# How Do Quote Life Regulations Influence Market Liquidity and Order Book Depth? ▴ Question

**Published:** 2025-09-03
**Categories:** Question

---

![A metallic cylindrical component, suggesting robust Prime RFQ infrastructure, interacts with a luminous teal-blue disc representing a dynamic liquidity pool for digital asset derivatives. A precise golden bar diagonally traverses, symbolizing an RFQ-driven block trade path, enabling high-fidelity execution and atomic settlement within complex market microstructure for institutional grade operations](https://options.greeks.live/wp-content/uploads/2025/07/precision-execution-protocols-navigating-digital-asset-derivatives-market-microstructure-for-optimal-block-trade-liquidity.jpg)

![A disaggregated institutional-grade digital asset derivatives module, off-white and grey, features a precise brass-ringed aperture. It visualizes an RFQ protocol interface, enabling high-fidelity execution, managing counterparty risk, and optimizing price discovery within market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-protocol-modular-execution-intelligence-system.jpg)

## Concept

[Quote life regulations](https://prime.greeks.live/area/quote-life-regulations/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) represent a fundamental intervention in the temporal dynamics of [market microstructure](https://prime.greeks.live/area/market-microstructure/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). These rules mandate a minimum duration for which a limit order must remain active on an order book before it can be canceled or amended. From a systems perspective, this is a governor placed on the velocity of order flow, specifically targeting the high-frequency quoting strategies that can lead to ephemeral liquidity ▴ the appearance of depth that vanishes before it can be engaged. The core purpose is to enhance market stability by ensuring that the liquidity displayed is substantive and accessible, thereby reducing the probability of liquidity-induced price shocks, often called flash crashes.

![A stylized abstract radial design depicts a central RFQ engine processing diverse digital asset derivatives flows. Distinct halves illustrate nuanced market microstructure, optimizing multi-leg spreads and high-fidelity execution, visualizing a Principal's Prime RFQ managing aggregated inquiry and latent liquidity](https://options.greeks.live/wp-content/uploads/2025/07/principal-rfq-execution-engine-optimizing-digital-asset-derivatives-market-microstructure-for-institutional-liquidity-aggregation.jpg)

## The Interplay of Time, Liquidity, and Risk

At the heart of this regulatory framework lies a critical trade-off for liquidity providers, primarily [market makers](https://prime.greeks.live/question/how-does-anonymity-in-an-rfq-protocol-alter-the-strategic-behavior-of-market-makers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). Their function is to continuously post bids and offers, profiting from the spread while managing the risk of holding an inventory of the asset. In an unregulated, high-frequency environment, a market maker can cancel and replace quotes in microseconds to adjust to new information and manage risk. A [minimum quote life](https://prime.greeks.live/area/minimum-quote-life/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (MQL) rule fundamentally alters this risk equation.

It introduces a period of forced exposure. During this interval, the [market maker](https://prime.greeks.live/question/how-does-the-role-of-a-market-maker-differ-between-a-lit-exchange-and-a-decentralized-otc-market/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is committed to their price, even if new, adverse information enters the market. This forced commitment creates a potential for loss, as the posted quote can become stale and be executed against by faster traders who have already processed the new information.

![A sleek, precision-engineered device with a split-screen interface displaying implied volatility and price discovery data for digital asset derivatives. This institutional grade module optimizes RFQ protocols, ensuring high-fidelity execution and capital efficiency within market microstructure for multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-module.jpg)

## Defining the System Components

Understanding the influence of these regulations requires a precise definition of the key system variables involved:

- **[Market Liquidity](https://prime.greeks.live/area/market-liquidity/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)** ▴ This refers to the ability to execute large transactions quickly and with minimal price impact. It has several dimensions, including tightness (the [bid-ask spread](https://prime.greeks.live/area/bid-ask-spread/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)), depth (the volume of orders at various price levels), and resiliency (the speed at which the order book replenishes after a large trade).

- **[Order Book Depth](https://prime.greeks.live/area/order-book-depth/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)** ▴ A direct measure of liquidity, order book depth is the quantity of buy and sell orders available at different price points in a central [limit order](https://prime.greeks.live/question/how-do-algorithmic-strategies-adapt-to-limit-up-limit-down-price-bands/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) book. A “deep” book has substantial volume at prices near the best bid and offer, as well as at prices further away.

- **[Quote Life](https://prime.greeks.live/area/quote-life/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)** ▴ This is the duration between the submission of a limit order and its cancellation or execution. High-frequency market-making strategies are often characterized by extremely short quote lifetimes.

Quote life regulations, therefore, act directly on the temporal dimension of orders to indirectly influence the quantitative and qualitative dimensions of liquidity and depth. The central question for market participants is how this mandated change in timing recalibrates the strategic provision of liquidity across the entire market system.

![A segmented circular diagram, split diagonally. Its core, with blue rings, represents the Prime RFQ Intelligence Layer driving High-Fidelity Execution for Institutional Digital Asset Derivatives](https://options.greeks.live/wp-content/uploads/2025/08/high-speed-prime-os-rfq-digital-asset-derivatives-trade-execution.jpg)

![A precision-engineered component, like an RFQ protocol engine, displays a reflective blade and numerical data. It symbolizes high-fidelity execution within market microstructure, driving price discovery, capital efficiency, and algorithmic trading for institutional Digital Asset Derivatives on a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-execution-engine-core-for-institutional-digital-asset-derivatives-rfq-protocol-price-discovery.jpg)

## Strategy

The introduction of minimum quote life regulations compels a strategic recalibration for liquidity providers. Their operational models, often optimized for speed and minimal inventory risk, must adapt to a regime of mandated quote persistence. This shift forces a re-evaluation of how to price liquidity and manage risk, leading to several distinct strategic responses that ripple through the market’s microstructure.

> The primary strategic adaptation involves widening bid-ask spreads to compensate for the increased risk of being adversely selected.

![Robust polygonal structures depict foundational institutional liquidity pools and market microstructure. Transparent, intersecting planes symbolize high-fidelity execution pathways for multi-leg spread strategies and atomic settlement, facilitating private quotation via RFQ protocols within a controlled dark pool environment, ensuring optimal price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-microstructure-prime-os.jpg)

## Pricing the Risk of Temporal Commitment

The most immediate strategic adjustment is in the pricing of liquidity. The bid-ask spread is, in essence, the price a market maker charges for the service of providing immediate liquidity. When an MQL rule is imposed, the risk associated with this service increases.

A market maker who cannot cancel a quote for, say, 500 milliseconds, is exposed to any market-moving news that occurs within that window. To compensate for this heightened “stale quote” risk, they must demand a higher premium.

This manifests as a widening of the bid-ask spread. The market maker’s algorithm will adjust to post bids that are slightly lower and offers that are slightly higher than they would in an environment without MQL. This wider spread provides a larger buffer to absorb potential losses from being executed against on a stale quote. While this is a rational response to the increased risk, it has the direct consequence of increasing transaction costs for liquidity demanders.

![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)

## Strategic Re-Allocation of Depth

Beyond spread adjustments, MQL rules influence the quantity of liquidity that market makers are willing to provide. The risk of a stale quote is a function of both time and size. A large order sitting on the book during a volatile period represents a significant liability. Consequently, market makers may strategically reduce the size of the quotes they display at the best bid and offer (the “top of book”).

This can lead to a paradoxical outcome ▴ while the regulation is designed to make liquidity more stable, it may also make the [order book](https://prime.greeks.live/area/order-book/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) thinner at the most crucial [price levels](https://prime.greeks.live/guide/master-swing-trading-entries-using-volume-weighted-price-levels/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). A market maker might adapt their strategy in the following ways:

- **Reduced Top-of-Book Size** ▴ Instead of posting a single large order, the algorithm may be programmed to post a series of smaller orders, replenishing them only after one is executed. This minimizes the amount of capital at risk at any single moment.

- **Increased Depth Further from the Spread** ▴ To continue providing liquidity while managing risk, some providers may shift their quotes to price levels further away from the current market price. These orders are less likely to be executed in normal market conditions, acting as a backstop during large price moves while carrying less immediate risk.

- **Dynamic Quoting Based on Volatility** ▴ Sophisticated strategies will incorporate real-time volatility as a key input. During periods of low volatility, quoting strategy may resemble a pre-MQL environment. As volatility increases, the algorithm will automatically widen spreads and reduce quote sizes to mitigate the amplified risk.

![Engineered object with layered translucent discs and a clear dome encapsulating an opaque core. Symbolizing market microstructure for institutional digital asset derivatives, it represents a Principal's operational framework for high-fidelity execution via RFQ protocols, optimizing price discovery and capital efficiency within a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-protocol-execution-intelligence-engine.jpg)

## Comparative Analysis of Liquidity Provision Strategies

The table below outlines the strategic shifts induced by MQL regulations compared to an unregulated, high-frequency environment.

| Strategic Dimension | High-Frequency (No MQL) Strategy | MQL-Compliant Strategy |
| --- | --- | --- |
| Primary Goal | Maximize spread capture while minimizing inventory time. | Balance spread capture with managing mandated time-in-force risk. |
| Quoting Frequency | Extremely high; quotes are updated in microseconds. | Lower; updates are constrained by the MQL duration. |
| Bid-Ask Spread | Typically very tight, reflecting low short-term risk. | Wider, to compensate for stale quote risk. |
| Order Size at Top of Book | Can be large, as it can be canceled instantly. | Generally smaller, to limit exposure. |
| Risk Management | Based on speed; canceling quotes ahead of adverse price moves. | Based on pricing; the spread is the primary risk management tool. |

Ultimately, the strategic landscape under MQL regulations becomes one of heightened caution. [Liquidity provision](https://prime.greeks.live/area/liquidity-provision/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) transforms from a pure speed-based competition to a more calculated assessment of risk over a fixed time horizon. This systemic shift changes the fundamental dynamics of the order book, affecting not just market makers but all participants who rely on the liquidity they provide.

![Visualizing institutional digital asset derivatives market microstructure. A central RFQ protocol engine facilitates high-fidelity execution across diverse liquidity pools, enabling precise price discovery for multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-across-multi-asset-liquidity.jpg)

![A teal-blue disk, symbolizing a liquidity pool for digital asset derivatives, is intersected by a bar. This represents an RFQ protocol or block trade, detailing high-fidelity execution pathways](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocols-high-fidelity-digital-asset-execution.jpg)

## Execution

The execution-level impact of minimum quote life regulations permeates the core logic of automated trading systems and risk management frameworks. For institutional traders and market makers, complying with these rules is not a matter of simple parameter adjustment; it requires a fundamental redesign of algorithmic behavior and a more sophisticated approach to modeling short-term market dynamics. The operational challenge is to maintain a competitive presence in the market while adhering to a constraint that directly opposes the traditional risk mitigation technique of rapid cancellation.

![Abstract forms depict institutional liquidity aggregation and smart order routing. Intersecting dark bars symbolize RFQ protocols enabling atomic settlement for multi-leg spreads, ensuring high-fidelity execution and price discovery of digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-high-fidelity-execution-2.jpg)

## Algorithmic Adjustments for MQL Compliance

A market-making algorithm must be re-architected to operate within the temporal constraints of MQL. The core logic loop, which typically involves processing market data, calculating a fair value, and posting quotes, must be augmented with a state-management layer that tracks the age of each active order.

An operational protocol for an MQL-compliant market-making algorithm would include the following steps:

- **State Ingestion** ▴ The system continuously processes incoming market data (trades, order book updates) to maintain an accurate, real-time view of the market state.

- **Fair Value Calculation** ▴ A proprietary pricing model calculates the theoretical “fair value” of the asset. This model may incorporate various factors, including the micro-price, recent trade momentum, and other correlated signals.

- **Quote Generation** ▴ Based on the fair value, the algorithm determines its desired bid and ask prices, incorporating a spread determined by the MQL risk premium and current market volatility.

- **Compliance Check** ▴ Before any action is taken on existing quotes, the system checks a timestamp associated with each live order.

<li>If current_time – order_timestamp < MQL, the algorithm is prohibited from canceling or amending that order, even if its price is now suboptimal based on new data.

- If current_time – order_timestamp >= MQL, the order is “unlocked,” and the algorithm is free to cancel or replace it.

</li>
- **Risk Assessment and Execution** ▴ The algorithm assesses its current inventory and the state of its locked quotes. If a new quote is to be placed, it is sent to the exchange with a new timestamp, beginning a new MQL cycle. If an existing quote is unlocked and deviates significantly from the desired price, it is canceled and replaced.

![A segmented, teal-hued system component with a dark blue inset, symbolizing an RFQ engine within a Prime RFQ, emerges from darkness. Illuminated by an optimized data flow, its textured surface represents market microstructure intricacies, facilitating high-fidelity execution for institutional digital asset derivatives via private quotation for multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-intelligence-layer-for-institutional-digital-asset-derivatives-rfq.jpg)

## Quantitative Modeling of Order Book Impact

The aggregate effect of these algorithmic changes can be modeled to understand the systemic impact on the order book. Consider a hypothetical scenario for a single stock under two regulatory regimes ▴ No MQL and a 500ms MQL. The table below illustrates the potential state of the order book during a period of moderate volatility.

| Price Level | No MQL – Bid Size | No MQL – Ask Size | 500ms MQL – Bid Size | 500ms MQL – Ask Size |
| --- | --- | --- | --- | --- |
| $100.05 | – | 1,500 | – | 800 |
| $100.04 | – | 2,500 | – | 1,200 |
| $100.03 | – | 4,000 | – | 2,000 |
| $100.02 | – | 5,000 | – | 3,500 |
| $100.01 (Best Ask) | – | 8,000 | – | 4,500 |
| $100.00 (Best Bid) | 7,500 | – | 4,000 | – |
| $99.99 | 6,000 | – | 3,000 | – |
| $99.98 | 4,500 | – | 2,500 | – |
| $99.97 | 3,000 | – | 1,500 | – |
| $99.96 | 2,000 | – | 1,000 | – |

> The data clearly shows a shallower order book under the MQL regime, with reduced volume at the best price levels.

In this model, the bid-ask spread has widened from $0.01 to $0.02 (as seen by the gap between the new best bid and ask). More importantly, the depth at the best bid and offer has been nearly halved. A large market order that would have been filled at a single price level in the “No MQL” environment would now “walk the book,” consuming liquidity across multiple, worse price levels, resulting in significantly higher [slippage](https://prime.greeks.live/area/slippage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) for the liquidity demander. This demonstrates the direct, quantifiable trade-off imposed by the regulation ▴ the liquidity that remains is more persistent, but there is less of it available at the best prices.

![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)

## References

- Financial Conduct Authority. “Minimum quote life and maximum order message-to-trade ratio.” GOV.UK, 2015.

- Harris, Lawrence E. “Trading and Exchanges ▴ Market Microstructure for Practitioners.” Oxford University Press, 2003.

- Hasbrouck, Joel. “Empirical Market Microstructure ▴ The Institutions, Economics, and Econometrics of Securities Trading.” Oxford University Press, 2007.

- Cont, Rama, and Arseniy Kukanov. “Optimal Order Placement in Limit Order Books.” Quantitative Finance, vol. 17, no. 1, 2017, pp. 21-39.

- O’Hara, Maureen. “Market Microstructure Theory.” Blackwell Publishing, 1995.

- Biais, Bruno, et al. “Implications of the Variance of T-Bill Yields for the Volatility of the S&P 500.” The Review of Financial Studies, vol. 8, no. 1, 1995, pp. 133-52.

- Hautsch, Nikolaus, and Ruihong Huang. “The Market Impact of a Limit Order.” Journal of Financial Markets, vol. 15, no. 1, 2012, pp. 48-74.

- Lee, Charles M. C. et al. “What is the Intrinsic Value of the Dow?” The Journal of Finance, vol. 54, no. 5, 1999, pp. 1693-741.

![A multi-layered, circular device with a central concentric lens. It symbolizes an RFQ engine for precision price discovery and high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-for-precision-execution.jpg)

## Reflection

![A sleek, futuristic object with a glowing line and intricate metallic core, symbolizing a Prime RFQ for institutional digital asset derivatives. It represents a sophisticated RFQ protocol engine enabling high-fidelity execution, liquidity aggregation, atomic settlement, and capital efficiency for multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/advanced-institutional-digital-asset-derivatives-rfq-protocol-execution-engine-for-optimal-liquidity-aggregation-and-atomic-settlement.jpg)

## Calibrating the System’s Clock

The implementation of quote life regulations is an act of systemic temporal engineering. It imposes a uniform clock speed on a subset of market actions, forcing participants who operate at the nanosecond level to reconcile their strategies with a much slower, mandated rhythm. The knowledge gained through analyzing these regulations prompts a deeper introspection into one’s own operational framework.

It forces a critical evaluation of how dependent our execution quality is on the ephemeral, flickering liquidity of an unregulated book versus the more persistent, yet potentially shallower, liquidity of a regulated one. The ultimate strategic advantage lies not in simply complying with the rule, but in fundamentally understanding how this recalibration of time alters the behavior of all other participants, and building predictive models that exploit the new, more deliberate market pulse.

![Glossy, intersecting forms in beige, blue, and teal embody RFQ protocol efficiency, atomic settlement, and aggregated liquidity for institutional digital asset derivatives. The sleek design reflects high-fidelity execution, prime brokerage capabilities, and optimized order book dynamics for capital efficiency](https://options.greeks.live/wp-content/uploads/2025/08/precision-engineered-digital-asset-derivatives-execution-via-optimized-rfq-protocols-enhancing-principal-operational-frameworks.jpg)

## Glossary

<a href="https://prime.greeks.live/area/quote-life-regulations/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, two-toned dark and light blue surface with a metallic fin-like element and spherical component, embodying an advanced Principal OS for Digital Asset Derivatives. This visualizes a high-fidelity RFQ execution environment, enabling precise price discovery and optimal capital efficiency through intelligent smart order routing within complex market microstructure and dark liquidity pools](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-optimizing-market-microstructure-for-high-fidelity-execution-and-capital-efficiency.jpg)

## Quote Life Regulations

Meaning ▴ Quote Life Regulations define the maximum duration a submitted price quote remains valid within an electronic trading system before automatic cancellation. </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 reflective surface supports a sharp metallic element, stabilized by a sphere, alongside translucent teal prisms. This abstractly represents institutional-grade digital asset derivatives RFQ protocol price discovery within a Prime RFQ, emphasizing high-fidelity execution and liquidity pool optimization](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-prime-os-microstructure-optimization.jpg)

## Market Microstructure

Meaning ▴ Market Microstructure refers to the study of the processes and rules by which securities are traded, focusing on the specific mechanisms of price discovery, order flow dynamics, and transaction costs within a trading venue. </a><a href="https://prime.greeks.live/area/minimum-quote-life/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Sleek, metallic components with reflective blue surfaces depict an advanced institutional RFQ protocol. Its central pivot and radiating arms symbolize aggregated inquiry for multi-leg spread execution, optimizing order book dynamics](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-microstructure-for-institutional-digital-asset-derivatives.jpg)

## Minimum Quote Life

Meaning ▴ Minimum Quote Life defines the temporal duration during which a submitted price and its associated quantity remain valid and actionable within a trading system, before the system automatically invalidates or cancels the quote. </a><a href="https://prime.greeks.live/question/how-does-anonymity-in-an-rfq-protocol-alter-the-strategic-behavior-of-market-makers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![An institutional-grade platform's RFQ protocol interface, with a price discovery engine and precision guides, enables high-fidelity execution for digital asset derivatives. Integrated controls optimize market microstructure and liquidity aggregation within a Principal's operational framework](https://options.greeks.live/wp-content/uploads/2025/07/proprietary-institutional-digital-asset-derivatives-rfq-protocol-engine-facilitating-high-fidelity-execution-and-granular-market-microstructure-analysis-for-prime-os.jpg)

## Market Makers

Anonymity in RFQs shifts market maker strategy from relationship management to pricing probabilistic risk, demanding wider spreads and selective engagement to counter adverse selection. </a><a href="https://prime.greeks.live/question/how-does-the-role-of-a-market-maker-differ-between-a-lit-exchange-and-a-decentralized-otc-market/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A metallic, modular trading interface with black and grey circular elements, signifying distinct market microstructure components and liquidity pools. A precise, blue-cored probe diagonally integrates, representing an advanced RFQ engine for granular price discovery and atomic settlement of multi-leg spread strategies in institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-system-facilitating-high-fidelity-execution-price-discovery.jpg)

## Market Maker

A market maker's role shifts from a high-frequency, anonymous liquidity provider on a lit exchange to a discreet, risk-assessing dealer in decentralized OTC markets. </a><a href="https://prime.greeks.live/area/market-liquidity/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, reflective bi-component structure, embodying an RFQ protocol for multi-leg spread strategies, rests on a Prime RFQ base. Surrounding nodes signify price discovery points, enabling high-fidelity execution of digital asset derivatives with capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/precision-orchestration-of-institutional-digital-asset-derivatives-rfq-protocols-for-optimal-market-microstructure.jpg)

## Market Liquidity

Meaning ▴ Market liquidity quantifies the ease and cost with which an asset can be converted into cash without significant price impact. </a><a href="https://prime.greeks.live/area/bid-ask-spread/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Visualizing a complex Institutional RFQ ecosystem, angular forms represent multi-leg spread execution pathways and dark liquidity integration. A sharp, precise point symbolizes high-fidelity execution for digital asset derivatives, highlighting atomic settlement within a Prime RFQ framework](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-high-fidelity-execution-1.jpg)

## Bid-Ask Spread

Meaning ▴ The Bid-Ask Spread represents the differential between the highest price a buyer is willing to pay for an asset, known as the bid price, and the lowest price a seller is willing to accept, known as the ask price. </a><a href="https://prime.greeks.live/area/order-book-depth/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Central polished disc, with contrasting segments, represents Institutional Digital Asset Derivatives Prime RFQ core. A textured rod signifies RFQ Protocol High-Fidelity Execution and Low Latency Market Microstructure data flow to the Quantitative Analysis Engine for Price Discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-core-system-high-fidelity.jpg)

## Order Book Depth

Meaning ▴ Order Book Depth quantifies the aggregate volume of limit orders present at each price level away from the best bid and offer in a trading venue's order book. </a><a href="https://prime.greeks.live/question/how-do-algorithmic-strategies-adapt-to-limit-up-limit-down-price-bands/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A metallic precision tool rests on a circuit board, its glowing traces depicting market microstructure and algorithmic trading. A reflective disc, symbolizing a liquidity pool, mirrors the tool, highlighting high-fidelity execution and price discovery for institutional digital asset derivatives via RFQ protocols and Principal's Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocols-driving-high-fidelity-execution-and-market-microstructure-optimization-via-principal-prime-os.jpg)

## Limit Order

Algorithmic strategies adapt to LULD bands by transitioning to state-aware protocols that manage execution, risk, and liquidity at these price boundaries. </a><a href="https://prime.greeks.live/area/quote-life/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Sleek, modular infrastructure for institutional digital asset derivatives trading. Its intersecting elements symbolize integrated RFQ protocols, facilitating high-fidelity execution and precise price discovery across complex multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-system-optimizing-high-fidelity-block-trade-liquidity-and-multi-leg-spread-precision.jpg)

## Quote Life

Meaning ▴ The Quote Life defines the maximum temporal validity for a price quotation or order within an exchange's order book or a bilateral RFQ system before its automatic cancellation. </a><a href="https://prime.greeks.live/guide/master-swing-trading-entries-using-volume-weighted-price-levels/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Stacked, modular components represent a sophisticated Prime RFQ for institutional digital asset derivatives. Each layer signifies distinct liquidity pools or execution venues, with transparent covers revealing intricate market microstructure and algorithmic trading logic, facilitating high-fidelity execution and price discovery within a private quotation environment](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-execution-framework.jpg)

## Price Levels

Mastering volume-weighted price levels synchronizes your trades with dominant institutional capital flow. </a><a href="https://prime.greeks.live/area/order-book/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sophisticated, illuminated device representing an Institutional Grade Prime RFQ for Digital Asset Derivatives. Its glowing interface indicates active RFQ protocol execution, displaying high-fidelity execution status and price discovery for block trades](https://options.greeks.live/wp-content/uploads/2025/07/principal-rfq-engine-for-digital-asset-derivatives-best-execution-1.jpg)

## Order Book

Meaning ▴ An Order Book is a real-time electronic ledger detailing all outstanding buy and sell orders for a specific financial instrument, organized by price level and sorted by time priority within each level. </a><a href="https://prime.greeks.live/area/liquidity-provision/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, illuminated object, symbolizing an advanced RFQ protocol or Execution Management System, precisely intersects two broad surfaces representing liquidity pools within market microstructure. Its glowing line indicates high-fidelity execution and atomic settlement of digital asset derivatives, ensuring best execution and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/principals-rfq-protocol-high-fidelity-execution-digital-asset-derivatives-market-microstructure-price-discovery-alpha-generation.jpg)

## Liquidity Provision

Meaning ▴ Liquidity Provision is the systemic function of supplying bid and ask orders to a market, thereby narrowing the bid-ask spread and facilitating efficient asset exchange. </a><a href="https://prime.greeks.live/area/slippage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Institutional-grade infrastructure supports a translucent circular interface, displaying real-time market microstructure for digital asset derivatives price discovery. Geometric forms symbolize precise RFQ protocol execution, enabling high-fidelity multi-leg spread trading, optimizing capital efficiency and mitigating systemic risk](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-request-for-quote-protocol-high-fidelity-execution-market-microstructure-intelligence-layer.jpg)

## Slippage

Meaning ▴ Slippage denotes the variance between an order's expected execution price and its actual execution price. </a>

**Tags:** [Stale Quote Risk](https://options.greeks.live/area/stale-quote-risk/), [Market Liquidity](https://options.greeks.live/area/market-liquidity/), [Slippage](https://options.greeks.live/area/slippage/), [Minimum Quote Life](https://options.greeks.live/area/minimum-quote-life/), [Flash Crash](https://options.greeks.live/area/flash-crash/), [Algorithmic Trading](https://options.greeks.live/area/algorithmic-trading/)	

## Discover More

- 
### [When Does Increased Minimum Quote Life Elevate Systemic Market Risk?](https://options.greeks.live/question/when-does-increased-minimum-quote-life-elevate-systemic-market-risk/)
![A sophisticated digital asset derivatives trading mechanism features a central processing hub with luminous blue accents, symbolizing an intelligence layer driving high fidelity execution. Transparent circular elements represent dynamic liquidity pools and a complex volatility surface, revealing market microstructure and atomic settlement via an advanced RFQ protocol.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-high-fidelity-execution-framework-optimizing-market-microstructure-price-discovery-intelligence-layer.jpg)

An increased MQL elevates systemic risk when high volatility makes the rule a guaranteed loss for liquidity providers, forcing a mass withdrawal.

- 
### [What Are the Second-Order Effects of Widespread Bid Shading on Market-Wide Liquidity?](https://options.greeks.live/question/what-are-the-second-order-effects-of-widespread-bid-shading-on-market-wide-liquidity/)
![Abstract forms depict institutional liquidity aggregation and smart order routing. Intersecting dark bars symbolize RFQ protocols enabling atomic settlement for multi-leg spreads, ensuring high-fidelity execution and price discovery of digital asset derivatives.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-high-fidelity-execution-2.jpg)

Widespread bid shading triggers a cascade of defensive reactions from liquidity providers, thinning market depth and increasing costs for all.

- 
### [When Do Minimum Quote Life Rules Potentially Exacerbate Adverse Selection for Liquidity Providers?](https://options.greeks.live/question/when-do-minimum-quote-life-rules-potentially-exacerbate-adverse-selection-for-liquidity-providers/)
![A central precision-engineered RFQ engine orchestrates high-fidelity execution across interconnected market microstructure. This Prime RFQ node facilitates multi-leg spread pricing and liquidity aggregation for institutional digital asset derivatives, minimizing slippage.](https://options.greeks.live/wp-content/uploads/2025/08/high-fidelity-rfq-execution-for-institutional-crypto-derivatives.jpg)

Minimum quote life rules intensify adverse selection, compelling liquidity providers to deploy dynamic strategies for capital preservation and execution integrity.

- 
### [How Do High-Frequency Trading Strategies Impact Liquidity in a Central Limit Order Book?](https://options.greeks.live/question/how-do-high-frequency-trading-strategies-impact-liquidity-in-a-central-limit-order-book/)
![A central, dynamic, multi-bladed mechanism visualizes Algorithmic Trading engines and Price Discovery for Digital Asset Derivatives. Flanked by sleek forms signifying Latent Liquidity and Capital Efficiency, it illustrates High-Fidelity Execution via RFQ Protocols within an Institutional Grade framework, minimizing Slippage.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-market-microstructure-rfq-protocol-optimization.jpg)

High-frequency trading reshapes the order book by injecting vast, fleeting liquidity while enabling high-speed consumption, tightening spreads but risking fragility.

- 
### [How Do Market Makers Balance Liquidity Provision and Adverse Selection under Quote Life Mandates?](https://options.greeks.live/question/how-do-market-makers-balance-liquidity-provision-and-adverse-selection-under-quote-life-mandates/)
![Abstract intersecting beams with glowing channels precisely balance dark spheres. This symbolizes institutional RFQ protocols for digital asset derivatives, enabling high-fidelity execution, optimal price discovery, and capital efficiency within complex market microstructure. It reflects a Principal's robust Prime RFQ, optimizing algorithmic trading strategies.](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-best-execution-prime-os-infrastructure.jpg)

Market makers balance liquidity and risk under quote mandates by pricing forward-looking adverse selection probability into their spreads.

- 
### [Can Minimum Quote Life Rules Prevent or Mitigate the Impact of a Flash Crash?](https://options.greeks.live/question/can-minimum-quote-life-rules-prevent-or-mitigate-the-impact-of-a-flash-crash/)
![Geometric shapes symbolize an institutional digital asset derivatives trading ecosystem. A pyramid denotes foundational quantitative analysis and the Principal's operational framework. A sphere represents dynamic liquidity and aggregated inquiry. Intersecting metallic planes illustrate high-fidelity execution and RFQ protocol pathways, optimizing market microstructure for multi-leg spreads.](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-execution-system-microstructure.jpg)

Minimum Quote Life rules are systemic governors that impose calculated friction to slow liquidity withdrawal, mitigating flash crash severity.

- 
### [How Do Exchanges Calibrate Minimum Quote Life Intervals?](https://options.greeks.live/question/how-do-exchanges-calibrate-minimum-quote-life-intervals/)
![A precision optical system with a teal-hued lens and integrated control module symbolizes institutional-grade digital asset derivatives infrastructure. It facilitates RFQ protocols for high-fidelity execution, price discovery within market microstructure, algorithmic liquidity provision, and portfolio margin optimization via Prime RFQ.](https://options.greeks.live/wp-content/uploads/2025/08/principal-grade-digital-asset-derivatives-rfq-optics-for-high-fidelity-execution-and-optimized-liquidity.jpg)

Exchanges calibrate Minimum Quote Life intervals to enhance order book reliability, balance liquidity provision risks, and optimize market stability.

- 
### [How Do Minimum Quote Life Constraints Influence Bid-Ask Spread Dynamics?](https://options.greeks.live/question/how-do-minimum-quote-life-constraints-influence-bid-ask-spread-dynamics/)
![Translucent teal glass pyramid and flat pane, geometrically aligned on a dark base, symbolize market microstructure and price discovery within RFQ protocols for institutional digital asset derivatives. This visualizes multi-leg spread construction, high-fidelity execution via a Principal's operational framework, ensuring atomic settlement for latent liquidity.](https://options.greeks.live/wp-content/uploads/2025/07/transparent-geometric-structures-visualizing-multi-leg-spread-rfq-protocols-for-high-fidelity-institutional-digital-asset-derivatives-execution.jpg)

Minimum quote life constraints embed a temporal risk premium into spreads, demanding a strategic shift from speed to stability analysis.

- 
### [How Do Exchanges Determine the Appropriate Minimum Quote Life Duration?](https://options.greeks.live/question/how-do-exchanges-determine-the-appropriate-minimum-quote-life-duration/)
![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)

Exchanges dynamically calibrate minimum quote life to balance liquidity provision, adverse selection mitigation, and market stability through quantitative modeling.

---

## 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 Do Quote Life Regulations Influence Market Liquidity and Order Book Depth?",
            "item": "https://options.greeks.live/question/how-do-quote-life-regulations-influence-market-liquidity-and-order-book-depth/"
        }
    ]
}
```

```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-do-quote-life-regulations-influence-market-liquidity-and-order-book-depth/"
    },
    "headline": "How Do Quote Life Regulations Influence Market Liquidity and Order Book Depth? \u25b4 Question",
    "description": "Quote life rules force a trade-off: they stabilize liquidity by mandating its persistence, but often at the cost of reduced order book depth. \u25b4 Question",
    "url": "https://options.greeks.live/question/how-do-quote-life-regulations-influence-market-liquidity-and-order-book-depth/",
    "datePublished": "2025-09-03T10:40:24+00:00",
    "dateModified": "2025-09-03T10:40:26+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-digital-asset-derivatives-rfq-protocol-execution-engine-10.jpg",
        "caption": "An advanced institutional trading engine, signifying a Prime RFQ, precisely emits an RFQ protocol data stream, symbolizing atomic settlement for digital asset derivatives. This intelligence layer navigates complex market microstructure and latent liquidity between market makers, enabling optimal price discovery and capital efficiency for block trades. It underscores a commitment to best execution and reduced slippage for sophisticated portfolio margin strategies, reflecting systemic risk mitigation."
    },
    "keywords": [
        "Algorithmic Trading",
        "Bid-Ask Spread",
        "Flash Crash",
        "High-Frequency Trading",
        "Liquidity Provision",
        "Market Liquidity",
        "Market Microstructure",
        "Minimum Quote Life",
        "Order Book",
        "Order Book Depth",
        "Price Discovery",
        "Quote Life",
        "Quote Life Regulations",
        "Regulatory Impact",
        "Slippage",
        "Stale Quote Risk"
    ]
}
```

```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-do-quote-life-regulations-influence-market-liquidity-and-order-book-depth/
