# How Can Post-Trade Analytics Be Used to Refine an RFQ Execution Strategy? ▴ Question

**Published:** 2025-08-07
**Categories:** Question

---

![Abstract metallic and dark components symbolize complex market microstructure and fragmented liquidity pools for digital asset derivatives. A smooth disc represents high-fidelity execution and price discovery facilitated by advanced RFQ protocols on a robust Prime RFQ, enabling precise atomic settlement for institutional multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-market-microstructure-optimizing-rfq-protocols-for-high-fidelity-execution-on-prime-os.jpg)

![Precision-engineered modular components display a central control, data input panel, and numerical values on cylindrical elements. This signifies an institutional Prime RFQ for digital asset derivatives, enabling RFQ protocol aggregation, high-fidelity execution, algorithmic price discovery, and volatility surface calibration for portfolio margin](https://options.greeks.live/wp-content/uploads/2025/07/firm-fx-options-rfq-trade-system-key-microstructure-data-flow-core-engine.jpg)

## Concept

[Post-trade analytics](https://prime.greeks.live/area/post-trade-analytics/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) represents the conversion of historical [execution data](https://prime.greeks.live/area/execution-data/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) into a forward-looking strategic asset. Within the context of a Request for Quote (RFQ) system, a protocol designed for sourcing liquidity in a discreet, bilateral manner, the implications are particularly significant. The RFQ process, by its nature, generates a unique and often isolated dataset with each trade ▴ a collection of quotes from selected counterparties, response times, and the final execution price. Without a structured analytical framework, this information remains fragmented, depriving a trading desk of its most valuable resource for systemic improvement.

The core function of [post-trade analysis](https://prime.greeks.live/area/post-trade-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) in this domain is to construct a coherent feedback loop. It systematically aggregates the outcomes of individual RFQ events to build a dynamic, evidence-based understanding of counterparty behavior and market conditions at the precise moment of execution. This process moves the evaluation of [execution quality](https://prime.greeks.live/area/execution-quality/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) from a subjective assessment to a quantitative discipline.

It provides the necessary toolkit to dissect the multifaceted costs associated with a trade, extending far beyond the explicit commissions or fees. These implicit costs, such as the [market impact](https://prime.greeks.live/area/market-impact/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) of signaling trading intent or the opportunity cost of a slow or uncompetitive response, are often the most substantial determinants of overall execution performance.

> The fundamental purpose of post-trade analytics is to transform the isolated data points from past trades into an intelligent, predictive model for future execution strategies.

This analytical layer serves as the memory and the learning mechanism of the trading operation. Each transaction contributes to a growing repository of institutional knowledge, allowing traders to discern patterns that are invisible on a case-by-case basis. A trader might recall that a certain counterparty provided a good price on a previous trade, but a robust analytical system can reveal that this same counterparty consistently responds slowly for trades above a certain notional value or in specific market volatility regimes.

This elevation of anecdotal evidence to statistical fact is the foundational value proposition of post-trade analytics. It provides a verifiable basis for refining the selection of counterparties invited to an RFQ, optimizing the timing of quote solicitations, and ultimately, fulfilling the mandate of achieving [best execution](https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite).

Viewing post-trade data through this lens reframes it from a compliance-oriented reporting task into a vital component of the firm’s alpha-generating and risk-management infrastructure. The insights derived from this analysis directly inform and enhance the pre-trade decision-making process, creating a virtuous cycle of continuous improvement. The quality of future executions becomes directly dependent on the rigor with which past executions are measured and understood. In essence, the system learns to trade better by systematically studying its own behavior and its interactions with the broader market ecosystem.

![Sleek, two-tone devices precisely stacked on a stable base represent an institutional digital asset derivatives trading ecosystem. This embodies layered RFQ protocols, enabling multi-leg spread execution and liquidity aggregation within a Prime RFQ for high-fidelity execution, optimizing counterparty risk and market microstructure](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-prime-os-architecture.jpg)

![A fractured, polished disc with a central, sharp conical element symbolizes fragmented digital asset liquidity. This Principal RFQ engine ensures high-fidelity execution, precise price discovery, and atomic settlement within complex market microstructure, optimizing capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/principal-rfq-engine-unifying-fragmented-digital-asset-derivatives-liquidity-for-best-execution.jpg)

## Strategy

A robust strategy for leveraging post-trade analytics within an RFQ framework is built upon a foundation of systematic data collection and multi-dimensional performance evaluation. The objective is to move beyond simple cost metrics and develop a holistic view of execution quality that incorporates speed, reliability, and the subtler aspects of counterparty interaction. This strategic approach can be broken down into several interconnected components, each designed to refine a specific aspect of the [RFQ execution](https://prime.greeks.live/area/rfq-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) process.

![A blue speckled marble, symbolizing a precise block trade, rests centrally on a translucent bar, representing a robust RFQ protocol. This structured geometric arrangement illustrates complex market microstructure, enabling high-fidelity execution, optimal price discovery, and efficient liquidity aggregation within a principal's operational framework for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/precision-institutional-rfq-execution-framework-optimizing-digital-asset-derivatives-liquidity-aggregation-across-complex-market-microstructure.jpg)

## A Framework for Comprehensive Data Capture

The initial step involves defining and capturing a comprehensive set of data points for every RFQ sent. This data serves as the raw material for all subsequent analysis. A disciplined approach to data integrity is paramount, as the quality of the insights derived is directly proportional to the quality of the data collected. Key data points to capture systematically include:

- **RFQ Initiation Timestamp** ▴ The exact time the request is sent to the liquidity providers.

- **Counterparty List** ▴ A record of all counterparties invited to provide a quote.

- **Instrument Details** ▴ Full identifiers for the asset being traded, including notional value, maturity, strike price, and other relevant characteristics.

- **Counterparty Response Timestamps** ▴ The precise time each counterparty submits a quote.

- **Quote Details** ▴ The bid and offer prices submitted by each respondent.

- **Execution Timestamp and Price** ▴ The time and price at which the trade was executed.

- **Winning Counterparty** ▴ The liquidity provider who won the trade.

This dataset forms the bedrock of the analytical strategy, enabling a granular reconstruction of the entire lifecycle of each RFQ.

![A sleek, angled object, featuring a dark blue sphere, cream disc, and multi-part base, embodies a Principal's operational framework. This represents an institutional-grade RFQ protocol for digital asset derivatives, facilitating high-fidelity execution and price discovery within market microstructure, optimizing capital efficiency](https://options.greeks.live/wp-content/uploads/2025/08/prime-os-rfq-for-institutional-digital-asset-derivatives-execution.jpg)

## Developing a Multi-Factor Counterparty Scoring System

With a rich dataset, the next strategic layer is the development of a quantitative scoring system to evaluate liquidity providers. This moves the selection of counterparties from a relationship-based model to a performance-based one. The scoring system should be multi-faceted, reflecting the various dimensions of a “good” execution.

> A successful strategy hinges on translating raw execution data into a dynamic, multi-factor scorecard for every liquidity provider.

This scorecard provides an objective basis for optimizing the list of counterparties invited to future RFQs. For instance, a desk handling time-sensitive trades might prioritize counterparties with high scores in [response latency](https://prime.greeks.live/area/response-latency/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), while a desk focused on minimizing explicit costs would favor those with consistently high [price improvement](https://prime.greeks.live/area/price-improvement/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) scores. The table below illustrates a simplified model for such a scoring system.

### Table 1 ▴ Counterparty Performance Scorecard Model

| Metric | Description | Weighting (Example) | Data Source |
| --- | --- | --- | --- |
| Price Improvement | The difference between the executed price and the best quoted price at the time of the RFQ. A higher value indicates better pricing. | 40% | RFQ Response and Execution Data |
| Response Latency | The average time taken by the counterparty to respond to an RFQ. Lower latency is generally preferable. | 25% | RFQ Timestamps |
| Hit Rate | The percentage of RFQs sent to a counterparty that result in a winning quote. This indicates competitiveness. | 20% | RFQ and Execution Logs |
| Quote Stability | A measure of how often a counterparty honors their quoted price without last-look rejections. | 15% | Execution and Rejection Logs |

![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)

## Analyzing and Mitigating Information Leakage

A more advanced strategic application of post-trade analytics is the detection and mitigation of [information leakage](https://prime.greeks.live/area/information-leakage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). Information leakage occurs when the act of sending an RFQ signals a trading intention to the market, causing adverse price movements before the trade can be executed. This is a significant hidden cost, particularly for large or illiquid trades.

The strategy to combat this involves analyzing market data in the seconds and minutes following the dissemination of an RFQ. By comparing the price movement of the traded instrument to a correlated benchmark or the broader market, it is possible to statistically identify abnormal price drift. The analysis seeks to answer critical questions:

- Does the market move away from us after we send an RFQ?

- Is this adverse selection more pronounced when certain counterparties are included in the request?

- Can we reduce market impact by sending RFQs to a smaller, more targeted group of liquidity providers?

The findings from this analysis directly inform the strategy for constructing RFQ lists. It may reveal that including certain counterparties, while seemingly increasing competition, actually leads to higher overall costs due to their information dissemination practices. The strategic response is to refine the counterparty list, potentially creating tiered groups of providers based on their perceived information leakage risk. This data-driven approach allows a [trading desk](https://prime.greeks.live/area/trading-desk/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) to balance the benefit of wider competition against the cost of signaling its intent.

![A sophisticated dark-hued institutional-grade digital asset derivatives platform interface, featuring a glowing aperture symbolizing active RFQ price discovery and high-fidelity execution. The integrated intelligence layer facilitates atomic settlement and multi-leg spread processing, optimizing market microstructure for prime brokerage operations and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-crypto-derivatives-rfq-engine-intelligence-layer.jpg)

![A pristine white sphere, symbolizing an Intelligence Layer for Price Discovery and Volatility Surface analytics, sits on a grey Prime RFQ chassis. A dark FIX Protocol conduit facilitates High-Fidelity Execution and Smart Order Routing for Institutional Digital Asset Derivatives RFQ protocols, ensuring Best Execution](https://options.greeks.live/wp-content/uploads/2025/08/institutional-grade-digital-asset-derivatives-rfq-protocols-optimizing-high-fidelity-execution-via-prime-os-intelligence.jpg)

## Execution

The execution phase of leveraging post-trade analytics involves the operational implementation of the strategies defined. This is where theoretical models are translated into a tangible, repeatable process that integrates with the daily workflow of the trading desk. It requires a combination of disciplined procedure, robust technology, and a commitment to iterative refinement. The ultimate goal is to create a closed-loop system where the insights from past trades directly and automatically inform the parameters of future trades.

![Abstract layered forms visualize market microstructure, featuring overlapping circles as liquidity pools and order book dynamics. A prominent diagonal band signifies RFQ protocol pathways, enabling high-fidelity execution and price discovery for institutional digital asset derivatives, hinting at dark liquidity and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-institutional-digital-asset-derivatives-rfq-protocol.jpg)

## The Operational Playbook for Analytical Refinement

A systematic, cyclical process is essential for operationalizing post-trade analysis. This playbook ensures that insights are consistently generated and applied, rather than being the product of ad-hoc investigations. The process can be structured as a continuous four-step cycle:

- 
**Data Aggregation and Cleansing** ▴ On a scheduled basis (e.g. T+1), all RFQ and execution data from the previous period is collected into a centralized database. This process must be automated to ensure consistency and timeliness.
The data is then cleansed to correct for any inconsistencies, such as timestamp mismatches or incorrect instrument identifiers. The integrity of this foundational data layer is critical for the validity of all subsequent analysis.

- 
**Performance Metric Calculation** ▴ The cleansed data is processed to calculate the key performance indicators (KPIs) for each trade, execution, and counterparty. This involves running automated scripts that compute metrics such as price improvement, response latency, hit rates, and slippage against various benchmarks (e.g. arrival price, volume-weighted average price). These calculated metrics are then appended to the trade records.

- 
**Reporting and Visualization** ▴ The calculated KPIs are fed into a reporting dashboard that provides an intuitive, multi-dimensional view of execution quality. This dashboard should allow traders and managers to slice and dice the data by instrument type, trade size, counterparty, time of day, and market volatility. Visualizations such as heatmaps for response times or scatter plots of price improvement versus trade size can reveal patterns that are difficult to discern from raw numbers.

- 
**Strategic Adjustment and Implementation** ▴ The insights gleaned from the reports are discussed in regular performance review meetings. These discussions lead to concrete adjustments in the execution strategy. For example, the counterparty scorecard might be updated, leading to a change in the default list of providers for a certain type of asset. These adjustments are then programmed into the Execution Management System (EMS), ensuring that the data-driven insights are applied to the next cycle of RFQs.

![A sleek, two-toned dark and light blue surface with a metallic fin-like element and spherical component, embodying an advanced Principal OS for Digital Asset Derivatives. This visualizes a high-fidelity RFQ execution environment, enabling precise price discovery and optimal capital efficiency through intelligent smart order routing within complex market microstructure and dark liquidity pools](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-optimizing-market-microstructure-for-high-fidelity-execution-and-capital-efficiency.jpg)

## Quantitative Modeling and Data Analysis

The core of the execution phase lies in the quantitative models used to analyze the data. These models provide the objective foundation for strategic adjustments. A primary tool is the detailed counterparty scorecard, which goes beyond simple rankings to provide a granular, data-driven profile of each liquidity provider. The table below provides a more detailed, hypothetical example of such a scorecard, demonstrating how multiple metrics can be combined into a composite score.

### Table 2 ▴ Granular Counterparty Scorecard

| Counterparty | Avg. Price Improvement (bps) | Avg. Response Latency (ms) | Hit Rate (%) | Last Look Rejection Rate (%) | Composite Score |
| --- | --- | --- | --- | --- | --- |
| Provider A | +2.5 | 150 | 25% | 0.5% | 88 |
| Provider B | +1.8 | 550 | 15% | 1.5% | 65 |
| Provider C | +3.1 | 300 | 18% | 0.8% | 82 |
| Provider D | -0.5 | 120 | 35% | 0.2% | 75 |

In this model, the composite score could be a weighted average of the normalized values of each metric. The analysis of this data would reveal, for instance, that while Provider D is very fast and wins a high percentage of trades, they offer poor price improvement on average. Conversely, Provider A offers a strong balance of good pricing, speed, and reliability. This quantitative evidence allows a trading desk to construct RFQ lists that are optimized for specific objectives, such as maximizing price improvement or minimizing response time.

![A complex central mechanism, akin to an institutional RFQ engine, displays intricate internal components representing market microstructure and algorithmic trading. Transparent intersecting planes symbolize optimized liquidity aggregation and high-fidelity execution for digital asset derivatives, ensuring capital efficiency and atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/institutional-rfq-engine-optimizing-digital-asset-derivative-execution.jpg)

## Predictive Scenario Analysis a Case Study

Consider a quantitative hedge fund’s trading desk tasked with executing a large, $50 million block trade in an illiquid corporate bond. Historically, the desk would send an RFQ to a standard list of ten counterparties. Post-trade analysis of previous large trades, however, revealed a consistent pattern of adverse price movement in the minutes following the RFQ, costing the fund an average of 5 basis points in market impact.

Using their post-trade analytics platform, the traders run a deeper analysis. They segment their counterparties based on historical information leakage scores, calculated by measuring post-RFQ price drift on trades where that specific counterparty was included. The analysis reveals that three of the ten counterparties are associated with a significantly higher-than-average information leakage score. Although these three providers occasionally offered competitive quotes, the data suggests their inclusion in the RFQ process was, on balance, detrimental.

> Through systematic analysis, the desk transformed a hidden cost into a measurable and manageable variable, directly improving execution outcomes.

For the next $50 million trade, the desk executes a revised strategy. They create a smaller, targeted RFQ list consisting of only the five counterparties with the lowest information leakage scores and a history of providing competitive quotes on large blocks. The RFQ is sent, and the trade is executed. The subsequent post-trade analysis is revealing.

The market impact cost on this trade was reduced to just 1 basis point. While the winning quote was only marginally better than the historical average, the reduction in adverse selection resulted in a net savings of 4 basis points, or $20,000 on this single trade. This data-driven refinement of the execution protocol, made possible by a rigorous post-trade analytical framework, demonstrates a clear and quantifiable improvement in performance.

![A dark, reflective surface displays a luminous green line, symbolizing a high-fidelity RFQ protocol channel within a Crypto Derivatives OS. This signifies precise price discovery for digital asset derivatives, ensuring atomic settlement and optimizing portfolio margin](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-pathway-optimizing-principal-liquidity-and-capital-efficiency.jpg)

## System Integration and Technological Architecture

The successful execution of this analytical strategy is contingent on a well-designed technological architecture. The system must ensure seamless data flow from the point of execution to the analytics engine and back to the trader’s decision-making interface. Key components of this architecture include:

- **Execution Management System (EMS)** ▴ The EMS must be capable of capturing all necessary data points with high-precision timestamps. It should also allow for the dynamic, API-driven management of counterparty lists based on the outputs of the analytics engine.

- **Data Warehouse** ▴ A centralized repository is required to store and manage the large volumes of historical trade and market data. This database needs to be optimized for the fast querying of time-series data.

- **Analytics Engine** ▴ This is the core computational component. It houses the quantitative models and scripts used to calculate KPIs and generate reports. Modern platforms often incorporate machine learning techniques to identify more subtle patterns and predictive signals in the data.

- **Visualization Layer** ▴ Tools like Tableau, or bespoke internal dashboards, are used to present the analytical output in an accessible and interactive format for traders and management. This visual interface is crucial for translating complex data into actionable insights.

The integration between these components is often achieved through APIs and standardized data protocols like the Financial Information eXchange (FIX). For example, custom FIX tags can be used to ensure that all necessary metadata for each RFQ is captured consistently by the EMS and passed to the data warehouse. This level of system integration is what enables the transformation of post-trade analysis from a backward-looking reporting function into a dynamic, forward-looking driver of execution strategy.

![A proprietary Prime RFQ platform featuring extending blue/teal components, representing a multi-leg options strategy or complex RFQ spread. The labeled band 'F331 46 1' denotes a specific strike price or option series within an aggregated inquiry for high-fidelity execution, showcasing granular market microstructure data points](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-protocol-1.jpg)

## References

- O’Hara, Maureen. _Market Microstructure Theory_. Blackwell Publishers, 1995.

- Lehalle, Charles-Albert, and Sophie Laruelle. _Market Microstructure in Practice_. World Scientific Publishing Company, 2013.

- Harris, Larry. _Trading and Exchanges ▴ Market Microstructure for Practitioners_. Oxford University Press, 2003.

- Johnson, Barry. “Electronic trading and best execution ▴ The new normal.” _Journal of Trading_, vol. 5, no. 3, 2010, pp. 50-59.

- Abel Noser. “The Evolution of Transaction Cost Analysis.” White Paper, 2018.

- “MiFID II ▴ Best Execution.” European Securities and Markets Authority (ESMA), 2017.

- Tradeweb. “Trading Analytics.” Tradeweb Markets LLC, 2023.

- Virtu Financial. “The Value of TCA.” Virtu Financial, Inc. 2022.

- Bloomberg L.P. “Evaluating Execution Quality with BTCA.” White Paper, 2021.

- Bessembinder, Hendrik, and Kumar, Alok. “Information, uncertainty, and the post-earnings-announcement drift.” _Journal of Financial Economics_, vol. 92, no. 1, 2009, pp. 34-59.

![Stacked, distinct components, subtly tilted, symbolize the multi-tiered institutional digital asset derivatives architecture. Layers represent RFQ protocols, private quotation aggregation, core liquidity pools, and atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/layered-institutional-digital-asset-derivatives-rfq-protocols-optimizing-principal-execution-management-systems-for-best-execution.jpg)

## Reflection

The framework presented details a systematic conversion of historical data into a decisive operational advantage. It repositions post-trade analysis from a mere audit function to the central intelligence hub of an execution strategy. The process of refining a quote solicitation protocol through this lens is an exercise in structural improvement. It moves a trading desk from a state of reacting to individual market events to one of proactively shaping its interactions with the liquidity landscape based on a deep, quantitative understanding of past performance.

The true potential of this approach is realized when the feedback loop becomes fully integrated into the firm’s operational DNA. This involves more than just adopting new software; it requires a cultural shift toward evidence-based decision-making. Every RFQ becomes an opportunity to gather intelligence, and every execution becomes a data point that refines the model.

The questions a trading desk asks begin to change. Instead of “Who gives the best price?”, the inquiry evolves to “Under what specific conditions does a particular counterparty provide superior execution, and how can we systemically steer our flow to capitalize on that knowledge?”.

Ultimately, the mastery of post-trade analytics provides a durable edge. While individual trading strategies may have a finite lifespan, the capability to measure, analyze, and improve execution quality is a permanent asset. It is a foundational component of a sophisticated trading architecture, enabling the firm to adapt and thrive as market structures and liquidity dynamics continue to evolve. The journey begins with data, but its destination is a more intelligent, resilient, and efficient trading operation.

![The image presents a stylized central processing hub with radiating multi-colored panels and blades. This visual metaphor signifies a sophisticated RFQ protocol engine, orchestrating price discovery across diverse liquidity pools](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-and-liquidity-aggregation-hub.jpg)

## Glossary

<a href="https://prime.greeks.live/area/post-trade-analytics/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, high-fidelity beige device with reflective black elements and a control point, set against a dynamic green-to-blue gradient sphere. This abstract representation symbolizes institutional-grade RFQ protocols for digital asset derivatives, ensuring high-fidelity execution and price discovery within market microstructure, powered by an intelligence layer for alpha generation and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-institutional-digital-asset-derivatives-rfq-execution-terminal-system.jpg)

## Post-Trade Analytics

Meaning ▴ Post-Trade Analytics, in the context of crypto investing and institutional trading, refers to the systematic and rigorous analysis of executed trades and associated market data subsequent to the completion of transactions. </a><a href="https://prime.greeks.live/area/execution-data/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek conduit, embodying an RFQ protocol and smart order routing, connects two distinct, semi-spherical liquidity pools. Its transparent core signifies an intelligence layer for algorithmic trading and high-fidelity execution of digital asset derivatives, ensuring atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-execution-engine-bridging-diverse-liquidity-pools-via-high-fidelity-rfq-protocol-orchestration.jpg)

## Execution Data

Meaning ▴ Execution data encompasses the comprehensive, granular, and time-stamped records of all events pertaining to the fulfillment of a trading order, providing an indispensable audit trail of market interactions from initial submission to final settlement. </a><a href="https://prime.greeks.live/area/post-trade-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A symmetrical, multi-faceted structure depicts an institutional Digital Asset Derivatives execution system. Its central crystalline core represents high-fidelity execution and atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-engine-microstructure.jpg)

## Post-Trade Analysis

Meaning ▴ Post-Trade Analysis, within the sophisticated landscape of crypto investing and smart trading, involves the systematic examination and evaluation of trading activity and execution outcomes after trades have been completed. </a><a href="https://prime.greeks.live/area/execution-quality/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, dark sphere, symbolizing the Intelligence Layer of a Prime RFQ, rests on a sophisticated institutional grade platform. Its surface displays volatility surface data, hinting at quantitative analysis for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-platform-intelligence-layer-optimizing-high-fidelity-execution.jpg)

## Execution Quality

Meaning ▴ Execution quality, within the framework of crypto investing and institutional options trading, refers to the overall effectiveness and favorability of how a trade order is filled. </a><a href="https://prime.greeks.live/area/market-impact/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Geometric forms with circuit patterns and water droplets symbolize a Principal's Prime RFQ. This visualizes institutional-grade algorithmic trading infrastructure, depicting electronic market microstructure, high-fidelity execution, and real-time price discovery](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-engine-prime-os-microstructure-analytics.jpg)

## Market Impact

Meaning ▴ Market impact, in the context of crypto investing and institutional options trading, quantifies the adverse price movement caused by an investor's own trade execution. </a><a href="https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sharp, crystalline spearhead symbolizes high-fidelity execution and precise price discovery for institutional digital asset derivatives. Resting on a reflective surface, it evokes optimal liquidity aggregation within a sophisticated RFQ protocol environment, reflecting complex market microstructure and advanced algorithmic trading strategies](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-precision-execution.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/rfq-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, multi-component device with a prominent lens, embodying a sophisticated RFQ workflow engine. Its modular design signifies integrated liquidity pools and dynamic price discovery for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-microstructure-2.jpg)

## Rfq Execution

Meaning ▴ RFQ Execution, within the specialized domain of institutional crypto options trading and smart trading, refers to the precise process of successfully completing a Request for Quote (RFQ) transaction, where an initiator receives, evaluates, and accepts a firm, executable price from a liquidity provider. </a><a href="https://prime.greeks.live/area/price-improvement/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## Price Improvement

Meaning ▴ Price Improvement, within the context of institutional crypto trading and Request for Quote (RFQ) systems, refers to the execution of an order at a price more favorable than the prevailing National Best Bid and Offer (NBBO) or the initially quoted price. </a><a href="https://prime.greeks.live/area/response-latency/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![An advanced digital asset derivatives system features a central liquidity pool aperture, integrated with a high-fidelity execution engine. This Prime RFQ architecture supports RFQ protocols, enabling block trade processing and price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-protocol-execution-system-architecture.jpg)

## Response Latency

Meaning ▴ Response Latency, within crypto trading systems, quantifies the time delay between the initiation of an action, such as submitting an order or a Request for Quote (RFQ), and the system's corresponding reaction, like an order confirmation or a definitive price quote. </a><a href="https://prime.greeks.live/area/information-leakage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Precision-engineered modular components, with transparent elements and metallic conduits, depict a robust RFQ Protocol engine. This architecture facilitates high-fidelity execution for institutional digital asset derivatives, enabling efficient liquidity aggregation and atomic settlement within market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-optimizing-high-fidelity-execution-and-liquidity-aggregation.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/trading-desk/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A luminous central hub with radiating arms signifies an institutional RFQ protocol engine. It embodies seamless liquidity aggregation and high-fidelity execution for multi-leg spread strategies](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-hub-for-optimal-liquidity-aggregation.jpg)

## Trading Desk

Meaning ▴ A Trading Desk, within the institutional crypto investing and broader financial services sector, functions as a specialized operational unit dedicated to executing buy and sell orders for digital assets, derivatives, and other crypto-native instruments. </a>

**Tags:** [Algorithmic Execution](https://options.greeks.live/area/algorithmic-execution/), [Execution Data](https://options.greeks.live/area/execution-data/), [Liquidity Sourcing](https://options.greeks.live/area/liquidity-sourcing/), [Price Improvement](https://options.greeks.live/area/price-improvement/), [RFQ Execution](https://options.greeks.live/area/rfq-execution/), [Response Latency](https://options.greeks.live/area/response-latency/)	

## Discover More

- 
### [How Does the Choice of RFQ Protocol Affect a Firm’s Transaction Cost Analysis Framework?](https://options.greeks.live/question/how-does-the-choice-of-rfq-protocol-affect-a-firms-transaction-cost-analysis-framework/)
![Abstract geometric structure with sharp angles and translucent planes, symbolizing institutional digital asset derivatives market microstructure. The central point signifies a core RFQ protocol engine, enabling precise price discovery and liquidity aggregation for multi-leg options strategies, crucial for high-fidelity execution and capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/principals-operational-framework-optimizing-institutional-digital-asset-derivatives-rfq-protocol-execution-for-alpha-generation.jpg)

The chosen RFQ protocol functions as the data generation engine for a firm's entire Transaction Cost Analysis framework.

- 
### [How Does Counterparty Selection in an Rfq Directly Impact Information Leakage?](https://options.greeks.live/question/how-does-counterparty-selection-in-an-rfq-directly-impact-information-leakage/)
![A transparent, blue-tinted sphere, anchored to a metallic base on a light surface, symbolizes an RFQ inquiry for digital asset derivatives. A fine line represents low-latency FIX Protocol for high-fidelity execution, optimizing price discovery in market microstructure via Prime RFQ.](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-rfq-protocol-sphere-high-fidelity-execution-gateway.jpg)

Counterparty selection in an RFQ directly governs the trade-off between price competition and the costly leakage of trading intent.

- 
### [How Does the Request for Quote Protocol Alter Best Execution Analysis for Derivatives?](https://options.greeks.live/question/how-does-the-request-for-quote-protocol-alter-best-execution-analysis-for-derivatives/)
![A luminous blue Bitcoin coin rests precisely within a sleek, multi-layered platform. This embodies high-fidelity execution of digital asset derivatives via an RFQ protocol, highlighting price discovery and atomic settlement. The structured environment signifies institutional-grade liquidity aggregation and portfolio margin.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-precision-3.jpg)

RFQ transforms best execution analysis from passive market measurement to the active architectural design and evaluation of a private, competitive auction.

- 
### [What Are the Primary Risks Associated with RFQ Trading in Volatile Markets?](https://options.greeks.live/question/what-are-the-primary-risks-associated-with-rfq-trading-in-volatile-markets/)
![The image features layered structural elements, representing diverse liquidity pools and market segments within a Principal's operational framework. A sharp, reflective plane intersects, symbolizing high-fidelity execution and price discovery via private quotation protocols for institutional digital asset derivatives, emphasizing atomic settlement nodes.](https://options.greeks.live/wp-content/uploads/2025/07/systemic-interplay-for-institutional-digital-asset-derivatives-execution-via-advanced-rfq-protocols.jpg)

RFQ trading in volatile markets demands a systemic approach to mitigate information leakage and adverse selection for resilient execution.

- 
### [How Does Counterparty Selection Influence RFQ Pricing Outcomes for Large Orders?](https://options.greeks.live/question/how-does-counterparty-selection-influence-rfq-pricing-outcomes-for-large-orders/)
![A sleek, futuristic institutional-grade instrument, representing high-fidelity execution of digital asset derivatives. Its sharp point signifies price discovery via RFQ protocols. The central Execution Management System EMS orchestrates multi-leg spread strategies, leveraging deep liquidity pools for block trade processing.](https://options.greeks.live/wp-content/uploads/2025/07/precision-rfq-execution-engine-for-institutional-digital-asset-derivatives.jpg)

Optimal RFQ pricing is achieved by systematically managing information leakage and competitive tension through data-driven counterparty selection.

- 
### [How Does Counterparty Selection Impact RFQ Pricing Outcomes?](https://options.greeks.live/question/how-does-counterparty-selection-impact-rfq-pricing-outcomes/)
![A sleek, angular Prime RFQ interface component featuring a vibrant teal sphere, symbolizing a precise control point for institutional digital asset derivatives. This represents high-fidelity execution and atomic settlement within advanced RFQ protocols, optimizing price discovery and liquidity across complex market microstructure.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-control-point.jpg)

Counterparty selection dictates RFQ pricing by systematically managing the trade-off between competitive tension and information control.

- 
### [How Does the Proliferation of Automated RFQ Platforms Affect the Overall Information Ecosystem in OTC Markets?](https://options.greeks.live/question/how-does-the-proliferation-of-automated-rfq-platforms-affect-the-overall-information-ecosystem-in-otc-markets/)
![A luminous digital market microstructure diagram depicts intersecting high-fidelity execution paths over a transparent liquidity pool. A central RFQ engine processes aggregated inquiries for institutional digital asset derivatives, optimizing price discovery and capital efficiency within a Prime RFQ.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-high-fidelity-execution-principal-operational-framework-price-discovery.jpg)

Automated RFQ platforms restructure OTC information ecosystems by turning price discovery into a managed, data-rich disclosure process.

- 
### [How Can a Tiered Rfq System Reduce Information Leakage for Large Trades?](https://options.greeks.live/question/how-can-a-tiered-rfq-system-reduce-information-leakage-for-large-trades/)
![Segmented beige and blue spheres, connected by a central shaft, expose intricate internal mechanisms. This represents institutional RFQ protocol dynamics, emphasizing price discovery, high-fidelity execution, and capital efficiency within digital asset derivatives market microstructure.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-optimal-execution.jpg)

A tiered RFQ system minimizes information leakage by sequentially revealing large orders to segmented, trusted counterparty groups.

- 
### [What Are the Key Risks of Using an RFQ Protocol besides Information Leakage?](https://options.greeks.live/question/what-are-the-key-risks-of-using-an-rfq-protocol-besides-information-leakage/)
![Precisely balanced blue spheres on a beam and angular fulcrum, atop a white dome. This signifies RFQ protocol optimization for institutional digital asset derivatives, ensuring high-fidelity execution, price discovery, capital efficiency, and systemic equilibrium in multi-leg spreads.](https://options.greeks.live/wp-content/uploads/2025/07/systemic-equilibrium-in-digital-asset-derivatives-rfq-protocols.jpg)

Beyond information leakage, RFQ protocols carry systemic risks of adverse selection and winner's curse, impacting execution quality.

---

## 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 Post-Trade Analytics Be Used to Refine an RFQ Execution Strategy?",
            "item": "https://options.greeks.live/question/how-can-post-trade-analytics-be-used-to-refine-an-rfq-execution-strategy/"
        }
    ]
}
```

```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-post-trade-analytics-be-used-to-refine-an-rfq-execution-strategy/"
    },
    "headline": "How Can Post-Trade Analytics Be Used to Refine an RFQ Execution Strategy? \u25b4 Question",
    "description": "Post-trade analytics transforms RFQ execution from a series of discrete trades into a continuously optimizing, data-driven system. \u25b4 Question",
    "url": "https://options.greeks.live/question/how-can-post-trade-analytics-be-used-to-refine-an-rfq-execution-strategy/",
    "datePublished": "2025-08-07T22:58:41+00:00",
    "dateModified": "2025-10-28T09:59:01+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/optimizing-digital-asset-derivatives-rfq-through-prime-os-precision.jpg",
        "caption": "A sleek pen is suspended above a luminous circular metallic structure with glowing teal internal components, suggesting an advanced technological system. This embodies the precision of RFQ protocols for institutional digital asset derivatives, enabling seamless block trade execution and optimal price discovery. It reflects the low latency environment of a Prime RFQ, crucial for best execution of complex multi-leg spread strategies and efficient portfolio margin utilization. The visual highlights an intelligence layer driving pre-trade analytics and robust post-trade reporting within a Crypto Derivatives OS."
    },
    "keywords": [
        "Algorithmic Execution",
        "Best Execution",
        "Block Trading",
        "Counterparty Segmentation",
        "Execution Data",
        "Execution Quality",
        "Information Leakage",
        "Liquidity Sourcing",
        "Market Impact",
        "Market Microstructure",
        "Post-Trade Analysis",
        "Post-Trade Analytics",
        "Price Improvement",
        "Response Latency",
        "RFQ Execution",
        "Trading Desk",
        "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"
    }
}
```


---

**Original URL:** https://options.greeks.live/question/how-can-post-trade-analytics-be-used-to-refine-an-rfq-execution-strategy/
