# How Do Regulatory Frameworks Govern Information Disclosure in Block Trades Executed via RFQ? ▴ Question

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

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![An abstract digital interface features a dark circular screen with two luminous dots, one teal and one grey, symbolizing active and pending private quotation statuses within an RFQ protocol. Below, sharp parallel lines in black, beige, and grey delineate distinct liquidity pools and execution pathways for multi-leg spread strategies, reflecting market microstructure and high-fidelity execution for institutional grade digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-displaying-multi-leg-execution-status-and-optimal-liquidity-pathways.jpg)

![Abstract institutional-grade Crypto Derivatives OS. Metallic trusses depict market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-market-microstructure-optimizing-rfq-protocols-for-high-fidelity-execution-via-prime-os.jpg)

## Concept

The governance of [information disclosure](https://prime.greeks.live/area/information-disclosure/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) in block trades executed via [Request for Quote](https://prime.greeks.live/area/request-for-quote/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (RFQ) protocols is a direct response to a fundamental tension in market structure. On one side, institutional participants require a mechanism to transfer large volumes of risk without causing significant, adverse price movements ▴ a phenomenon known as market impact. On the other, regulators are mandated to ensure fair, orderly, and transparent markets. The resulting frameworks are a complex architecture of rules designed to manage, rather than eliminate, information asymmetry.

They acknowledge the necessity of discretion for large-scale liquidity provision while simultaneously setting firm boundaries on how and when information about these trades is disseminated to the broader market. This creates a controlled environment where the natural opacity of off-exchange, bilateral negotiations is balanced against the public good of [post-trade transparency](https://prime.greeks.live/area/post-trade-transparency/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite).

At the system’s core is the recognition that the premature release of information about a large institutional order can be deeply disruptive. If a significant buy or sell interest becomes public knowledge before execution, opportunistic traders can trade ahead of the block, pushing the price away from the initiator and making the transaction prohibitively expensive. This potential for [information leakage](https://prime.greeks.live/area/information-leakage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is the primary risk that [RFQ protocols](https://prime.greeks.live/area/rfq-protocols/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) are designed to mitigate.

By allowing a buy-side institution to selectively solicit quotes from a small, trusted group of [liquidity providers](https://prime.greeks.live/area/liquidity-providers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), the RFQ process contains the pre-trade information to a need-to-know circle. [Regulatory frameworks](https://prime.greeks.live/area/regulatory-frameworks/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), such as MiFID II in Europe and FINRA rules in the United States, codify the operation of these systems, defining the conditions under which this contained disclosure is permissible.

> Regulatory frameworks establish a system of controlled information asymmetry, balancing the institutional need for discretion in large trades with the public mandate for market transparency.

These regulations are not simply restrictive; they are enabling. They provide specific exemptions and waivers from general [pre-trade transparency](https://prime.greeks.live/area/pre-trade-transparency/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) requirements for transactions that meet certain criteria, such as being “Large in Scale” (LIS). The LIS designation is critical, as it provides the legal and operational safe harbor for [block trades](https://prime.greeks.live/area/block-trades/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) to be negotiated with limited pre-trade disclosure. The rules meticulously define the thresholds that qualify a trade for such treatment, creating a clear demarcation between standard orders, which are subject to full pre-trade transparency, and institutional blocks, which are not.

This bifurcation is the principal mechanism by which regulators accommodate the unique needs of block trading while upholding their broader market integrity mandate. The governance, therefore, is less about forcing all activity into the light and more about defining the precise conditions under which trading can occur in the shade.

The RFQ protocol itself becomes a regulated entity, operating as a formal trading system under these rules. It is an operationalization of the regulatory compromise. The system’s architecture ▴ who can initiate a request, who can respond, how many participants are included, and what information is shared at each stage ▴ is designed to comply with these [information control](https://prime.greeks.live/area/information-control/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) mandates.

The result is a highly structured process that governs the flow of information, ensuring that while the initiator is protected from widespread [market impact](https://prime.greeks.live/area/market-impact/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), the transaction is still subject to rigorous [post-trade reporting](https://prime.greeks.live/area/post-trade-reporting/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) requirements, which ultimately serve the goal of long-term market transparency. This post-trade disclosure, often with allowable delays for the largest blocks, ensures that the market eventually receives a complete picture of trading activity, allowing for accurate price formation over time without penalizing the participants of any single large transaction.

![Abstract composition features two intersecting, sharp-edged planes—one dark, one light—representing distinct liquidity pools or multi-leg spreads. Translucent spherical elements, symbolizing digital asset derivatives and price discovery, balance on this intersection, reflecting complex market microstructure and optimal RFQ protocol execution](https://options.greeks.live/wp-content/uploads/2025/07/precision-digital-asset-derivatives-rfq-execution-market-microstructure.jpg)

![A cutaway reveals the intricate market microstructure of an institutional-grade platform. Internal components signify algorithmic trading logic, supporting high-fidelity execution via a streamlined RFQ protocol for aggregated inquiry and price discovery within a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-execution-for-digital-asset-derivatives-via-rfq-protocols.jpg)

## Strategy

Navigating the regulatory frameworks governing information disclosure is a strategic imperative for any institution executing block trades. The objective is to leverage the system’s architecture to achieve [best execution](https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) while minimizing information leakage and market impact. This involves a multi-layered strategy that considers jurisdiction, [counterparty selection](https://prime.greeks.live/area/counterparty-selection/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), and the tactical use of the RFQ protocol itself. The rules are not merely constraints but are parameters within which a sophisticated trading function can design an optimal execution workflow.

![A precision-engineered system with a central gnomon-like structure and suspended sphere. This signifies high-fidelity execution for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/precision-engine-for-institutional-digital-asset-derivatives-rfq.jpg)

## Jurisdictional Arbitrage and Regulatory Adherence

A primary strategic consideration is the specific regulatory regime under which a trade will be executed. While the core principles of managing information disclosure are similar globally, the implementation details differ significantly, most notably between the U.S. and European frameworks. A successful strategy depends on a deep understanding of these differences.

- 
**[MiFID II](https://prime.greeks.live/area/mifid-ii/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (Europe)** ▴ The European framework, under the Markets in Financial Instruments Directive II, is highly prescriptive regarding pre-trade transparency and the waivers that permit [off-book trading](https://prime.greeks.live/area/off-book-trading/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). It introduced the concept of Systematic Internalisers (SIs) and organized trading facilities (OTFs) alongside traditional exchanges. For block trades, the “Large in Scale” (LIS) waiver is the most critical component. The strategy here involves ensuring that an order qualifies for LIS status to avoid pre-trade disclosure obligations. This requires careful order sizing and a clear understanding of the instrument-specific LIS thresholds, which are calculated and published periodically by regulators.

- 
**FINRA/SEC Rules (United States)** ▴ The U.S. framework operates differently, with a greater emphasis on post-[trade reporting](https://prime.greeks.live/area/trade-reporting/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) to the Trade Reporting and Audit Trail Examination Engine (TRACE) for fixed income or the [Trade Reporting Facility](https://prime.greeks.live/area/trade-reporting-facility/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (TRF) for equities. While pre-trade transparency is a cornerstone of Reg NMS for equities, off-exchange block trading via RFQ is common. The strategy in the U.S. often centers on leveraging the deep liquidity pools of broker-dealers and alternative trading systems (ATSs). The key is ensuring compliance with best execution obligations, which require firms to demonstrate they have taken steps to achieve the most favorable terms for their client under the prevailing market conditions. Information control is managed more through counterparty relationships and system design than by a prescriptive pre-trade waiver system like MiFID II’s.

The following table provides a comparative overview of key regulatory provisions affecting RFQ block trades in the EU and US, highlighting the strategic dimensions shaped by these differing legal landscapes.

### Table 1 ▴ Comparative Regulatory Frameworks for RFQ Block Trades

| Regulatory Feature | MiFID II (European Union) | FINRA/SEC (United States) |
| --- | --- | --- |
| Pre-Trade Transparency | Mandatory for most trades, with specific waivers like Large in Scale (LIS) required for exemption. RFQ systems are designed to operate within these waiver frameworks. | Generally required for exchange-listed securities (Reg NMS), but RFQ platforms operate as compliant off-exchange venues. Emphasis is on preventing information leakage through system design. |
| Governing Mechanism | Prescriptive waivers (e.g. LIS) with publicly defined size thresholds that must be met to avoid pre-trade quote disclosure. | Best execution obligations (FINRA Rule 5310) are paramount. Firms must demonstrate diligent efforts to find the best price, which justifies the use of discreet RFQ protocols. |
| Post-Trade Reporting | Trades must be reported publicly. Allows for deferred publication for LIS trades to allow market makers to hedge their positions without undue market impact. | Trades are reported to TRF (equities) or TRACE (fixed income) promptly, typically within minutes. Public dissemination may have delays for very large trades. |
| Key Strategic Focus | Ensuring orders meet the quantitative thresholds for LIS waivers. Structuring trades to fit within the regulatory definitions for deferred publication. | Demonstrating a robust best execution process. Curating a network of trusted liquidity providers to minimize information leakage. |

![Two off-white elliptical components separated by a dark, central mechanism. This embodies an RFQ protocol for institutional digital asset derivatives, enabling price discovery for block trades, ensuring high-fidelity execution and capital efficiency within a Prime RFQ for dark liquidity](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-4.jpg)

## Counterparty Curation and Information Control

Beyond regulatory adherence, the most critical element of strategy is managing the selective disclosure of information. The RFQ process allows an initiator to choose which liquidity providers see the trade request. This is a powerful tool for controlling information leakage.

A sophisticated strategy involves segmenting liquidity providers based on historical performance, asset class specialization, and perceived trustworthiness. Before sending an RFQ, a trading desk will analyze which counterparties are most likely to provide competitive pricing for that specific instrument without “shopping the request” to the broader market. This curation process is dynamic and data-driven, relying on post-trade analytics to evaluate the market impact and signaling risk associated with each provider.

Some platforms formalize this with features that allow for tiered or sequential RFQs, further controlling the information release. The goal is to find the optimal balance between competitive tension (querying enough dealers for a good price) and discretion (limiting the number of participants to prevent leaks).

> Effective strategy transforms regulatory constraints into a structured process for optimizing execution quality and minimizing signaling risk.

This process directly interacts with the regulatory framework. For instance, under MiFID II, even within an RFQ, if the trade is below the LIS threshold, it may be subject to more stringent transparency rules. Therefore, the strategy must align the size of the inquiry with the chosen counterparties and the relevant regulatory requirements.

For a very large, sensitive order, a trader might choose to send an RFQ to a single, highly trusted dealer, a practice known as a “request-for-quote-to-one,” to maximize discretion, even if it means sacrificing some degree of price competition. This decision is a calculated trade-off between information control and price discovery, a central dilemma that regulation shapes but does not fully solve.

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

![A circular mechanism with a glowing conduit and intricate internal components represents a Prime RFQ for institutional digital asset derivatives. This system facilitates high-fidelity execution via RFQ protocols, enabling price discovery and algorithmic trading within market microstructure, optimizing capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-institutional-digital-asset-derivatives-rfq-protocol-core.jpg)

## Execution

The execution of a [block trade](https://prime.greeks.live/area/block-trade/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) via RFQ is a meticulously choreographed process, governed at each step by regulatory requirements that dictate the flow of information. Mastering this process requires a deep, operational understanding of how data is disclosed, to whom, and at what point in the trade lifecycle. This is where regulatory theory meets practical application, and where a firm’s technological and operational capabilities create a decisive edge.

![A sleek, light interface, a Principal's Prime RFQ, overlays a dark, intricate market microstructure. This represents institutional-grade digital asset derivatives trading, showcasing high-fidelity execution via RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-prime-os-execution-system.jpg)

## The Information Disclosure Lifecycle in an RFQ Transaction

The lifecycle of an [RFQ block trade](https://prime.greeks.live/area/rfq-block-trade/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) can be broken down into distinct stages, each with its own set of rules for information disclosure. The process is designed as a funnel, with information being revealed progressively and controllably. The execution protocol is a direct implementation of the balance between the initiator’s need for discretion and the market’s need for eventual transparency.

- 
**Initiation and Counterparty Selection** ▴ The process begins with the buy-side trader defining the parameters of the order (e.g. instrument, size, side). The first and most critical act of disclosure is the selection of liquidity providers to receive the RFQ. This is a private, internal decision. However, the system’s architecture must ensure that this selection process is auditable to satisfy best execution requirements. The initiator is disclosing their interest to a very small, select group. Regulatory frameworks do not dictate who to ask for a quote, but they demand a rationale for the choice to prove that the firm acted in its client’s best interest.

- 
**The Quote Request** ▴ The RFQ is sent to the selected counterparties. At this point, the full details of the desired trade (or a significant portion) are revealed to the liquidity providers. This is the moment of highest information risk. The regulations, particularly MiFID II, have specific rules governing how trading venues and investment firms must handle this information. The recipients are bound by rules that prevent them from using this information for their own proprietary trading in a way that would harm the initiator. The system must ensure that this communication happens over secure, private channels.

- 
**Quoting and “[Last Look](https://prime.greeks.live/area/last-look/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)”** ▴ The liquidity providers respond with their bids or offers. A contentious practice known as “last look” may come into play here. Last look is a mechanism that allows a liquidity provider a final opportunity to reject a trade after the client has accepted their quote. Regulators have scrutinized this practice heavily, as it can introduce an information leakage risk if the provider uses the client’s acceptance as a final, free signal of market direction before committing capital. Execution protocols must now be very transparent about their last look policies, with many moving towards “no last look” or firm quoting models to align with regulatory expectations and reduce client risk.

- 
**Trade Execution and Confirmation** ▴ Once a quote is accepted and confirmed, the trade is executed. At this instant, a binding transaction exists. The immediate post-trade information is still confined to the two counterparties. However, the clock for regulatory reporting starts now.

- 
**Post-Trade Reporting and Public Dissemination** ▴ This is the final and most public stage of disclosure. Regulatory bodies like [FINRA](https://prime.greeks.live/area/finra/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and ESMA mandate that block trades be reported to a centralized repository (like a TRF or an Approved Publication Arrangement). This report contains the key details of the trade ▴ instrument, price, size, and execution time. Crucially, regulations allow for a reporting delay for large trades. This deferral mechanism is a critical component of the execution framework, as it gives the liquidity provider time to hedge or unwind the large position they have taken on without the entire market trading against them. The execution system must be programmed to apply the correct deferral period based on the trade’s size and the instrument’s liquidity classification.

The following table details the specific information disclosed at each stage and the corresponding regulatory considerations, providing a granular view of the execution process.

### Table 2 ▴ Information Disclosure Protocol in a Regulated RFQ Block Trade

| Trade Lifecycle Stage | Information Disclosed | Recipient of Information | Key Regulatory Governance |
| --- | --- | --- | --- |
| 1. Initiation | Internal intent to trade a specific instrument and size. | Internal trading desk only. | Internal compliance and audit trail requirements for best execution. |
| 2. RFQ Sent | Instrument, size, side (buy/sell), and settlement details. | Selected group of liquidity providers. | MiFID II rules on OTF/SI operations; confidentiality obligations of recipients. Prevention of information leakage. |
| 3. Quote Received | Firm or indicative price from liquidity providers. | Trade initiator. | Rules on firm vs. non-firm quoting; transparency of “last look” policies. |
| 4. Execution | Confirmation of the transaction between the two parties. | The two trading counterparties. | Binding contract is formed. The trigger for the post-trade reporting clock. |
| 5. Post-Trade Report | Instrument, execution price, volume, and execution timestamp. | Regulatory repository (e.g. TRF, APA). | FINRA reporting rules; MiFID II post-trade transparency (RTS 2). |
| 6. Public Dissemination | The full or capped details of the trade. | The public market. | Rules on delayed dissemination for Large-in-Scale (LIS) trades to mitigate market impact. |

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

## Quantitative Modeling of Disclosure Impact

The strategic decisions made during the execution process have quantifiable financial consequences. The primary cost that regulation seeks to help firms manage is market impact, which is a direct result of information disclosure. A firm’s execution quality can be measured by comparing the final execution price against a pre-trade benchmark (e.g. the arrival price, which is the market price at the moment the decision to trade was made).

> The architecture of RFQ execution is a direct implementation of the regulatory compromise between pre-trade discretion and post-trade transparency.

We can model the potential cost savings of using a discreet RFQ protocol under a favorable regulatory regime. Consider a hypothetical $50 million block trade in a corporate bond. If this order were worked on a lit exchange, the information leakage could lead to significant price slippage. By using an RFQ sent to three dealers, the pre-trade information is contained.

The post-trade reporting delay then gives the winning dealer a window to manage their risk. The value of the regulatory framework can be quantified as the slippage avoided. For example, if the information leakage on a lit venue would have caused 10 basis points of slippage, the savings on the $50 million block would be $50,000. This saving is a direct result of executing within a regulatory architecture that permits controlled information disclosure.

![A metallic stylus balances on a central fulcrum, symbolizing a Prime RFQ orchestrating high-fidelity execution for institutional digital asset derivatives. This visualizes price discovery within market microstructure, ensuring capital efficiency and best execution through RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-for-digital-asset-derivatives-low-latency-best-execution.jpg)

## References

- 1. European Securities and Markets Authority. (2017). Commission Delegated Regulation (EU) 2017/583 of 14 July 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards on transparency requirements for trading venues and investment firms in respect of bonds, structured finance products, emission allowances and derivatives (RTS 2). Official Journal of the European Union.

- 2. Financial Industry Regulatory Authority. (2020). Rule 5310. Best Execution and Interpositioning. FINRA Manual.

- 3. U.S. Commodity Futures Trading Commission. (2020). Real-Time Public Reporting Requirements. Federal Register, 85(74), 21576-21635.

- 4. O’Hara, M. & Ye, M. (2011). Is Market Fragmentation Harming Market Quality?. Journal of Financial Economics, 100(3), 459-474.

- 5. Hendershott, T. & Madhavan, A. (2015). Click or Call? The Decision to Trade Manually or Electronically. Journal of Financial and Quantitative Analysis, 50(6), 1273-1303.

- 6. Gomber, P. et al. (2011). Competition between Traditional Exchanges and Dark Pools. Journal of Financial Economics, 100(3), 459-474.

- 7. Securities and Exchange Commission. (2005). Regulation NMS. Federal Register, 70(124), 37496-37643.

- 8. International Swaps and Derivatives Association & Securities Industry and Financial Markets Association. (2020). Comment Letter on Proposed Revisions to Real-Time Public Reporting Requirements. Submitted to the U.S. Commodity Futures Trading Commission.

- 9. Madhavan, A. (2000). Market Microstructure ▴ A Survey. Journal of Financial Markets, 3(3), 205-258.

- 10. Bessembinder, H. & Venkataraman, K. (2010). Does an Electronic Stock Exchange Need an Upstairs Market?. Journal of Financial Economics, 98(1), 3-20.

![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)

## Reflection

![Abstract spheres on a fulcrum symbolize Institutional Digital Asset Derivatives RFQ protocol. A small white sphere represents a multi-leg spread, balanced by a large reflective blue sphere for block trades](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-dynamic-balance-for-optimal-high-fidelity-execution.jpg)

## Calibrating the Information Control System

The intricate web of regulations governing information disclosure in RFQ-based block trading is not a static set of compliance hurdles. It forms a dynamic operating system for risk transfer. Viewing these frameworks as a fixed playbook leads to a defensive, compliance-first posture. The more potent perspective is to see them as the physics of a managed ecosystem.

The rules on pre-trade transparency waivers and post-trade reporting delays are the gravitational constants and force laws that shape the flow of liquidity. The true mastery of execution lies not in merely following these rules, but in understanding their systemic implications so deeply that one can architect a trading process that navigates this environment with maximum efficiency.

This prompts an internal question for any institutional desk ▴ Is our execution protocol simply a collection of compliant steps, or is it a coherent, data-driven system designed to actively manage information as a core asset? Does the feedback loop from post-trade analysis ▴ measuring the signaling footprint of different counterparties and the true cost of information leakage ▴ actively inform the calibration of the RFQ parameters for the next trade? The regulations provide the boundaries of the field, but the game is won within those lines through superior strategy and technology. The ultimate operational advantage is found in building an internal framework that treats every trade as an opportunity to refine this system, turning regulatory knowledge into a repeatable, quantifiable execution edge.

![Sleek, engineered components depict an institutional-grade Execution Management System. The prominent dark structure represents high-fidelity execution of digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-for-optimized-price-discovery-high-fidelity-execution-and-market-microstructure.jpg)

## Glossary

<a href="https://prime.greeks.live/area/information-disclosure/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Interconnected modular components with luminous teal-blue channels converge diagonally, symbolizing advanced RFQ protocols for institutional digital asset derivatives. This depicts high-fidelity execution, price discovery, and aggregated liquidity across complex market microstructure, emphasizing atomic settlement, capital efficiency, and a robust Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-microstructure-protocols.jpg)

## Information Disclosure

Meaning ▴ Information Disclosure refers to the systematic release of relevant data, facts, and details to specific stakeholders or the broader public, often mandated by regulatory requirements or contractual obligations, to promote transparency and informed decision-making. </a><a href="https://prime.greeks.live/area/request-for-quote/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## Request for Quote

Meaning ▴ A Request for Quote (RFQ), in the context of institutional crypto trading, is a formal process where a prospective buyer or seller of digital assets solicits price quotes from multiple liquidity providers or market makers simultaneously. </a><a href="https://prime.greeks.live/area/post-trade-transparency/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract forms on dark, a sphere balanced by intersecting planes. This signifies high-fidelity execution for institutional digital asset derivatives, embodying RFQ protocols and price discovery within a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-platform-microstructure-execution-prime-os.jpg)

## Post-Trade Transparency

Meaning ▴ Post-Trade Transparency refers to the public dissemination of key trade details, including price, volume, and time of execution, after a financial transaction has been completed. </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">
![Interlocking modular components symbolize a unified Prime RFQ for institutional digital asset derivatives. Different colored sections represent distinct liquidity pools and RFQ protocols, enabling multi-leg spread execution](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-prime-os-market-microstructure-rfq-protocols.jpg)

## 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/rfq-protocols/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract geometric planes in grey, gold, and teal symbolize a Prime RFQ for Digital Asset Derivatives, representing high-fidelity execution via RFQ protocol. It drives real-time price discovery within complex market microstructure, optimizing capital efficiency for multi-leg spread strategies](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-digital-asset-derivatives-high-fidelity-execution.jpg)

## Rfq Protocols

Meaning ▴ RFQ Protocols, collectively, represent the comprehensive suite of technical standards, communication rules, and operational procedures that govern the Request for Quote mechanism within electronic trading systems. </a><a href="https://prime.greeks.live/area/regulatory-frameworks/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precision-engineered metallic component displays two interlocking gold modules with circular execution apertures, anchored by a central pivot. This symbolizes an institutional-grade digital asset derivatives platform, enabling high-fidelity RFQ execution, optimized multi-leg spread management, and robust prime brokerage liquidity](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-core-for-institutional-trade-flow.jpg)

## Regulatory Frameworks

Meaning ▴ Regulatory frameworks, within the rapidly evolving domain of crypto, crypto investing, and associated technologies, encompass the comprehensive set of laws, rules, guidelines, and technical standards meticulously established by governmental bodies and financial authorities. </a><a href="https://prime.greeks.live/area/liquidity-providers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![An abstract, multi-component digital infrastructure with a central lens and circuit patterns, embodying an Institutional Digital Asset Derivatives platform. This Prime RFQ enables High-Fidelity Execution via RFQ Protocol, optimizing Market Microstructure for Algorithmic Trading, Price Discovery, and Multi-Leg Spread](https://options.greeks.live/wp-content/uploads/2025/08/institutional-grade-digital-asset-derivatives-trading-platform-powering-high-fidelity-execution-via-advanced-rfq-protocol-prime-os-intelligence-layer.jpg)

## Liquidity Providers

Meaning ▴ Liquidity Providers (LPs) are critical market participants in the crypto ecosystem, particularly for institutional options trading and RFQ crypto, who facilitate seamless trading by continuously offering to buy and sell digital assets or derivatives. </a><a href="https://prime.greeks.live/area/pre-trade-transparency/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A robust circular Prime RFQ component with horizontal data channels, radiating a turquoise glow signifying price discovery. This institutional-grade RFQ system facilitates high-fidelity execution for digital asset derivatives, optimizing market microstructure and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-rfq-engine-for-digital-asset-derivatives-execution.jpg)

## Pre-Trade Transparency

Meaning ▴ Pre-Trade Transparency, within the architectural framework of crypto markets, refers to the public availability of current bid and ask prices and the depth of trading interest (order book information) before a trade is executed. </a><a href="https://prime.greeks.live/area/block-trades/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precision instrument probes a speckled surface, visualizing market microstructure and liquidity pool dynamics within a dark pool. This depicts RFQ protocol execution, emphasizing price discovery for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-flow.jpg)

## Block Trades

Meaning ▴ Block Trades refer to substantially large transactions of cryptocurrencies or crypto derivatives, typically initiated by institutional investors, which are of a magnitude that would significantly impact market prices if executed on a public limit order book. </a><a href="https://prime.greeks.live/area/information-control/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek Prime RFQ interface features a luminous teal display, signifying real-time RFQ Protocol data and dynamic Price Discovery within Market Microstructure. A detached sphere represents an optimized Block Trade, illustrating High-Fidelity Execution and Liquidity Aggregation for Institutional Digital Asset Derivatives](https://options.greeks.live/wp-content/uploads/2025/08/advanced-rfq-protocol-engine-for-institutional-digital-asset-derivatives.jpg)

## Information Control

Meaning ▴ Information Control in the domain of crypto investing and institutional trading pertains to the deliberate and strategic management, encompassing selective disclosure or stringent concealment, of proprietary market data, impending trade intentions, and precise liquidity positions. </a><a href="https://prime.greeks.live/area/post-trade-reporting/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precisely balanced transparent sphere, representing an atomic settlement or digital asset derivative, rests on a blue cross-structure symbolizing a robust RFQ protocol or execution management system. This setup is anchored to a textured, curved surface, depicting underlying market microstructure or institutional-grade infrastructure, enabling high-fidelity execution, optimized price discovery, and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-engineered-rfq-block-trade-execution-for-digital-asset-derivatives.jpg)

## Post-Trade Reporting

Meaning ▴ Post-Trade Reporting, within the architecture of crypto investing, defines the mandated process of disseminating detailed information regarding executed cryptocurrency trades to relevant regulatory authorities, internal risk management systems, and market data aggregators. </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">
![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)

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

## Counterparty Selection

Meaning ▴ Counterparty Selection, within the architecture of institutional crypto trading, refers to the systematic process of identifying, evaluating, and engaging with reliable and reputable entities for executing trades, providing liquidity, or facilitating settlement. </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 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)

## 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/off-book-trading/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A dual-toned cylindrical component features a central transparent aperture revealing intricate metallic wiring. This signifies a core RFQ processing unit for Digital Asset Derivatives, enabling rapid Price Discovery and High-Fidelity Execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-core-best-execution-prime-os.jpg)

## Off-Book Trading

Meaning ▴ Off-Book Trading refers to the execution of financial instrument transactions outside the transparent, centralized order books of regulated exchanges. </a><a href="https://prime.greeks.live/area/mifid-ii/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Intersecting muted geometric planes, with a central glossy blue sphere. This abstract visualizes market microstructure for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-microstructure-5.jpg)

## Mifid Ii

Meaning ▴ MiFID II (Markets in Financial Instruments Directive II) is a comprehensive regulatory framework implemented by the European Union to enhance the efficiency, transparency, and integrity of financial markets. </a><a href="https://prime.greeks.live/area/trade-reporting-facility/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A transparent glass sphere rests precisely on a metallic rod, connecting a grey structural element and a dark teal engineered module with a clear lens. This symbolizes atomic settlement of digital asset derivatives via private quotation within a Prime RFQ, showcasing high-fidelity execution and capital efficiency for RFQ protocols and liquidity aggregation](https://options.greeks.live/wp-content/uploads/2025/07/architecting-high-fidelity-execution-for-institutional-digital-asset-derivatives-rfq-protocols-and-systemic-liquidity-aggregation.jpg)

## Trade Reporting Facility

Meaning ▴ A Trade Reporting Facility (TRF) is an electronic system used to report over-the-counter (OTC) trades in securities to a regulatory body, ensuring transparency and market surveillance. </a><a href="https://prime.greeks.live/area/trade-reporting/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Central metallic hub connects beige conduits, representing an institutional RFQ engine for digital asset derivatives. It facilitates multi-leg spread execution, ensuring atomic settlement, optimal price discovery, and high-fidelity execution within a Prime RFQ for capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-digital-asset-derivatives-rfq-protocol-execution-hub.jpg)

## Trade Reporting

Meaning ▴ Trade reporting, within the specialized context of institutional crypto markets, refers to the systematic and often legally mandated submission of detailed information concerning executed digital asset transactions to a designated entity. </a><a href="https://prime.greeks.live/area/block-trade/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## Block Trade

Meaning ▴ A Block Trade, within the context of crypto investing and institutional options trading, denotes a large-volume transaction of digital assets or their derivatives that is negotiated and executed privately, typically outside of a public order book. </a><a href="https://prime.greeks.live/area/rfq-block-trade/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, layered structure with a metallic rod and reflective sphere symbolizes institutional digital asset derivatives RFQ protocols. It represents high-fidelity execution, price discovery, and atomic settlement within a Prime RFQ framework, ensuring capital efficiency and minimizing slippage](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-high-fidelity-execution-via-prime-os.jpg)

## Rfq Block Trade

Meaning ▴ An RFQ Block Trade is a Request for Quote specifically for a large volume of a digital asset that cannot be readily absorbed by standard order books without significant market impact. </a><a href="https://prime.greeks.live/area/last-look/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Precision-engineered metallic tracks house a textured block with a central threaded aperture. This visualizes a core RFQ execution component within an institutional market microstructure, enabling private quotation for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-execution-framework-precision-microstructure-component.jpg)

## Last Look

Meaning ▴ Last Look is a contentious practice predominantly found in electronic over-the-counter (OTC) trading, particularly within foreign exchange and certain crypto markets, where a liquidity provider retains a brief, unilateral option to accept or reject a client's trade request after the client has committed to the quoted price. </a><a href="https://prime.greeks.live/area/finra/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Central teal-lit mechanism with radiating pathways embodies a Prime RFQ for institutional digital asset derivatives. It signifies RFQ protocol processing, liquidity aggregation, and high-fidelity execution for multi-leg spread trades, enabling atomic settlement within market microstructure via quantitative analysis](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-core-for-institutional-digital-asset-rfq-protocol-execution-engine.jpg)

## Finra

Meaning ▴ FINRA, the Financial Industry Regulatory Authority, is a private American corporation that functions as a self-regulatory organization (SRO) for brokerage firms and exchange markets, overseeing a substantial portion of the U. </a>

**Tags:** [Securities and Exchange Commission](https://options.greeks.live/area/securities-and-exchange-commission/), [Information Disclosure](https://options.greeks.live/area/information-disclosure/), [Block Trades](https://options.greeks.live/area/block-trades/), [Request for Quote (RFQ)](https://options.greeks.live/area/request-for-quote-rfq/), [Post-Trade Reporting](https://options.greeks.live/area/post-trade-reporting/), [RFQ Protocols](https://options.greeks.live/area/rfq-protocols/)	

## Discover More

- 
### [How Do Regulators Balance Anonymity with Market Transparency?](https://options.greeks.live/question/how-do-regulators-balance-anonymity-with-market-transparency/)
![A precise RFQ engine extends into an institutional digital asset liquidity pool, symbolizing high-fidelity execution and advanced price discovery within complex market microstructure. This embodies a Principal's operational framework for multi-leg spread strategies and capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-engine-interfacing-core-liquidity-system.jpg)

Regulators balance anonymity and transparency by architecting tiered disclosure rules and comprehensive private surveillance systems.

- 
### [What Is the Relationship between Post-Trade Transparency and Adverse Selection Risk for Block Trades?](https://options.greeks.live/question/what-is-the-relationship-between-post-trade-transparency-and-adverse-selection-risk-for-block-trades/)
![Prime RFQ visualizes institutional digital asset derivatives RFQ protocol and high-fidelity execution. Glowing liquidity streams converge at intelligent routing nodes, aggregating market microstructure for atomic settlement, mitigating counterparty risk within dark liquidity.](https://options.greeks.live/wp-content/uploads/2025/08/prime-os-high-fidelity-digital-asset-derivatives-rfq-protocol.jpg)

Post-trade transparency broadcasts a block trade's information, creating adverse selection risk for the liquidity provider who must manage that exposure.

- 
### [How Does MiFID II Specifically Govern Information Control in RFQ Workflows?](https://options.greeks.live/question/how-does-mifid-ii-specifically-govern-information-control-in-rfq-workflows/)
![A futuristic circular financial instrument with segmented teal and grey zones, centered by a precision indicator, symbolizes an advanced Crypto Derivatives OS. This system facilitates institutional-grade RFQ protocols for block trades, enabling granular price discovery and optimal multi-leg spread execution across diverse liquidity pools. It visually represents the dynamic interplay of market microstructure.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-microstructure-platform.jpg)

MiFID II governs RFQ information control by mandating a structured, auditable framework for pre-trade transparency and best execution.

- 
### [What Regulatory Frameworks Govern the Use of Information from RFQ Protocols by HFTs?](https://options.greeks.live/question/what-regulatory-frameworks-govern-the-use-of-information-from-rfq-protocols-by-hfts/)
![A precision-engineered institutional digital asset derivatives execution system cutaway. The teal Prime RFQ casing reveals intricate market microstructure. Bright blue internal elements represent dynamic liquidity pools, enabling high-fidelity execution and efficient RFQ protocols for multi-leg spread strategies.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-rfq-protocol-core-engine.jpg)

The regulatory frameworks governing HFTs' use of RFQ data mandate strict controls to prevent information leakage and ensure market fairness.

- 
### [What Are the Regulatory Implications for Advanced Block Trade Execution Systems?](https://options.greeks.live/question/what-are-the-regulatory-implications-for-advanced-block-trade-execution-systems/)
![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)

Navigating regulatory frameworks for advanced block trades ensures market integrity and unlocks strategic execution efficiency for institutional participants.

- 
### [What Are the Operational Implications of Varying Block Trade Deferral Periods for Cross-Jurisdictional Trading Desks?](https://options.greeks.live/question/what-are-the-operational-implications-of-varying-block-trade-deferral-periods-for-cross-jurisdictional-trading-desks/)
![Two sleek, pointed objects intersect centrally, forming an 'X' against a dual-tone black and teal background. This embodies the high-fidelity execution of institutional digital asset derivatives via RFQ protocols, facilitating optimal price discovery and efficient cross-asset trading within a robust Prime RFQ, minimizing slippage and adverse selection.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-prime-os-microstructure.jpg)

Varying block trade deferral periods across jurisdictions compel desks to dynamically optimize execution, balancing transparency, liquidity, and regulatory compliance.

- 
### [How Has the Systematic Internaliser Regime Changed Counterparty Relationships in RFQ Trading?](https://options.greeks.live/question/how-has-the-systematic-internaliser-regime-changed-counterparty-relationships-in-rfq-trading/)
![Translucent teal panel with droplets signifies granular market microstructure and latent liquidity in digital asset derivatives. Abstract beige and grey planes symbolize diverse institutional counterparties and multi-venue RFQ protocols, enabling high-fidelity execution and price discovery for block trades via aggregated inquiry.](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-protocols-liquidity-aggregation.jpg)

The Systematic Internaliser regime has transformed RFQ counterparty relationships from qualitative affiliations into quantitatively-managed, performance-based partnerships.

- 
### [How Do Digital Asset Derivatives Influence Block Trade Reporting Frameworks?](https://options.greeks.live/question/how-do-digital-asset-derivatives-influence-block-trade-reporting-frameworks/)
![A symmetrical, multi-faceted digital structure, a liquidity aggregation engine, showcases translucent teal and grey panels. This visualizes diverse RFQ channels and market segments, enabling high-fidelity execution for institutional digital asset derivatives. It represents a Principal's operational framework for price discovery and atomic settlement of multi-leg spreads.](https://options.greeks.live/wp-content/uploads/2025/07/precision-liquidity-aggregation-engine-for-digital-asset-derivatives-trading.jpg)

Digital asset derivatives reshape block trade reporting, demanding sophisticated operational frameworks for discreet execution and regulatory adherence.

- 
### [What Are the Regulatory Considerations When Executing Block Trades via an RFQ?](https://options.greeks.live/question/what-are-the-regulatory-considerations-when-executing-block-trades-via-an-rfq/)
![A sophisticated mechanism depicting the high-fidelity execution of institutional digital asset derivatives. It visualizes RFQ protocol efficiency, real-time liquidity aggregation, and atomic settlement within a prime brokerage framework, optimizing market microstructure for multi-leg spreads.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-protocol-execution-liquidity-aggregation-system.jpg)

Executing block trades via RFQ requires an architecture that embeds regulatory compliance into the workflow, ensuring best execution and a defensible audit trail.

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---

**Original URL:** https://options.greeks.live/question/how-do-regulatory-frameworks-govern-information-disclosure-in-block-trades-executed-via-rfq/
