asset-derivatives-execution.jpg)

Regulatory frameworks treat CLOBs as transparent public auctions and RFQs as controlled private negotiations, shaping execution strategy.

---

## 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": "Question",
            "item": "https://options.greeks.live/question/"
        },
        {
            "@type": "ListItem",
            "position": 3,
            "name": "How Can Buy Side Firms Mitigate Information Leakage during the Rfq Process?",
            "item": "https://options.greeks.live/question/how-can-buy-side-firms-mitigate-information-leakage-during-the-rfq-process/"
        }
    ]
}
```

```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/question/how-can-buy-side-firms-mitigate-information-leakage-during-the-rfq-process/"
    },
    "headline": "How Can Buy Side Firms Mitigate Information Leakage during the Rfq Process? \u25b4 Question",
    "description": "Buy-side firms mitigate RFQ information leakage by architecting a data-driven protocol of selective, controlled, and audited dealer inquiries. \u25b4 Question",
    "url": "https://options.greeks.live/question/how-can-buy-side-firms-mitigate-information-leakage-during-the-rfq-process/",
    "datePublished": "2025-08-06T11:33:23+00:00",
    "dateModified": "2025-10-27T03:06:01+00:00",
    "articleSection": [
        "Question"
    ],
    "author": {
        "@id": "https://greeks.live/#organization"
    },
    "publisher": {
        "@id": "https://greeks.live/#organization"
    },
    "image": {
        "@type": "ImageObject",
        "url": "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",
        "caption": "A precision-engineered mechanism with a layered disk and dual metallic probes, anchored on a robust base. This embodies the intricate Market Microstructure and Principal's operational framework for Institutional Grade Digital Asset Derivatives trading. The disk symbolizes a dynamic Volatility Surface or aggregated Liquidity Pool enabling Price Discovery via RFQ protocol inquiries. Probes signify Algorithmic Trading for High-Fidelity Execution of Multi-Leg Spreads, optimizing Capital Efficiency on a Crypto Derivatives OS."
    },
    "keywords": [
        "Best Execution",
        "Block Trading",
        "Buy-Side Firm",
        "Buy-Side Trading",
        "Dealer Scoring",
        "Dealer Scoring Matrix",
        "Dealer Scoring System",
        "Dealer Selection",
        "Electronic Trading Platforms",
        "Execution Management System",
        "Front-Running",
        "Information Leakage",
        "Liquidity Sourcing",
        "Market Microstructure",
        "MiFID II",
        "RFQ Protocol",
        "Transaction Cost Analysis"
    ]
}
```

```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"
    }
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "FAQPage",
    "mainEntity": [
        {
            "@type": "Question",
            "name": "What Is The Optimal RFQ Protocol Configuration?",
            "acceptedAnswer": {
                "@type": "Answer",
                "text": "Beyond selecting the right dealers, the very structure of the RFQ protocol can be configured to minimize leakage. Modern electronic platforms offer a suite of options that allow the buy-side trader to tailor the request to the specific conditions of the order and the market. The choice between these configurations is a strategic decision based on the size of the order, the liquidity of the instrument, and the firm's risk tolerance."
            }
        },
        {
            "@type": "Question",
            "name": "How Does A Firm Quantify Dealer Performance?",
            "acceptedAnswer": {
                "@type": "Answer",
                "text": "A quantitative approach to dealer management is the bedrock of an effective leakage mitigation strategy. The following table provides a simplified model of a Dealer Scoring Matrix. A real-world implementation would be automated within the EMS, tracking dozens of data points over thousands of trades. The scores are used to rank dealers for inclusion in future RFQ panels, creating a competitive environment where performance is rewarded with flow."
            }
        }
    ]
}
```


---

**Original URL:** https://options.greeks.live/question/how-can-buy-side-firms-mitigate-information-leakage-during-the-rfq-process/
