# How Does Information Leakage in an Rfq Directly Impact the Final Price? ▴ Question

**Published:** 2025-08-09
**Categories:** Question

---

![A sleek, circular, metallic-toned device features a central, highly reflective spherical element, symbolizing dynamic price discovery and implied volatility for Bitcoin options. This private quotation interface within a Prime RFQ platform enables high-fidelity execution of multi-leg spreads via RFQ protocols, minimizing information leakage and slippage](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-institutional-digital-asset-derivatives-rfq-execution-hub.jpg)

![A dark blue sphere, representing a deep institutional liquidity pool, integrates a central RFQ engine. This system processes aggregated inquiries for Digital Asset Derivatives, including Bitcoin Options and Ethereum Futures, enabling high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-for-optimized-liquidity-aggregation.jpg)

## Concept

![Interconnected, precisely engineered modules, resembling Prime RFQ components, illustrate an RFQ protocol for digital asset derivatives. The diagonal conduit signifies atomic settlement within a dark pool environment, ensuring high-fidelity execution and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-protocol-engine.jpg)

## The Inherent Paradox of Seeking Liquidity

A Request for Quote ([RFQ](https://prime.greeks.live/area/rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)) protocol in institutional finance operates on a fundamental paradox ▴ to execute a large trade without moving the market, an initiator must reveal their trading intention to a select group of liquidity providers. This act of revelation, however necessary, is the primary source of [information leakage](https://prime.greeks.live/area/information-leakage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). The core issue is the dissemination of private trading intent into a semi-private network of dealers. Each dealer receiving the RFQ is a potential counterparty, but also a potential source of leakage.

This leakage is not a flaw in the system, but a direct consequence of its design. The information an initiator provides ▴ asset, quantity, and direction (buy or sell) ▴ is a potent piece of short-term market intelligence. In the hands of other market participants, this information can and does alter the prevailing market price before the initiator’s order is even filled.

The impact of this leakage is a direct, measurable cost to the initiator, often realized as [price slippage](https://prime.greeks.live/area/price-slippage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) or [adverse selection](https://prime.greeks.live/area/adverse-selection/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). When a dealer receives an RFQ, they gain insight into a significant, imminent market order. A losing dealer, one who does not win the auction to fill the order, can use this information to trade on their own account in the open market, a practice known as front-running. This activity, which precedes the execution of the initiator’s block trade, pushes the market price against the initiator.

A large buy order signaled via RFQ can lead to pre-emptive buying from informed dealers, raising the [execution price](https://prime.greeks.live/area/execution-price/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). Conversely, a large sell order can trigger pre-emptive selling, lowering the price the initiator ultimately receives. The magnitude of this impact is a function of the order’s size, the liquidity of the asset, and, most critically, the number of [dealers queried](https://prime.greeks.live/question/what-is-the-quantitative-relationship-between-the-number-of-dealers-queried-and-pre-trade-price-impact/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite).

> Information leakage in an RFQ is the unintentional signaling of trading intent to market participants who can then trade on that information before the original order is executed, causing an adverse price movement.

![A dark, precision-engineered core system, with metallic rings and an active segment, represents a Prime RFQ for institutional digital asset derivatives. Its transparent, faceted shaft symbolizes high-fidelity RFQ protocol execution, real-time price discovery, and atomic settlement, ensuring capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-core-for-high-fidelity-rfq-protocol-execution-and-atomic-settlement.jpg)

## The Mechanics of Price Degradation

The process of price degradation begins the moment an RFQ is sent. Each dealer contacted makes an inference based on the request. Even if a dealer does not win the auction, the knowledge that a large block of a particular asset is being sought is valuable. This information transforms uncertainty into a higher probability of a specific market event.

The dealer can then trade in the public market, anticipating the price movement that the large order will inevitably cause when it is executed. This trading by informed, losing bidders creates a ripple effect. Other market participants, observing the change in order flow, may infer the presence of a large, informed trader and adjust their own strategies accordingly. The result is a cascade of trading activity that moves the price before the initiator of the RFQ has had a chance to execute their trade.

This phenomenon is a classic case of adverse selection from the perspective of the winning dealer. The winning bidder must price the trade not only based on the current market conditions but also on the knowledge that other dealers are now aware of the initiator’s intent. The winning dealer’s quote will incorporate the anticipated cost of this information leakage. They must account for the fact that by the time they go to the open market to hedge their position, the price will have already moved against them due to the trading activity of the losing bidders.

This anticipated cost is passed directly on to the RFQ initiator in the form of a less favorable price. The more dealers who are queried, the higher the probability of significant information leakage, and the wider the bid-ask spread the initiator will face. The final price is therefore a reflection of the collective [market impact](https://prime.greeks.live/area/market-impact/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) of all the dealers who were privy to the RFQ, not just the one who won the auction.

![A sleek, bimodal digital asset derivatives execution interface, partially open, revealing a dark, secure internal structure. This symbolizes high-fidelity execution and strategic price discovery via institutional RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocols-price-discovery.jpg)

![A transparent glass bar, representing high-fidelity execution and precise RFQ protocols, extends over a white sphere symbolizing a deep liquidity pool for institutional digital asset derivatives. A small glass bead signifies atomic settlement within the granular market microstructure, supported by robust Prime RFQ infrastructure ensuring optimal price discovery and minimal slippage](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-digital-asset-derivatives-rfq-execution-prime-os-intelligence-layer-facilitating-optimal-price-discovery-and-best-execution.jpg)

## Strategy

![A sleek, dark sphere, symbolizing the Intelligence Layer of a Prime RFQ, rests on a sophisticated institutional grade platform. Its surface displays volatility surface data, hinting at quantitative analysis for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-platform-intelligence-layer-optimizing-high-fidelity-execution.jpg)

## Calibrating the Tradeoff between Competition and Secrecy

An effective RFQ strategy is a balancing act between fostering competition among dealers to achieve a better price and restricting the flow of information to prevent adverse price movements. Contacting more dealers introduces greater competition, which should theoretically result in tighter spreads and a better price for the initiator. However, each additional dealer is another potential source of information leakage.

The optimal strategy, therefore, is not to maximize the number of dealers queried, but to find the point at which the marginal benefit of increased competition is outweighed by the marginal cost of information leakage. This calculation depends on several factors, including the liquidity of the asset, the size of the order, and the current market volatility.

For highly liquid assets, the market can absorb [large orders](https://prime.greeks.live/area/large-orders/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) with less [price impact](https://prime.greeks.live/area/price-impact/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), so the risk of information leakage is lower. In these cases, a trader might benefit from querying a larger number of dealers. For less liquid assets, however, a large order can have a significant price impact, and the risk of information leakage is much higher. In such a scenario, a more targeted approach is warranted, with the trader querying a smaller, more trusted group of dealers.

The goal is to provide enough information to receive competitive quotes while minimizing the “footprint” of the trade in the market. Some platforms facilitate this by allowing for tiered or sequential RFQs, where a trader can start with a small group of dealers and expand if necessary.

> The core of RFQ strategy lies in determining the optimal number of dealers to query, balancing the price improvement from competition against the price degradation from information leakage.

![A precision metallic instrument with a black sphere rests on a multi-layered platform. This symbolizes institutional digital asset derivatives market microstructure, enabling high-fidelity execution and optimal price discovery across diverse liquidity pools](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-engine-component-digital-asset-derivatives-market-microstructure.jpg)

## Systemic Approaches to Mitigating Leakage

Modern trading systems offer a variety of tools and protocols designed to help traders manage the inherent risks of [RFQ protocols](https://prime.greeks.live/area/rfq-protocols/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). These can be broadly categorized into strategies that control the dissemination of information and those that anonymize the initiator. Understanding these different approaches is critical for any institutional trader looking to minimize their market impact.

- **Anonymous RFQs** ▴ Some platforms allow traders to send RFQs anonymously. In this model, the dealers see the request but not the identity of the institution behind it. This can reduce the risk of reputational leakage, where a dealer might infer a particular strategy or a need to liquidate a large position based on the identity of the initiator. 

- **Dark RFQs** ▴ In a [dark RFQ](https://prime.greeks.live/area/dark-rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) model, the request is sent to a pool of liquidity providers, but the details of the request are not revealed to the broader market. This is similar to a dark pool for lit markets, where the goal is to find a counterparty without signaling intent to the public. This can be particularly effective for very large or illiquid trades. 

- **Segmented RFQs** ▴ This strategy involves breaking a large order into smaller pieces and sending out RFQs for each piece separately, possibly at different times or to different groups of dealers. This can make it more difficult for dealers to piece together the full size and scope of the initiator’s trading intent. 

The choice of which strategy to employ depends on the specific circumstances of the trade. The following table provides a simplified comparison of these different RFQ protocols:

| Protocol | Information Leakage Risk | Potential for Price Improvement | Best Use Case |
| --- | --- | --- | --- |
| Standard RFQ | High | High (with many dealers) | Liquid assets, smaller orders |
| Anonymous RFQ | Medium | Medium | When initiator’s identity is sensitive |
| Dark RFQ | Low | Varies (depends on pool liquidity) | Very large or illiquid assets |
| Segmented RFQ | Low to Medium | Medium | Large orders that can be broken up over time |

![A central crystalline RFQ engine processes complex algorithmic trading signals, linking to a deep liquidity pool. It projects precise, high-fidelity execution for institutional digital asset derivatives, optimizing price discovery and mitigating adverse selection](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocols-high-fidelity-digital-asset-derivatives-execution.jpg)

![Sleek, dark components with a bright turquoise data stream symbolize a Principal OS enabling high-fidelity execution for institutional digital asset derivatives. This infrastructure leverages secure RFQ protocols, ensuring precise price discovery and minimal slippage across aggregated liquidity pools, vital for multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-protocol-systemic-execution-interface.jpg)

## Execution

![A sophisticated modular apparatus, likely a Prime RFQ component, showcases high-fidelity execution capabilities. Its interconnected sections, featuring a central glowing intelligence layer, suggest a robust RFQ protocol engine](https://options.greeks.live/wp-content/uploads/2025/07/institutional-rfq-engine-core-for-digital-asset-derivatives-high-fidelity-execution-protocols.jpg)

## Quantifying the Cost of Information Leakage

The cost of information leakage is not theoretical; it is a quantifiable expense that directly impacts the profitability of a trade. This cost can be modeled by considering the expected price movement as a function of the number of dealers queried. For a given trade, the more dealers who see the RFQ, the higher the probability that one of them will trade on that information, leading to a greater adverse price movement. This can be conceptualized as a “leakage premium” that is priced into every quote received.

Consider a hypothetical scenario where an institutional trader wants to buy a large block of a specific corporate bond. The current mid-price is $100. The trader’s goal is to execute the trade as close to this price as possible.

The following table models the potential execution price based on the number of dealers queried, assuming a constant level of liquidity and market volatility. The “Information Leakage Cost” is the difference between the execution price and the theoretical price if there were no leakage.

| Number of Dealers Queried | Expected Execution Price | Information Leakage Cost (per unit) | Total Leakage Cost (for a 100,000 unit order) |
| --- | --- | --- | --- |
| 1 | $100.02 | $0.02 | $2,000 |
| 3 | $100.05 | $0.05 | $5,000 |
| 5 | $100.08 | $0.08 | $8,000 |
| 10 | $100.15 | $0.15 | $15,000 |

This model demonstrates the direct relationship between the breadth of an RFQ and the cost of execution. While querying more dealers might seem to foster more competition, the corresponding increase in information leakage can quickly offset any potential gains. The optimal execution strategy involves a careful analysis of this tradeoff, aiming to identify the number of dealers that provides the best balance of competitive pricing and information control.

> The final execution price in an RFQ is directly influenced by the number of counterparties who are made aware of the trade, with each additional dealer adding a quantifiable cost of information leakage.

![A futuristic, metallic structure with reflective surfaces and a central optical mechanism, symbolizing a robust Prime RFQ for institutional digital asset derivatives. It enables high-fidelity execution of RFQ protocols, optimizing price discovery and liquidity aggregation across diverse liquidity pools with minimal slippage](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-platform-for-institutional-digital-asset-derivatives-rfq-protocol-optimized-execution-management-system-with-robust-liquidity-sourcing.jpg)

## A Protocol for Minimizing Leakage

For traders looking to execute large orders with minimal market impact, a disciplined, systematic approach to the RFQ process is essential. The following is a procedural guide for constructing and executing an RFQ to minimize information leakage:

- **Pre-Trade Analysis** ▴ Before initiating an RFQ, conduct a thorough analysis of the asset’s liquidity and the current market conditions. Use available data to estimate the potential price impact of the trade. This will inform the selection of an appropriate RFQ strategy. 

- **Dealer Selection** ▴ Rather than broadcasting an RFQ to all available dealers, curate a list of trusted counterparties with whom your institution has a strong relationship. Consider their historical performance, their typical areas of specialization, and their discretion. 

- **RFQ Protocol Selection** ▴ Based on the pre-trade analysis, choose the RFQ protocol that best suits the trade. For highly sensitive trades, a dark or [anonymous RFQ](https://prime.greeks.live/area/anonymous-rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) may be the most appropriate choice. For more routine trades in liquid markets, a standard RFQ to a limited number of dealers may suffice. 

- **Staggered Execution** ▴ For very large orders, consider breaking the trade into smaller pieces and executing them over time. This can help to disguise the true size of the order and reduce the risk of a large, single-instance price impact. 

- **Post-Trade Analysis** ▴ After the trade is executed, analyze the performance. Compare the execution price to the pre-trade benchmark and the prices of similar trades. This data can be used to refine future RFQ strategies and to identify which dealers provide the [best execution](https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) with the least information leakage. 

By following a structured protocol, traders can move from a reactive to a proactive stance on information leakage. They can transform the RFQ process from a simple request for a price into a sophisticated tool for managing market impact and achieving best execution. This disciplined approach is a hallmark of advanced [institutional trading](https://prime.greeks.live/area/institutional-trading/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) desks.

![A macro view reveals a robust metallic component, signifying a critical interface within a Prime RFQ. This secure mechanism facilitates precise RFQ protocol execution, enabling atomic settlement for institutional-grade digital asset derivatives, embodying high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/core-secure-institutional-digital-asset-derivatives-rfq-trade-system-element.jpg)

## References

- Duffie, Darrell, and Haoxiang Zhu. “Principal Trading Procurement ▴ Competition and Information Leakage.” The Microstructure Exchange, 2021.

- Brunnermeier, Markus K. “Information Leakage and Market Efficiency.” The Review of Financial Studies, vol. 18, no. 2, 2005, pp. 417-57.

- Bergault, Philippe, and Olivier Guéant. “Liquidity Dynamics in RFQ Markets and Impact on Pricing.” arXiv preprint arXiv:2309.04216, 2023.

- Kyle, Albert S. “Continuous Auctions and Insider Trading.” Econometrica, vol. 53, no. 6, 1985, pp. 1315-35.

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

![A split spherical mechanism reveals intricate internal components. This symbolizes an Institutional Digital Asset Derivatives Prime RFQ, enabling high-fidelity RFQ protocol execution, optimal price discovery, and atomic settlement for block trades and multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-revealing-rfq-execution-core-mechanics.jpg)

## Reflection

![A sleek green probe, symbolizing a precise RFQ protocol, engages a dark, textured execution venue, representing a digital asset derivatives liquidity pool. This signifies institutional-grade price discovery and high-fidelity execution through an advanced Prime RFQ, minimizing slippage and optimizing capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-protocol-integration-for-high-fidelity-execution-and-institutional-liquidity-aggregation-on-prime-os.jpg)

## From Price Taker to Price Shaper

Understanding the dynamics of information leakage within the RFQ process fundamentally changes an institution’s relationship with the market. It marks a transition from passively accepting quotes to actively shaping the conditions of execution. The knowledge that every dealer interaction carries a quantifiable cost transforms the act of sourcing liquidity into a strategic exercise in information control.

This perspective elevates the trader’s role from a simple executor to a systems architect, one who designs their interactions with the market to achieve a specific, desired outcome. The ultimate goal is to build an operational framework that consistently minimizes the friction of trading, with information leakage being one of the most significant sources of that friction.

![A dark, robust sphere anchors a precise, glowing teal and metallic mechanism with an upward-pointing spire. This symbolizes institutional digital asset derivatives execution, embodying RFQ protocol precision, liquidity aggregation, and high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-microstructure-1.jpg)

## The Unseen Cost of Transparency

The pursuit of “best price” through maximum competition is an intuitive but often flawed strategy in the context of institutional trading. The visible benefit of a slightly tighter spread from an additional dealer can be easily erased by the invisible cost of information leakage. This highlights a critical principle of [market microstructure](https://prime.greeks.live/area/market-microstructure/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) ▴ not all information is beneficial, and not all transparency leads to better outcomes. A sophisticated trading operation recognizes that true efficiency lies in a nuanced understanding of these tradeoffs.

It requires the development of proprietary intelligence on dealer behavior, the disciplined application of advanced RFQ protocols, and a constant process of post-trade analysis and refinement. The most effective institutions are those that have mastered the art of selective transparency, revealing just enough information to foster competition while protecting their core trading intent from the broader market.

![Abstract bisected spheres, reflective grey and textured teal, forming an infinity, symbolize institutional digital asset derivatives. Grey represents high-fidelity execution and market microstructure teal, deep liquidity pools and volatility surface data](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocols-for-digital-asset-derivatives-execution.jpg)

## Glossary

<a href="https://prime.greeks.live/area/information-leakage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Beige cylindrical structure, with a teal-green inner disc and dark central aperture. This signifies an institutional grade Principal OS module, a precise RFQ protocol gateway for high-fidelity execution and optimal liquidity aggregation of digital asset derivatives, critical for quantitative analysis and market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/principal-os-rfq-engine-for-digital-asset-derivatives-high-fidelity-execution-optimal-liquidity-aggregation.jpg)

## Information Leakage

Meaning ▴ Information leakage, in the realm of crypto investing and institutional options trading, refers to the inadvertent or intentional disclosure of sensitive trading intent or order details to other market participants before or during trade execution. </a><a href="https://prime.greeks.live/area/rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A beige, triangular device with a dark, reflective display and dual front apertures. This specialized hardware facilitates institutional RFQ protocols for digital asset derivatives, enabling high-fidelity execution, market microstructure analysis, optimal price discovery, capital efficiency, block trades, and portfolio margin](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-terminal-for-high-fidelity-execution-and-precise-market-microstructure-analysis.jpg)

## Rfq

Meaning ▴ A Request for Quote (RFQ), in the domain of institutional crypto trading, is a structured communication protocol enabling a prospective buyer or seller to solicit firm, executable price proposals for a specific quantity of a digital asset or derivative from one or more liquidity providers. </a><a href="https://prime.greeks.live/area/adverse-selection/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A smooth, off-white sphere rests within a meticulously engineered digital asset derivatives RFQ platform, featuring distinct teal and dark blue metallic components. This sophisticated market microstructure enables private quotation, high-fidelity execution, and optimized price discovery for institutional block trades, ensuring capital efficiency and best execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-system-microstructure-core.jpg)

## Adverse Selection

Meaning ▴ Adverse selection in the context of crypto RFQ and institutional options trading describes a market inefficiency where one party to a transaction possesses superior, private information, leading to the uninformed party accepting a less favorable price or assuming disproportionate risk. </a><a href="https://prime.greeks.live/area/price-slippage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Two diagonal cylindrical elements. The smooth upper mint-green pipe signifies optimized RFQ protocols and private quotation streams](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-microstructure-optimization-1.jpg)

## Price Slippage

Meaning ▴ Price Slippage, in the context of crypto trading and systems architecture, denotes the difference between the expected price of a trade and the actual price at which the trade is executed. </a><a href="https://prime.greeks.live/area/execution-price/?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)

## Execution Price

Meaning ▴ Execution Price refers to the definitive price at which a trade, whether involving a spot cryptocurrency or a derivative contract, is actually completed and settled on a trading venue. </a><a href="https://prime.greeks.live/question/what-is-the-quantitative-relationship-between-the-number-of-dealers-queried-and-pre-trade-price-impact/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sophisticated apparatus, potentially a price discovery or volatility surface calibration tool. A blue needle with sphere and clamp symbolizes high-fidelity execution pathways and RFQ protocol integration within a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-institutional-digital-asset-derivatives-execution.jpg)

## Dealers Queried

The quantitative relationship between dealers queried and pre-trade price impact is a non-linear curve of diminishing, then negative, returns. </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">
![Visualizes the core mechanism of an institutional-grade RFQ protocol engine, highlighting its market microstructure precision. Metallic components suggest high-fidelity execution for digital asset derivatives, enabling private quotation and block trade processing](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-engine-core-1.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/large-orders/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A spherical, eye-like structure, an Institutional Prime RFQ, projects a sharp, focused beam. This visualizes high-fidelity execution via RFQ protocols for digital asset derivatives, enabling block trades and multi-leg spreads with capital efficiency and best execution across market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-prime-os-rfq-protocol-digital-asset-derivatives-block-trade-execution.jpg)

## Large Orders

Meaning ▴ Large Orders, within the ecosystem of crypto investing and institutional options trading, denote trade requests for significant volumes of digital assets or derivatives that, if executed on standard public order books, would likely cause substantial price dislocation and market impact due to the typically shallower liquidity profiles of these nascent markets. </a><a href="https://prime.greeks.live/area/price-impact/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precise mechanical interaction between structured components and a central dark blue element. This abstract representation signifies high-fidelity execution of institutional RFQ protocols for digital asset derivatives, optimizing price discovery and minimizing slippage within robust market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-system-interface.jpg)

## Price Impact

Meaning ▴ Price Impact, within the context of crypto trading and institutional RFQ systems, signifies the adverse shift in an asset's market price directly attributable to the execution of a trade, especially a large block order. </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">
![A luminous teal sphere, representing a digital asset derivative private quotation, rests on an RFQ protocol channel. A metallic element signifies the algorithmic trading engine and robust portfolio margin](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-microstructure-optimizing-prime-os.jpg)

## 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/dark-rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precision optical component on an institutional-grade chassis, vital for high-fidelity execution. It supports advanced RFQ protocols, optimizing multi-leg spread trading, rapid price discovery, and mitigating slippage within the Principal's digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-optical-component-prime-os.jpg)

## Dark Rfq

Meaning ▴ Dark RFQ, or Dark Request For Quote, describes a confidential trading process typically executed within a dark pool or a private, off-chain negotiation channel. </a><a href="https://prime.greeks.live/area/anonymous-rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract geometric forms depict a sophisticated RFQ protocol engine. A central mechanism, representing price discovery and atomic settlement, integrates horizontal liquidity streams](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-2.jpg)

## Anonymous Rfq

Meaning ▴ An Anonymous RFQ, or Request for Quote, represents a critical trading protocol where the identity of the party seeking a price for a financial instrument is concealed from the liquidity providers submitting quotes. </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 robust, multi-layered institutional Prime RFQ, depicted by the sphere, extends a precise platform for private quotation of digital asset derivatives. A reflective sphere symbolizes high-fidelity execution of a block trade, driven by algorithmic trading for optimal liquidity aggregation within market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/robust-institutional-platform-for-digital-asset-derivatives-rfq-protocols-and-optimized-liquidity-aggregation.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/institutional-trading/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Sleek, abstract system interface with glowing green lines symbolizing RFQ pathways and high-fidelity execution. This visualizes market microstructure for institutional digital asset derivatives, emphasizing private quotation and dark liquidity within a Prime RFQ framework, enabling best execution and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-for-institutional-digital-asset-derivatives.jpg)

## Institutional Trading

Meaning ▴ Institutional Trading in the crypto landscape refers to the large-scale investment and trading activities undertaken by professional financial entities such as hedge funds, asset managers, pension funds, and family offices in cryptocurrencies and their derivatives. </a><a href="https://prime.greeks.live/area/market-microstructure/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## Market Microstructure

Meaning ▴ Market Microstructure, within the cryptocurrency domain, refers to the intricate design, operational mechanics, and underlying rules governing the exchange of digital assets across various trading venues. </a>

**Tags:** [RFQ Protocols](https://options.greeks.live/area/rfq-protocols/), [Information Leakage](https://options.greeks.live/area/information-leakage/), [Anonymous RFQ](https://options.greeks.live/area/anonymous-rfq/), [Market Microstructure](https://options.greeks.live/area/market-microstructure/), [Block Trading](https://options.greeks.live/area/block-trading/), [Adverse Selection](https://options.greeks.live/area/adverse-selection/)	

## Discover More

- 
### [What Are the Primary Differences in Liquidity Sourcing between a Lit Order Book and an Anonymous RFQ System?](https://options.greeks.live/question/what-are-the-primary-differences-in-liquidity-sourcing-between-a-lit-order-book-and-an-anonymous-rfq-system/)
![A metallic Prime RFQ core, etched with algorithmic trading patterns, interfaces a precise high-fidelity execution blade. This blade engages liquidity pools and order book dynamics, symbolizing institutional grade RFQ protocol processing for digital asset derivatives price discovery.](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-digital-asset-derivatives-rfq-high-fidelity-execution-system.jpg)

A lit order book sources liquidity from a public auction; an RFQ system sources it via private, targeted negotiations to minimize impact.

- 
### [How Does Information Leakage Differ between a Clob and an Rfq System?](https://options.greeks.live/question/how-does-information-leakage-differ-between-a-clob-and-an-rfq-system/)
![A polished spherical form representing a Prime Brokerage platform features a precisely engineered RFQ engine. This mechanism facilitates high-fidelity execution for institutional Digital Asset Derivatives, enabling private quotation and optimal price discovery. It is central to managing liquidity pools for Bitcoin Options and Ethereum Futures, mitigating slippage.](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-engine-optimal-execution-digital-asset-derivatives.jpg)

Information leakage in a CLOB is a public broadcast risk, while in an RFQ, it is a controlled, private negotiation cost.

- 
### [What Are the Key Differences in Market Impact between RFQ and CLOB for Large Derivatives Trades?](https://options.greeks.live/question/what-are-the-key-differences-in-market-impact-between-rfq-and-clob-for-large-derivatives-trades/)
![Polished, intersecting geometric blades converge around a central metallic hub. This abstract visual represents an institutional RFQ protocol engine, enabling high-fidelity execution of digital asset derivatives. It embodies precise market microstructure, liquidity aggregation, price discovery, and multi-leg spread strategies, optimizing capital efficiency and atomic settlement.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-high-fidelity-execution-market-microstructure.jpg)

For large derivatives, RFQ minimizes market impact through discreet, targeted liquidity sourcing, while CLOB's transparency can amplify it.

- 
### [How Does Information Leakage in RFQ Systems Affect Price Discovery?](https://options.greeks.live/question/how-does-information-leakage-in-rfq-systems-affect-price-discovery/)
![A dark, robust sphere anchors a precise, glowing teal and metallic mechanism with an upward-pointing spire. This symbolizes institutional digital asset derivatives execution, embodying RFQ protocol precision, liquidity aggregation, and high-fidelity execution. It reflects advanced market microstructure for Bitcoin options and Ethereum futures, ensuring atomic settlement within a secure Principal's operational framework.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-microstructure-1.jpg)

Information leakage in RFQ systems degrades price discovery by signaling intent, forcing dealers to price in adverse selection risk.

- 
### [How Can a Firm Quantify Information Leakage from Its RFQ Activity?](https://options.greeks.live/question/how-can-a-firm-quantify-information-leakage-from-its-rfq-activity/)
![A sleek, institutional-grade device, with a glowing indicator, represents a Prime RFQ terminal. Its angled posture signifies focused RFQ inquiry for Digital Asset Derivatives, enabling high-fidelity execution and precise price discovery within complex market microstructure, optimizing latent liquidity.](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-execution-terminal-facilitating-high-fidelity-price-discovery-and-optimal-liquidity-aggregation.jpg)

A firm quantifies RFQ information leakage by analyzing price slippage against arrival time and monitoring adversarial trading by losing bidders.

- 
### [How Does Information Asymmetry Affect Pricing in RFQ versus Order Book Markets?](https://options.greeks.live/question/how-does-information-asymmetry-affect-pricing-in-rfq-versus-order-book-markets/)
![Angularly connected segments portray distinct liquidity pools and RFQ protocols. A speckled grey section highlights granular market microstructure and aggregated inquiry complexities for digital asset derivatives. This visual implies seamless high-fidelity execution and atomic settlement within a Principal's operational framework.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-efficiency.jpg)

Information asymmetry dictates pricing by forcing a trade-off between the overt impact of order books and the priced-in risk of RFQs.

- 
### [What Are the Primary Risks Associated with Information Leakage in Institutional Trading and How Does RFQ Address Them?](https://options.greeks.live/question/what-are-the-primary-risks-associated-with-information-leakage-in-institutional-trading-and-how-does-rfq-address-them/)
![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)

RFQ protocols mitigate information leakage by replacing open-market broadcasting with a contained, competitive auction among select liquidity providers.

- 
### [What Are the Primary Reasons an Institution Would Choose an Rfq Protocol over a Central Limit Order Book?](https://options.greeks.live/question/what-are-the-primary-reasons-an-institution-would-choose-an-rfq-protocol-over-a-central-limit-order-book/)
![Precision metallic component, possibly a lens, integral to an institutional grade Prime RFQ. Its layered structure signifies market microstructure and order book dynamics. The blue center implies price discovery for digital asset derivatives, with markings for smart order routing and atomic settlement within RFQ protocols for high-fidelity execution.](https://options.greeks.live/wp-content/uploads/2025/08/high-fidelity-institutional-digital-asset-rfq-execution-engine.jpg)

An RFQ protocol is chosen over a CLOB to control information leakage and minimize the market impact inherent in executing large orders.

- 
### [How Do You Quantitatively Measure Information Leakage in an RFQ?](https://options.greeks.live/question/how-do-you-quantitatively-measure-information-leakage-in-an-rfq/)
![A central Principal OS hub with four radiating pathways illustrates high-fidelity execution across diverse institutional digital asset derivatives liquidity pools. Glowing lines signify low latency RFQ protocol routing for optimal price discovery, navigating market microstructure for multi-leg spread strategies.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-intelligence.jpg)

Quantitatively measuring RFQ information leakage involves isolating the beta-adjusted price drift between inquiry and execution.

---

## Raw Schema Data

```json
{
    "@context": "https://schema.org",
    "@type": "BreadcrumbList",
    "itemListElement": [
        {
            "@type": "ListItem",
            "position": 1,
            "name": "Home",
            "item": "https://options.greeks.live"
        },
        {
            "@type": "ListItem",
            "position": 2,
            "name": "Question",
            "item": "https://options.greeks.live/question/"
        },
        {
            "@type": "ListItem",
            "position": 3,
            "name": "How Does Information Leakage in an Rfq Directly Impact the Final Price?",
            "item": "https://options.greeks.live/question/how-does-information-leakage-in-an-rfq-directly-impact-the-final-price/"
        }
    ]
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "Organization",
    "@id": "https://greeks.live/#organization",
    "name": "Greeks.Live",
    "url": "https://greeks.live/",
    "description": "Greeks.live is the definitive toolkit for the professional options trader, dedicated to empowering our users with institutional-grade data, advanced analytics, and a comprehensive suite of trading tools designed to provide a decisive edge in the market. Every article and guide published under the Greeks.live name is a product of our deep commitment to data-driven analysis and our mission to support the global trading community.",
    "email": "support@greeks.live",
    "logo": {
        "@type": "ImageObject",
        "url": "https://options.greeks.live/wp-content/uploads/2025/07/Greeks.Live-Logo-Icon.svg"
    },
    "hasPart": [
        {
            "@type": "WebSite",
            "name": "About Us",
            "url": "https://about.greeks.live"
        },
        {
            "@type": "WebSite",
            "name": "App Download Page",
            "url": "https://about.greeks.live/#/download/basic_trade"
        },
        {
            "@type": "WebSite",
            "name": "Newcomers' Guide",
            "url": "https://twisty-sign-c8b.notion.site/Guide-for-Greeks-live-X-Deribit-Newbies-5a08a3052822427d800af6eaf3704c8d"
        },
        {
            "@type": "WebSite",
            "name": "Knowledge Base",
            "url": "https://linktr.ee/greeks.live"
        },
        {
            "@type": "WebSite",
            "name": "Option Terminology",
            "url": "https://greekslive.notion.site/88dfc00e7c584d4d8969b6302a79a12f?pvs=4"
        },
        {
            "@type": "WebSite",
            "name": "Terms of Service",
            "url": "https://greeks.live/#/tos"
        },
        {
            "@type": "WebSite",
            "name": "Disclaimer",
            "url": "https://greeks.live/#/disclaimer"
        }
    ],
    "sameAs": [
        "https://x.com/greekslive",
        "https://youtube.com/@greeks_live?si=-KjT0Lkw4WUCI0tD",
        "https://t.me/greekslive_notifications",
        "https://t.me/greekslive",
        "https://pinterest.com/greekslive/"
    ],
    "makesOffer": [
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "RFQ Platform",
                "url": "https://rfq.greeks.live",
                "description": "Execute institutional-grade block trades for crypto options and futures. This platform provides deep, over-the-counter (OTC) liquidity via a professional Request for Quote system.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Lending Tools",
                "url": "https://lend.greeks.live",
                "description": "Manage crypto lending and borrowing activities to earn yield or secure loans. This suite of tools helps users analyze interest rates and manage collateralized debt positions.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Data Lab",
                "url": "https://greeks.live/#/deribit/tools/datalab/BTC",
                "description": "Analyze historical and real-time options data with advanced metrics. This tool is designed for backtesting strategies and identifying market trends through comprehensive data visualization.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Profit & Loss Analysis (PnL)",
                "url": "https://greeks.live/#/deribit/tools/pnl_analysis",
                "description": "Track and analyze the Profit and Loss (PnL) of your options portfolio. This tool provides detailed performance metrics to help traders evaluate and refine their strategies.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Position Visualization",
                "url": "https://greeks.live/#/deribit/tools/pv/BTC",
                "description": "Visualize complex options positions and their corresponding risk profiles. This tool generates payoff diagrams to help traders intuitively understand potential profit, loss, and exposure.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Options Calculator",
                "url": "https://greeks.live/#/deribit/tools/calculator",
                "description": "Calculate the theoretical price and risk parameters ('the Greeks') of crypto options. An essential tool for pricing new trades and analyzing the sensitivity of existing positions.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Greeks.live Main Platform",
                "url": "https://greeks.live/",
                "description": "The central hub for the Greeks.live suite of professional cryptocurrency options and derivatives trading tools. Access analytics, manage positions, and explore the ecosystem.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Community Forum",
                "url": "https://t.greeks.live",
                "description": "Join the official Greeks.live community. Connect with other traders, share insights, and receive the latest updates directly from the team.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Greeks.live for Deribit",
                "url": "http://deribit.greeks.live",
                "description": "A dedicated interface for trading on the Deribit exchange. This platform leverages Greeks.live's advanced analytics and tools specifically for users of Deribit's options and futures markets.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Greeks.live for OKX",
                "url": "http://okx.greeks.live",
                "description": "A dedicated interface for trading on the OKX exchange. This platform integrates Greeks.live's powerful analytics with the OKX marketplace, focusing on its options and derivatives products.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "GLVS.AI Trading Platform",
                "url": "https://www.glvs.ai/",
                "description": "An AI-powered platform for automated crypto options trading. Leverage advanced algorithms and data-driven signals to develop and deploy sophisticated, hands-free trading strategies.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "API Testnet & Sandbox",
                "url": "https://test.greeks.live",
                "description": "A dedicated testnet environment for developers to test their API integrations and automated trading strategies. This sandbox allows for full functionality testing without risking real funds.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        }
    ],
    "subOrganization": [
        {
            "@type": "Organization",
            "name": "GreeksLive HK Co., Limited",
            "email": "support@greeks.live",
            "telephone": "+852-56418949",
            "address": {
                "@type": "PostalAddress",
                "streetAddress": "Unit 11, 27/F, K. Wah Centre, 191 Java Road",
                "addressLocality": "Hong Kong",
                "addressRegion": "North Point",
                "addressCountry": "CN",
                "postalCode": "0000"
            },
            "geo": {
                "@type": "GeoCoordinates",
                "latitude": "22.2932357",
                "longitude": "114.2022026"
            },
            "image": "https://options.greeks.live/wp-content/uploads/2025/08/Wah-Centre-Hong-Kong.jpg"
        }
    ]
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "Article",
    "mainEntityOfPage": {
        "@type": "WebPage",
        "@id": "https://options.greeks.live/question/how-does-information-leakage-in-an-rfq-directly-impact-the-final-price/"
    },
    "headline": "How Does Information Leakage in an Rfq Directly Impact the Final Price? \u25b4 Question",
    "description": "Information leakage in an RFQ directly degrades the final price by signaling trading intent, which invites adverse selection and front-running. \u25b4 Question",
    "url": "https://options.greeks.live/question/how-does-information-leakage-in-an-rfq-directly-impact-the-final-price/",
    "datePublished": "2025-08-09T03:45:13+00:00",
    "dateModified": "2025-10-30T02:58:23+00:00",
    "articleSection": [
        "Question"
    ],
    "author": {
        "@id": "https://greeks.live/#organization"
    },
    "publisher": {
        "@id": "https://greeks.live/#organization"
    },
    "image": {
        "@type": "ImageObject",
        "url": "https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-core-for-high-fidelity-rfq-protocol-execution-and-atomic-settlement.jpg",
        "caption": "The image depicts a sophisticated, dark core system with metallic components and a luminous segment, from which a transparent, faceted shaft extends. This visual metaphor represents an institutional-grade Prime RFQ, designed for high-fidelity execution of digital asset derivatives. It symbolizes robust infrastructure enabling advanced RFQ protocols, precise real-time price discovery, and multi-leg spread capabilities, ensuring atomic settlement, minimized counterparty risk, and optimized capital efficiency for alpha generation."
    },
    "keywords": [
        "Adverse Selection",
        "Anonymous RFQ",
        "Best Execution",
        "Block Trading",
        "Dark RFQ",
        "Execution Price",
        "Information Leakage",
        "Institutional Trading",
        "Large Orders",
        "Liquidity Sourcing",
        "Market Impact",
        "Market Microstructure",
        "Price Impact",
        "Price Slippage",
        "RFQ",
        "RFQ Protocols"
    ]
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "WebSite",
    "url": "https://options.greeks.live/",
    "potentialAction": {
        "@type": "SearchAction",
        "target": "https://options.greeks.live/?s=search_term_string",
        "query-input": "required name=search_term_string"
    }
}
```


---

**Original URL:** https://options.greeks.live/question/how-does-information-leakage-in-an-rfq-directly-impact-the-final-price/
