# How Does CAT Reporting for Rfqs Differ from Standard Order Reporting? ▴ Question

**Published:** 2025-08-01
**Categories:** Question

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![Two abstract, segmented forms intersect, representing dynamic RFQ protocol interactions and price discovery mechanisms. The layered structures symbolize liquidity aggregation across multi-leg spreads within complex market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-microstructure.jpg)

## Concept

The fundamental divergence in [Consolidated Audit Trail](https://prime.greeks.live/area/consolidated-audit-trail/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (CAT) reporting for a [Request for Quote](https://prime.greeks.live/area/request-for-quote/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (RFQ) compared to a standard order originates from their intrinsic functions within the market’s architecture. A standard order is an instruction designed for immediate, anonymous interaction with the central limit order book (CLOB), a public forum of bids and offers. Its entire lifecycle is predicated on its potential to execute against this transparent, multilateral liquidity pool.

The [CAT reporting](https://prime.greeks.live/area/cat-reporting/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) framework for such an order is therefore architected to capture every state change of this public-facing instruction, from its creation and modification to its routing and final execution. The system is designed for the surveillance of continuous, high-velocity interactions within a known, centralized structure.

An [RFQ](https://prime.greeks.live/area/rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) operates within a different paradigm. It is an instrument of discreet, bilateral price discovery. An institution initiating an RFQ is not broadcasting a firm intention to trade to the entire market; it is soliciting a private, competitive quote from a select group of liquidity providers. This protocol is specifically engineered to manage the [information leakage](https://prime.greeks.live/area/information-leakage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) associated with large or illiquid positions, where broadcasting intent on the CLOB would result in significant adverse price movement, or slippage.

The core of the reporting distinction lies here ▴ the initial stages of the RFQ process, the solicitation and the subsequent non-binding responses, are precursors to a potential order. They are conversational, not executional. The regulatory apparatus, through the CAT NMS Plan, recognizes this functional separation. It designates only the final, agreed-upon, and [executable quote](https://prime.greeks.live/area/executable-quote/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) as a [reportable event](https://prime.greeks.live/area/reportable-event/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), effectively treating the transaction as an order only at the point of commitment. This delineates a clear boundary, acknowledging that the preliminary, non-executable communications within an RFQ workflow are market intelligence gathering, while a standard order is a market-impacting instruction from its inception.

> The core distinction in CAT reporting stems from the RFQ’s nature as a private negotiation protocol, where only the final executable quote becomes a reportable event, unlike a standard order’s continuous public lifecycle.

This structural difference has profound implications for the data reported to CAT. For a [standard order](https://prime.greeks.live/area/standard-order/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), the audit trail is a granular, moment-by-moment chronicle of its journey through the market’s plumbing. Every route to an exchange, every modification of its terms, and every partial fill generates a distinct reportable event. The purpose is to reconstruct the precise sequence of events that led to an execution within the complex, interconnected [National Market System](https://prime.greeks.live/area/national-market-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (NMS).

The reporting for an RFQ, conversely, is event-driven in a different sense. The trail effectively begins when a negotiation concludes and yields a firm, executable quote that is then accepted. The preceding back-and-forth, the quotes that were tendered but not accepted, and the identities of the responding dealers who did not win the trade are intentionally excluded from the CAT record. This design preserves the confidentiality that makes the RFQ protocol viable for institutional participants.

It allows regulators to see the consummated trade and its terms without compromising the sensitive strategic positioning that occurs during the [private negotiation](https://prime.greeks.live/area/private-negotiation/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) phase. The system surveils the result, not the entire negotiation process that produced it.

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## Strategy

The strategic management of CAT reporting obligations for RFQs and [standard orders](https://prime.greeks.live/question/how-do-non-standard-clauses-alter-standard-pfe-calculations/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is a direct function of a firm’s execution strategy. The choice between these two protocols is a calculated decision based on trade size, security liquidity, and the acceptable threshold for information leakage. The corresponding reporting frameworks are not merely compliance burdens; they are reflections of these underlying strategic intentions. For a portfolio manager needing to execute a large block of an otherwise thinly traded stock, a standard limit order would be operationally catastrophic.

The order’s visibility on the CLOB would signal the manager’s intent, inviting front-running and causing the price to move away, leading to substantial execution costs. The RFQ protocol is the strategic solution, enabling the manager to privately solicit liquidity from dealers who specialize in absorbing large positions. The CAT reporting rules are structured to support this strategy. By designating only the final, executable transaction as reportable, the regulations protect the initial, confidential stages of price discovery. This allows firms to manage market impact effectively, a cornerstone of achieving [best execution](https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite).

![A polished, light surface interfaces with a darker, contoured form on black. This signifies the RFQ protocol for institutional digital asset derivatives, embodying price discovery and high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-interface.jpg)

## How Does Reporting Align with Execution Objectives?

The alignment of reporting requirements with execution objectives is a critical aspect of market design. The granular, lifecycle-based reporting for standard orders serves the objective of ensuring fairness and transparency in the public markets. Every participant who interacts with the CLOB does so under the same surveillance microscope, which helps maintain market integrity. Conversely, the more targeted reporting for RFQs serves the objective of facilitating institutional risk transfer.

Large institutions require mechanisms to trade in sizes that the public order book cannot accommodate without severe price dislocation. The RFQ protocol, with its confidential negotiation phase, provides this mechanism. The CAT reporting framework, by focusing on the executed trade rather than the negotiation, enables this vital liquidity channel to function. A firm’s compliance strategy must therefore be integrated with its trading strategy.

The systems that route orders to the lit market must be configured for comprehensive, event-by-event CAT reporting. The platforms used for RFQ negotiation must be architected to correctly identify the specific event ▴ the acceptance of an executable quote ▴ that triggers the CAT reporting obligation.

> Strategic CAT compliance involves architecting systems that differentiate between the comprehensive reporting required for public standard orders and the targeted, event-driven reporting for private RFQ negotiations.

This strategic differentiation manifests in the operational and technological architecture of a trading desk. Standard order flow is typically handled by an [Order Management System](https://prime.greeks.live/area/order-management-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (OMS) or Execution Management System (EMS) that is tightly integrated with CAT reporting vendors. These systems are built to automatically generate reportable events for every child order, route, cancellation, and modification.

The process is high-volume, high-velocity, and deeply automated. The strategic challenge is data accuracy and synchronization.

The RFQ workflow presents a different set of strategic challenges. The process is often more manual or is handled through specialized platforms. The critical point for reporting is the transition from a non-binding indication to a firm, executable commitment. A firm’s strategy must involve clear operational procedures and system logic to capture this moment accurately.

The risk is twofold ▴ over-reporting (disclosing non-executable quotes, thereby leaking information unnecessarily) or under-reporting (failing to report a consummated, executable trade, resulting in a compliance violation). The table below outlines the strategic focus for each reporting stream.

| Protocol | Primary Execution Objective | Strategic Reporting Focus | Key System Requirement |
| --- | --- | --- | --- |
| Standard Order | Access to public, continuous liquidity; price improvement | Completeness and accuracy of the entire order lifecycle | Automated, low-latency event capture from OMS/EMS |
| Request for Quote (RFQ) | Minimized market impact for large or illiquid trades; price certainty | Correct identification and reporting of the single executable event | System logic to distinguish non-executable from executable quotes |

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## Managing Information Footprints

Ultimately, the difference in reporting protocols allows a firm to strategically manage its information footprint in the market. A standard order leaves a large, detailed, and publicly scrutinized footprint, which is the price of accessing the central liquidity pool. An RFQ, when handled correctly, leaves a much smaller, more discreet footprint. The CAT reporting requirements are a formalization of this difference.

A sophisticated firm understands that its reporting architecture is a key component of its overall execution strategy. It builds systems and processes that not only ensure compliance but also protect the strategic intent behind each trade, whether it is destined for the public glare of the CLOB or the private confines of a bilateral negotiation.

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## Execution

The operational execution of CAT reporting for RFQs versus standard orders requires distinct workflows and data capture architectures. While both fall under the umbrella of Rule 613, their implementation within a firm’s technical and compliance infrastructure is fundamentally different. The execution of standard order reporting is a process of capturing a continuous, linear sequence of events.

The execution of [RFQ reporting](https://prime.greeks.live/area/rfq-reporting/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is a process of monitoring a negotiation for a single, critical state change ▴ the moment a quote becomes executable and is accepted. This section provides a granular, [operational playbook](https://prime.greeks.live/area/operational-playbook/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) for managing these two divergent reporting streams.

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## The Operational Playbook for Standard Order Reporting

For a standard order, the reporting lifecycle begins the moment the order is received or originated by the firm. The firm’s systems must be calibrated to generate and report a NewOrderEvent (MNEI for industry members) to the Central Repository. This initial report is the root of the [audit trail](https://prime.greeks.live/area/audit-trail/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite).

From this point, every subsequent action taken on the order must be reported as a separate, linked event. The operational challenge is ensuring the integrity and sequence of this chain of events.

- 
**Order Origination** ▴ A NewOrderEvent is created. Key data fields include the firmDesignatedID, CATReporterIMID, orderReceivedTimestamp, symbol, side, and price / quantity. The timestamp must be captured with millisecond or finer granularity, synchronized to NIST standards.

- 
**Order Routing** ▴ If the order is routed to an exchange or another broker-dealer, an OrderRouteEvent (MEOR) must be reported. This report links back to the original order via the firmDesignatedID and includes details of the destination and the routed quantity.

- 
**Order Modification** ▴ Any change to the order’s parameters (e.g. price, quantity) by the customer requires an OrderModifiedEvent (MEMO). This creates a new version of the order within CAT, again linked to the original.

- 
**Order Execution** ▴ When the order is executed, in full or in part, an OrderExecutedEvent (MEOE) is reported. This includes the execution price, quantity, and a link to the exchange-provided trade identifier.

- 
**Order Cancellation** ▴ If the order is cancelled, an OrderCancelledEvent (MEOC) is reported, detailing the quantity of the order that was cancelled.

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## The Operational Playbook for RFQ Reporting

The RFQ reporting workflow is focused on a single point of commitment. The initial solicitation and the volley of non-binding quotes from dealers do not constitute “orders” under Regulation NMS and are therefore not reportable to CAT. The operational playbook activates only when a binding agreement is reached.

- 
**Phase 1 Solicitation (Not Reportable)** ▴ A firm sends an RFQ to multiple dealers. This communication is a request for information, not an order. No CAT report is generated.

- 
**Phase 2 Non-Executable Responses (Not Reportable)** ▴ Dealers respond with indicative quotes. These are considered non-executable because they are not yet firm commitments to trade. As clarified by industry forums and regulatory interpretations, these responses are not “bids or offers” in the regulatory sense and are outside the scope of CAT reporting.

- 
**Phase 3 Executable Quote and Acceptance (Reportable Event)** ▴ This is the critical transition. One dealer provides a firm, executable quote that the soliciting firm accepts. At this moment, a de facto order is created. The firm that accepts the quote (the original solicitor) has the obligation to report an OrderAcceptedEvent (MNEO). The firm that provided the winning quote (the responding dealer) has the obligation to report a NewOrderEvent (MNEI). These two events are linked to create the audit trail for the bilaterally negotiated trade.

- 
**Phase 4 Execution and Post-Trade** ▴ Following the acceptance, the execution is reported, similar to a standard order, typically by the dealer who won the RFQ.

> Executing RFQ reporting correctly hinges on isolating the precise moment a non-binding quote becomes an accepted, executable order, which triggers a distinct set of CAT obligations for both parties.

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## Quantitative Modeling and Data Analysis

To properly architect a reporting system, a firm must model the data flow for both scenarios. The tables below provide a granular comparison of the reportable events and key data fields, illustrating the stark operational differences.

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## Table a Standard Order Event Lifecycle

| Event Type | CAT Event Code | Triggering Action | Key Data Fields | Systemic Purpose |
| --- | --- | --- | --- | --- |
| New Order | MNEI | Customer places an order | firmDesignatedID, orderReceivedTimestamp, symbol, side, price | Establishes the order’s existence on the audit trail |
| Route | MEOR | Order is sent to an exchange | destination, routedOrderID, leavesQuantity | Tracks the flow of the order through the NMS |
| Execution | MEOE | Order is partially or fully filled | executionTimestamp, executionPrice, executedQuantity | Records the economic outcome of the order |
| Cancel | MEOC | Unfilled portion of order is cancelled | cancelledQuantity, cancelTimestamp | Closes the lifecycle of the unfilled portion |

![A sophisticated metallic mechanism with integrated translucent teal pathways on a dark background. This abstract visualizes the intricate market microstructure of an institutional digital asset derivatives platform, specifically the RFQ engine facilitating private quotation and block trade execution](https://options.greeks.live/wp-content/uploads/2025/07/systemic-framework-for-institutional-digital-asset-derivatives-rfq-price-discovery-and-atomic-settlement.jpg)

## Table B RFQ Executable Event Lifecycle

| Participant | CAT Event Code | Triggering Action | Key Data Fields | Systemic Purpose |
| --- | --- | --- | --- | --- |
| Solicitor (Initiator) | MNEO | Accepts a dealer’s executable quote | firmDesignatedID, acceptedTimestamp, quoteID, IMIDofQuoter | Records the solicitor’s commitment to the negotiated trade |
| Dealer (Responder) | MNEI | Has its executable quote accepted | firmDesignatedID, orderReceivedTimestamp, handlingInstructions (e.g. ‘RFQ’) | Records the dealer’s new order obligation resulting from the RFQ |
| Dealer (Responder) | MEOE | Executes the trade against the accepted quote | executionTimestamp, executionPrice, executedQuantity | Records the final settlement of the negotiated transaction |
| Losing Dealers | N/A | Their non-executable quotes are not accepted | N/A | Preserves the confidentiality of the RFQ negotiation process |

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## What Are the Primary Points of Reporting Failure?

Operational failures in this context often arise from the misclassification of events. For standard orders, common errors include inaccurate timestamps, incorrect departmental coding, or failing to link subsequent modifications and routes back to the original parent order. For RFQs, the primary point of failure is the incorrect identification of the reportable event. A system that erroneously reports every [non-executable quote](https://prime.greeks.live/area/non-executable-quote/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) response as a new order would not only be non-compliant but would also leak valuable strategic information.

Conversely, a system that fails to report the accepted executable quote is a significant compliance breach. Firms must invest in training, clear operational procedures, and robust system logic to govern the RFQ workflow and ensure the reporting process is triggered accurately and reliably at the correct and only point of commitment.

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

## References

- Financial Information Forum. “Reporting of non-executable RFQ responses to CAT.” 1 June 2023.

- SIFMA. “Firm’s Guide to the Consolidated Audit Trail.” Aug. 2019.

- FINRA. “Consolidated Audit Trail (CAT).” FINRA.org, 2024.

- U.S. Securities and Exchange Commission. “Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Order Approving Proposed Rule Change Relating to Granularity of Timestamps in Trade Reports Submitted to FINRA’s Equity Trade Reporting Facilities.” Federal Register, vol. 85, no. 223, 18 Nov. 2020, pp. 73541-73544.

- Harris, Larry. Trading and Exchanges ▴ Market Microstructure for Practitioners. Oxford University Press, 2003.

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## Reflection

Mastering the distinct reporting protocols for RFQs and standard orders is more than a compliance exercise. It is a reflection of a firm’s understanding of market structure itself. The ability to build and maintain an operational architecture that handles both the continuous, high-frequency data stream from a lit-market order flow and the discrete, event-driven data points from a private negotiation channel demonstrates a mature operational capability. This mastery allows a firm to leverage the full spectrum of available liquidity and execution methodologies with confidence.

Consider your own operational framework. Is it merely a tool for satisfying regulatory obligations, or is it an integrated component of your execution strategy, designed to protect and enhance every basis point of performance? The answer to that question reveals the true strength of your market position.

![A sleek Principal's Operational Framework connects to a glowing, intricate teal ring structure. This depicts an institutional-grade RFQ protocol engine, facilitating high-fidelity execution for digital asset derivatives, enabling private quotation and optimal price discovery within market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-execution-engine-for-digital-asset-derivatives-rfq.jpg)

## Glossary

<a href="https://prime.greeks.live/area/consolidated-audit-trail/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sharp, metallic blue instrument with a precise tip rests on a light surface, suggesting pinpoint price discovery within market microstructure. This visualizes high-fidelity execution of digital asset derivatives, highlighting RFQ protocol efficiency](https://options.greeks.live/wp-content/uploads/2025/07/precision-digital-asset-derivative-rfq-execution-market-microstructure-high-fidelity-alpha-generation-prime-os-system.jpg)

## Consolidated Audit Trail

Meaning ▴ The Consolidated Audit Trail (CAT) is a comprehensive, centralized database designed to capture and track every order, quote, and trade across US equity and options markets. </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">
![Stacked concentric layers, bisected by a precise diagonal line. This abstract depicts the intricate market microstructure of institutional digital asset derivatives, embodying a Principal's operational framework](https://options.greeks.live/wp-content/uploads/2025/07/multi-layered-digital-asset-derivatives-rfq-protocol-architecture.jpg)

## Request for Quote

Meaning ▴ A Request for Quote, or RFQ, constitutes a formal communication initiated by a potential buyer or seller to solicit price quotations for a specified financial instrument or block of instruments from one or more liquidity providers. </a><a href="https://prime.greeks.live/area/cat-reporting/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Cat Reporting

Meaning ▴ CAT Reporting, or Consolidated Audit Trail Reporting, mandates the comprehensive capture and reporting of all order and trade events across US equity and and options markets. </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">
![A sharp metallic element pierces a central teal ring, symbolizing high-fidelity execution via an RFQ protocol gateway for institutional digital asset derivatives. This depicts precise price discovery and smart order routing within market microstructure, optimizing dark liquidity for block trades and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-protocol-optimizing-liquidity-discovery-and-smart-order-routing.jpg)

## Information Leakage

Meaning ▴ Information leakage denotes the unintended or unauthorized disclosure of sensitive trading data, often concerning an institution's pending orders, strategic positions, or execution intentions, to external market participants. </a><a href="https://prime.greeks.live/area/rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract visualization of institutional RFQ protocol for digital asset derivatives. Translucent layers symbolize dark liquidity pools within complex market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-6.jpg)

## Rfq

Meaning ▴ Request for Quote (RFQ) is a structured communication protocol enabling a market participant to solicit executable price quotations for a specific instrument and quantity from a selected group of liquidity providers. </a><a href="https://prime.greeks.live/area/executable-quote/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## Executable Quote

Meaning ▴ An executable quote represents a firm, actionable price for a specified quantity of a digital asset derivative. </a><a href="https://prime.greeks.live/area/reportable-event/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-microstructure-platform.jpg)

## Reportable Event

Meaning ▴ A Reportable Event constitutes a pre-defined, material occurrence within a digital asset derivatives trading system or associated financial protocol that mandates immediate internal or external disclosure, system-level logging, or automated control invocation. </a><a href="https://prime.greeks.live/area/national-market-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A specialized hardware component, showcasing a robust metallic heat sink and intricate circuit board, symbolizes a Prime RFQ dedicated hardware module for institutional digital asset derivatives. It embodies market microstructure enabling high-fidelity execution via RFQ protocols for block trade and multi-leg spread](https://options.greeks.live/wp-content/uploads/2025/08/prime-os-dedicated-hardware-for-institutional-rfq-execution.jpg)

## National Market System

Meaning ▴ The National Market System (NMS) represents the regulatory framework established by the U.S. </a><a href="https://prime.greeks.live/area/standard-order/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek Execution Management System diagonally spans segmented Market Microstructure, representing Prime RFQ for Institutional Grade Digital Asset Derivatives. It rests on two distinct Liquidity Pools, one facilitating RFQ Block Trade Price Discovery, the other a Dark Pool for Private Quotation](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-execution-optimizing-rfq-protocols-across-segmented-liquidity-pools.jpg)

## Standard Order

Meaning ▴ A Standard Order represents a fundamental instruction within a digital asset trading system, typically a market order for immediate execution or a limit order for execution at a specified price or better, reflecting a direct directive to interact with available liquidity. </a><a href="https://prime.greeks.live/area/private-negotiation/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## Private Negotiation

Meaning ▴ Private Negotiation defines a bilateral, principal-to-principal agreement for the execution of a financial transaction, typically involving customized terms for digital asset derivatives, occurring outside the transparent environment of a public exchange or central limit order book. </a><a href="https://prime.greeks.live/question/how-do-non-standard-clauses-alter-standard-pfe-calculations/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract depiction of an advanced institutional trading system, featuring a prominent sensor for real-time price discovery and an intelligence layer. Visible circuitry signifies algorithmic trading capabilities, low-latency execution, and robust FIX protocol integration for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-high-fidelity-rfq-protocols.jpg)

## Standard Orders

Non-standard clauses alter PFE calculations by embedding contingent legal events into the risk model, reshaping the exposure profile. </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 translucent sphere with intricate metallic rings, an 'intelligence layer' core, is bisected by a sleek, reflective blade. This visual embodies an 'institutional grade' 'Prime RFQ' enabling 'high-fidelity execution' of 'digital asset derivatives' via 'private quotation' and 'RFQ protocols', optimizing 'capital efficiency' and 'market microstructure' for 'block trade' operations](https://options.greeks.live/wp-content/uploads/2025/07/precision-rfq-engine-for-digital-asset-derivatives-best-execution.jpg)

## Best Execution

Meaning ▴ Best Execution is the obligation to obtain the most favorable terms reasonably available for a client's order. </a><a href="https://prime.greeks.live/area/order-management-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![An abstract visual depicts a central intelligent execution hub, symbolizing the core of a Principal's operational framework. Two intersecting planes represent multi-leg spread strategies and cross-asset liquidity pools, enabling private quotation and aggregated inquiry for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-engine-for-institutional-digital-asset-derivatives.jpg)

## Order Management System

Meaning ▴ A robust Order Management System is a specialized software application engineered to oversee the complete lifecycle of financial orders, from their initial generation and routing to execution and post-trade allocation. </a><a href="https://prime.greeks.live/area/operational-playbook/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## Operational Playbook

Meaning ▴ An Operational Playbook represents a meticulously engineered, codified set of procedures and parameters designed to govern the execution of specific institutional workflows within the digital asset derivatives ecosystem. </a><a href="https://prime.greeks.live/area/rfq-reporting/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Geometric planes and transparent spheres represent complex market microstructure. A central luminous core signifies efficient price discovery and atomic settlement via RFQ protocol](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-microstructure-4.jpg)

## Rfq Reporting

Meaning ▴ RFQ Reporting denotes the systematic aggregation and analysis of data generated from Request for Quote (RFQ) protocols within electronic trading environments. </a><a href="https://prime.greeks.live/area/audit-trail/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A dynamic visual representation of an institutional trading system, featuring a central liquidity aggregation engine emitting a controlled order flow through dedicated market infrastructure. This illustrates high-fidelity execution of digital asset derivatives, optimizing price discovery within a private quotation environment for block trades, ensuring capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/principal-os-driving-high-fidelity-execution-for-digital-asset-derivatives-through-optimized-rfq-protocols-and-smart-order-routing.jpg)

## Audit Trail

Meaning ▴ An Audit Trail is a chronological, immutable record of system activities, operations, or transactions within a digital environment, detailing event sequence, user identification, timestamps, and specific actions. </a><a href="https://prime.greeks.live/area/non-executable-quote/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract system interface on a global data sphere, illustrating a sophisticated RFQ protocol for institutional digital asset derivatives. The glowing circuits represent market microstructure and high-fidelity execution within a Prime RFQ intelligence layer, facilitating price discovery and capital efficiency across liquidity pools](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-execution-prime-os.jpg)

## Non-Executable Quote

Meaning ▴ A Non-Executable Quote represents a price indication disseminated by a liquidity provider or an internal system module that does not carry an immediate guarantee of execution at the specified level; it functions primarily as an informational signal or a precursor to a firm negotiation, typically within an over-the-counter (OTC) or request-for-quote (RFQ) framework for institutional digital asset derivatives. </a>

**Tags:** [Order Management System](https://options.greeks.live/area/order-management-system/), [Standard Order](https://options.greeks.live/area/standard-order/), [Audit Trail](https://options.greeks.live/area/audit-trail/), [Executable Quote](https://options.greeks.live/area/executable-quote/), [Consolidated Audit Trail](https://options.greeks.live/area/consolidated-audit-trail/), [Best Execution](https://options.greeks.live/area/best-execution/)	

## Discover More

- 
### [How Do Institutional Desks Measure the Effectiveness of Different Quote Type Strategies?](https://options.greeks.live/question/how-do-institutional-desks-measure-the-effectiveness-of-different-quote-type-strategies/)
![A transparent geometric object, an analogue for multi-leg spreads, rests on a dual-toned reflective surface. Its sharp facets symbolize high-fidelity execution, price discovery, and market microstructure. This embodies RFQ protocols, liquidity aggregation, and capital efficiency in a Prime RFQ.](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-digital-asset-derivatives-high-fidelity-execution.jpg)

Institutional desks measure quote strategy effectiveness via a multi-faceted TCA framework, benchmarking against metrics like arrival price and VWAP.

- 
### [How Does Technology Alter Best Execution Documentation for Illiquid Bonds?](https://options.greeks.live/question/how-does-technology-alter-best-execution-documentation-for-illiquid-bonds/)
![A transparent, multi-faceted component, indicative of an RFQ engine's intricate market microstructure logic, emerges from complex FIX Protocol connectivity. Its sharp edges signify high-fidelity execution and price discovery precision for institutional digital asset derivatives. This Prime RFQ module optimizes algorithmic trading and capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-optimized-for-best-execution.jpg)

Technology transforms illiquid bond best execution documentation from a qualitative narrative into a quantitative, data-driven dossier.

- 
### [What Are the Practical Steps for Building a Defensible Best Execution Policy for Illiquid Bonds?](https://options.greeks.live/question/what-are-the-practical-steps-for-building-a-defensible-best-execution-policy-for-illiquid-bonds/)
![A precision metallic dial on a multi-layered interface embodies an institutional RFQ engine. The translucent panel suggests an intelligence layer for real-time price discovery and high-fidelity execution of digital asset derivatives, optimizing capital efficiency for block trades within complex market microstructure.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-high-fidelity-execution-system.jpg)

A defensible illiquid bond execution policy is a documented, data-driven system for navigating market opacity to deliver the best contingent outcome.

- 
### [What Are the Key Fix Protocol Tags Required for a Comprehensive Rfq Data Capture System?](https://options.greeks.live/question/what-are-the-key-fix-protocol-tags-required-for-a-comprehensive-rfq-data-capture-system/)
![Stacked, glossy modular components depict an institutional-grade Digital Asset Derivatives platform. Layers signify RFQ protocol orchestration, high-fidelity execution, and liquidity aggregation. This Prime RFQ architecture manages market microstructure, enabling price discovery and atomic settlement.](https://options.greeks.live/wp-content/uploads/2025/07/layered-digital-asset-derivatives-rfq-protocol-stack-for-prime-brokerage.jpg)

A comprehensive RFQ data capture system translates FIX protocol messages into a permanent, analyzable asset for superior execution.

- 
### [How Does Information Leakage from a Rejected Order Impact Subsequent Trading Strategies?](https://options.greeks.live/question/how-does-information-leakage-from-a-rejected-order-impact-subsequent-trading-strategies/)
![An exposed high-fidelity execution engine reveals the complex market microstructure of an institutional-grade crypto derivatives OS. Precision components facilitate smart order routing and multi-leg spread strategies. A central intelligence layer supports RFQ protocols, ensuring optimal price discovery and robust counterparty risk management for prime brokerage operations.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-engine-microstructure-2.jpg)

A rejected order is an active intelligence broadcast that degrades subsequent execution quality by revealing strategic intent.

- 
### [What Are the Core Differences between MiFID II and CAT Requirements for RFQ Reporting?](https://options.greeks.live/question/what-are-the-core-differences-between-mifid-ii-and-cat-requirements-for-rfq-reporting/)
![A macro view of a precision-engineered metallic component, representing the robust core of an Institutional Grade Prime RFQ. Its intricate Market Microstructure design facilitates Digital Asset Derivatives RFQ Protocols, enabling High-Fidelity Execution and Algorithmic Trading for Block Trades, ensuring Capital Efficiency and Best Execution.](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-core-system-for-institutional-digital-asset-derivatives-rfq-protocol-execution-and-advanced-market-microstructure-optimization.jpg)

MiFID II mandates public price transparency for RFQs, while CAT requires a confidential, granular audit trail of the entire RFQ lifecycle.

- 
### [How Do Compliance and Reporting Duties Differ between Options Ats and Rfq Platforms?](https://options.greeks.live/question/how-do-compliance-and-reporting-duties-differ-between-options-ats-and-rfq-platforms/)
![Precision interlocking components with exposed mechanisms symbolize an institutional-grade platform. This embodies a robust RFQ protocol for high-fidelity execution of multi-leg options strategies, driving efficient price discovery and atomic settlement. It optimizes market microstructure for digital asset derivatives.](https://options.greeks.live/wp-content/uploads/2025/07/precision-institutional-digital-asset-derivatives-execution-platform.jpg)

The reporting duty for an Options ATS is systemic and centralized; for an RFQ platform, it is conditional and participant-driven.

- 
### [What Are the Key Differences in Proving Best Execution for a CLOB versus an RFQ Trade under MiFID II?](https://options.greeks.live/question/what-are-the-key-differences-in-proving-best-execution-for-a-clob-versus-an-rfq-trade-under-mifid-ii/)
![A sleek metallic teal execution engine, representing a Crypto Derivatives OS, interfaces with a luminous pre-trade analytics display. This abstract view depicts institutional RFQ protocols enabling high-fidelity execution for multi-leg spreads, optimizing market microstructure and atomic settlement.](https://options.greeks.live/wp-content/uploads/2025/07/advanced-institutional-digital-asset-derivatives-rfq-protocol-engine-for-high-fidelity-execution-and-market-microstructure-analysis.jpg)

Proving best execution for a CLOB trade is a quantitative analysis of price against a public benchmark, while for an RFQ trade, it is a qualitative defense of a competitive process.

- 
### [How Can This Analysis Inform the Design of a Request for Quote System?](https://options.greeks.live/question/how-can-this-analysis-inform-the-design-of-a-request-for-quote-system/)
![Abstract structure combines opaque curved components with translucent blue blades, a Prime RFQ for institutional digital asset derivatives. It represents market microstructure optimization, high-fidelity execution of multi-leg spreads via RFQ protocols, ensuring best execution and capital efficiency across liquidity pools.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-optimizing-market-microstructure-for-high-fidelity-execution-best-execution-price-discovery-across-liquidity-pools-and-prime-os.jpg)

An RFQ system's design translates market analysis into a controlled, competitive auction, optimizing price discovery and minimizing information leakage.

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```


---

**Original URL:** https://options.greeks.live/question/how-does-cat-reporting-for-rfqs-differ-from-standard-order-reporting/
