# How Does the Liquidity Profile of an Asset Affect the Optimal RFQ Strategy? ▴ Question

**Published:** 2025-08-04
**Categories:** Question

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## Concept

The architecture of a trade’s execution begins with a foundational decision rooted in the very nature of the asset being traded. When considering a Request for Quote (RFQ) protocol, an institution is selecting a specific system for bilateral [price discovery](https://prime.greeks.live/area/price-discovery/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). The effectiveness of this system is entirely dependent on its calibration to the [liquidity profile](https://prime.greeks.live/area/liquidity-profile/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) of the underlying asset. An asset’s liquidity is a complex, multi-dimensional characteristic, defining the environment in which any transaction will occur.

It dictates the cost, speed, and certainty of execution. Therefore, the optimal [RFQ strategy](https://prime.greeks.live/area/rfq-strategy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is an exercise in systems engineering, where the protocol’s parameters are meticulously tuned to the specific constraints and opportunities presented by an asset’s unique liquidity landscape. This is the process of aligning the tool to the task, ensuring that the mechanism for sourcing prices is perfectly suited to the market’s ability to provide them.

Viewing liquidity through a singular lens, such as daily trading volume, provides an incomplete picture. A robust analysis requires a multi-faceted perspective, breaking down the concept into its core constituent parts. These dimensions collectively form the liquidity profile, a detailed map of an asset’s trading characteristics. Each dimension presents a different set of challenges and informs a different aspect of the RFQ strategy.

Understanding this profile is the first principle of effective execution design. It moves the trader from a reactive to a proactive stance, allowing for the construction of a bespoke trading plan that anticipates market behavior.

![A sharp, metallic form with a precise aperture visually represents High-Fidelity Execution for Institutional Digital Asset Derivatives. This signifies optimal Price Discovery and minimal Slippage within RFQ protocols, navigating complex Market Microstructure](https://options.greeks.live/wp-content/uploads/2025/07/precision-execution-institutional-digital-asset-derivatives-rfq.jpg)

## The Core Dimensions of an Asset’s Liquidity Profile

An asset’s liquidity profile is the aggregate of several key metrics that, together, describe the ease and efficiency with which it can be traded. Each component offers a distinct piece of intelligence, guiding the construction of an effective RFQ strategy. The primary dimensions are depth, breadth, and resiliency.

- 
**Market Depth** This refers to the volume of orders available at various price levels in the [central limit order book](https://prime.greeks.live/area/central-limit-order-book/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (CLOB). A deep market can absorb large orders without significant price impact. For an RFQ strategy, the depth of the lit market is a critical input.
If the desired trade size is a small fraction of the depth available on the CLOB, an RFQ may be used to seek [price improvement](https://prime.greeks.live/area/price-improvement/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). If the trade size is a multiple of the visible depth, the RFQ’s purpose shifts to discovering hidden liquidity without disrupting the fragile price structure of the lit market.

- 
**Market Breadth** This dimension considers the number and diversity of market participants actively trading the asset. A market with broad participation from different types of actors (market makers, institutional investors, retail traders) is generally more stable. For an RFQ, breadth informs [counterparty selection](https://prime.greeks.live/area/counterparty-selection/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite).
A broad market offers a wider choice of [liquidity providers](https://prime.greeks.live/area/liquidity-providers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) to whom a quote request can be sent, increasing the potential for competitive pricing. In a narrow market, the choice of counterparties is limited, and the strategy must focus on engaging the few dominant players without signaling desperation.

- 
**Market Resiliency** This is the speed at which prices recover from a large, temporary order imbalance. A resilient market quickly absorbs a large trade and returns to its previous price level. A market lacking resiliency will see its price permanently dislocated by a significant trade. The resiliency of an asset’s market directly impacts the risk of [information leakage](https://prime.greeks.live/area/information-leakage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) from an RFQ.
In a resilient market, even if the RFQ signals intent, the market can absorb the subsequent trade. In a non-resilient market, the signal itself can cause price dislocations as other participants front-run the expected order, making the RFQ a high-risk maneuver.

![An abstract, angular, reflective structure intersects a dark sphere. This visualizes institutional digital asset derivatives and high-fidelity execution via RFQ protocols for block trade and private quotation](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocols-for-high-fidelity-digital-asset-execution.jpg)

## How Does an RFQ Interact with Liquidity?

The RFQ protocol is fundamentally a conversation. The initiator sends a request to a select group of counterparties, asking for a firm price on a specific quantity of an asset. The design of this conversation ▴ who is invited, what is asked, and how long they have to respond ▴ is the strategy. The asset’s liquidity profile dictates the terms of this conversation.

For a highly liquid asset, like a major currency pair or a blue-chip stock, the liquidity profile is characterized by high depth, broad participation, and strong resiliency. The goal of an RFQ in this environment is price improvement. The strategy involves sending the request to a wide panel of competitive [market makers](https://prime.greeks.live/area/market-makers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), creating an auction-like dynamic to achieve a price better than what is available on the public markets. The risk of information leakage is low because the market is deep enough to absorb the trade and resilient enough to prevent lasting price impact.

Conversely, for an illiquid asset, such as a long-tail cryptocurrency token or a thinly traded corporate bond, the liquidity profile is challenging. It features low depth, narrow participation, and poor resiliency. The goal of an RFQ here is price discovery and size discovery. The primary challenge is finding a counterparty willing and able to take on the other side of a large trade.

The strategy must be surgical. The request is sent to a very small, trusted group of liquidity providers known to have an axe in that asset. Disclosing the full size of the intended trade is risky, as it can lead to significant [adverse selection](https://prime.greeks.live/area/adverse-selection/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) if a dealer takes the information and trades ahead of the client. Features like open-size RFQs become strategically vital, allowing the initiator to gauge interest without committing to a specific, potentially market-moving quantity. The entire process is about [minimizing information leakage](https://prime.greeks.live/question/what-are-the-best-practices-for-minimizing-information-leakage-during-the-rfq-process/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) while carefully uncovering latent liquidity.

> The liquidity profile of an asset is the primary determinant of an RFQ’s function, shifting its objective from price improvement in liquid markets to price discovery in illiquid ones.

This systemic view transforms the RFQ from a simple execution tool into a sophisticated instrument for navigating complex market structures. The optimal strategy is born from a deep understanding of the asset’s trading environment, allowing the institutional trader to design a process that maximizes the probability of a successful execution while minimizing its cost and market footprint.

![Polished metallic disks, resembling data platters, with a precise mechanical arm poised for high-fidelity execution. This embodies an institutional digital asset derivatives platform, optimizing RFQ protocol for efficient price discovery, managing market microstructure, and leveraging a Prime RFQ intelligence layer to minimize execution latency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-precision-execution-via-advanced-rfq-protocols-and-prime-os-intelligence-layer-for-optimal-market-microstructure.jpg)

![Two high-gloss, white cylindrical execution channels with dark, circular apertures and secure bolted flanges, representing robust institutional-grade infrastructure for digital asset derivatives. These conduits facilitate precise RFQ protocols, ensuring optimal liquidity aggregation and high-fidelity execution within a proprietary Prime RFQ environment](https://options.greeks.live/wp-content/uploads/2025/08/institutional-grade-execution-channels-enabling-private-quotation-and-optimal-liquidity-aggregation-for-high-fidelity-digital-asset-derivatives-rfq-protocols-on-prime-os.jpg)

## Strategy

Developing an optimal Request for Quote strategy requires a transition from conceptual understanding to a structured, decision-making framework. The asset’s liquidity profile serves as the foundational input, but the strategy itself is the set of rules and protocols that translate that input into a concrete plan of action. This plan governs every parameter of the RFQ process, from counterparty selection to the very structure of the request message.

The core objective is to manage the fundamental trade-off between maximizing price competition and minimizing information leakage. Every strategic choice is an attempt to find the optimal balance point on this spectrum, a point that shifts dramatically with the asset’s liquidity.

A useful analogy is that of an intelligence gathering operation. In a friendly, open environment (a liquid market), the operative can ask many sources for information with little risk. In a hostile, closed environment (an illiquid market), the operative must be highly selective about who they contact, what they ask, and how they ask it, as any misstep could compromise the entire mission. The RFQ strategy is the operational plan for this intelligence mission, designed to extract the best possible price without revealing sensitive information that could be used against the initiator.

![A precision optical system with a reflective lens embodies the Prime RFQ intelligence layer. Gray and green planes represent divergent RFQ protocols or multi-leg spread strategies for institutional digital asset derivatives, enabling high-fidelity execution and optimal price discovery within complex market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-intelligent-core-driving-digital-asset-derivatives-rfq-protocols-high-fidelity-execution-across-diverse-liquidity-pools-for-optimal-price-discovery.jpg)

## A Framework for Mapping Liquidity to RFQ Parameters

A systematic approach is essential for consistently applying the right strategy. The following table provides a framework for calibrating RFQ parameters directly to the observed liquidity characteristics of an asset. This structure provides a repeatable methodology for designing the execution process.

| Liquidity Characteristic | Strategic Objective | Optimal RFQ Parameters | Primary Risk to Mitigate |
| --- | --- | --- | --- |
| High Depth, Tight Spread (e.g. WETH-USDC) | Price Improvement | Counterparties ▴ 5-10+ (Broad Panel) Response Time ▴ Short (e.g. | Opportunity Cost (Failing to achieve best price) |
| Moderate Depth, Wider Spread (e.g. Mid-cap Altcoin) | Balanced Price Improvement & Size Execution | Counterparties ▴ 3-5 (Curated Panel) Response Time ▴ Medium (e.g. 1-5 seconds) Size Disclosure ▴ Full or Partial (Staged Execution) Execution Style ▴ Firm or Negotiated Quote | Slippage & Minor Information Leakage |
| Low Depth, High Spread (e.g. Long-tail Token) | Liquidity & Price Discovery | Counterparties ▴ 1-3 (Specialist Providers) Response Time ▴ Long (e.g. 5-30+ seconds) Size Disclosure ▴ Open-Size or Partial Execution Style ▴ Negotiated, subject to market conditions | Adverse Selection & Major Information Leakage |
| One-Sided Market (e.g. Post-news event) | Finding the Clearing Price | Counterparties ▴ 2-4 (Targeted based on expected position) Response Time ▴ Flexible Size Disclosure ▴ Open-Size or 2-Way RFQ Execution Style ▴ Best available, focus on certainty | Execution Failure (Inability to find a counterparty) |

![A glowing green ring encircles a dark, reflective sphere, symbolizing a principal's intelligence layer for high-fidelity RFQ execution. It reflects intricate market microstructure, signifying precise algorithmic trading for institutional digital asset derivatives, optimizing price discovery and managing latent liquidity](https://options.greeks.live/wp-content/uploads/2025/07/core-institutional-digital-asset-derivatives-rfq-execution-system-hub.jpg)

## Counterparty Selection the Cornerstone of RFQ Strategy

The choice of whom to send an RFQ to is arguably the most critical strategic decision. The liquidity profile of the asset dictates the universe of potential counterparties. In a liquid market, the selection process can be largely automated, focusing on a wide panel of market makers who have consistently provided competitive quotes in the past. The strategy is to maximize competition.

In an illiquid market, counterparty selection becomes a manual, intelligence-driven process. The trader must identify the specific dealers or funds that specialize in the asset. These are the entities most likely to have an existing inventory or a natural interest in taking on the position. Sending a request to a non-specialist dealer is not only fruitless; it is dangerous.

The uninformed dealer may misinterpret the request as a sign of a large, distressed order, leading them to widen their spreads or, worse, leak the information to the broader market. The strategy here is precision targeting, building relationships with key liquidity providers and understanding their individual appetites.

> A successful RFQ strategy in illiquid assets depends more on who you ask than on what you ask.

![A sleek, spherical, off-white device with a glowing cyan lens symbolizes an Institutional Grade Prime RFQ Intelligence Layer. It drives High-Fidelity Execution of Digital Asset Derivatives via RFQ Protocols, enabling Optimal Liquidity Aggregation and Price Discovery for Market Microstructure Analysis](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-optimal-execution-1.jpg)

## Structuring the Request to Manage Information

The structure of the RFQ message itself is a strategic tool. For liquid assets, a standard, firm RFQ for the full size is optimal. The message is simple ▴ “Here is the size, give me your best price, now.” This approach is efficient and extracts the maximum price improvement from a competitive environment.

For [illiquid assets](https://prime.greeks.live/area/illiquid-assets/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), the message must be constructed with greater care. Several advanced RFQ structures are designed specifically for these scenarios:

- 
**Staged RFQs** The initiator breaks a large order into smaller pieces, sending out RFQs for the tranches sequentially. This allows the trader to gauge the market’s reaction and adjust the strategy for subsequent pieces. It reduces the risk of revealing the full order size at once.

- 
**Open-Size RFQs** As discussed, this allows the initiator to request quotes without specifying a quantity. Dealers respond with the size and price they are willing to trade. This is an invaluable tool for discovering the true available liquidity without committing to a market-moving trade upfront. It shifts the onus of size discovery onto the liquidity provider.

- 
**Two-Way RFQs** The initiator requests a simultaneous bid and offer from counterparties. This provides a complete view of the dealer’s market, helping the trader gauge sentiment and the current spread. It is particularly useful in volatile or one-sided markets to understand where the true clearing price might be before showing a directional interest.

The choice of which structure to use is a direct function of the asset’s liquidity profile and the trader’s primary objective. The more illiquid the asset, the more sophisticated the RFQ structure must be to protect the initiator from the risks of adverse selection and information leakage. The strategy is to reveal information incrementally and selectively, gaining more intelligence than is given away.

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![A sleek, institutional-grade Crypto Derivatives OS with an integrated intelligence layer supports a precise RFQ protocol. Two balanced spheres represent principal liquidity units undergoing high-fidelity execution, optimizing capital efficiency within market microstructure for best execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-platform-3.jpg)

## Execution

The execution phase is where strategy confronts reality. It is the operational implementation of the framework designed in the preceding stages. A successful execution is the product of a disciplined, systematic process that encompasses pre-trade analysis, precise protocol management, and rigorous post-trade evaluation.

The liquidity profile of the asset remains the guiding principle throughout this process, dictating the specific actions taken at each step. The focus shifts from the ‘what’ and ‘why’ to the ‘how’ ▴ the granular, procedural details that determine the ultimate quality of the execution.

At this level, the trader operates as a systems controller, monitoring inputs, adjusting parameters, and making real-time decisions based on the flow of information. The RFQ platform is the control panel, and the asset’s liquidity is the environment the system is navigating. The goal is to execute the order with minimal [market impact](https://prime.greeks.live/area/market-impact/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and at the most favorable price, a task that requires both quantitative rigor and qualitative judgment.

![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 Procedural Playbook for Liquidity-Driven RFQ Execution

To illustrate the practical application of these principles, we can outline two distinct execution playbooks ▴ one for a highly liquid asset and one for a highly illiquid asset. The contrast in procedures highlights how deeply the liquidity profile permeates every aspect of the execution workflow.

![A polished metallic modular hub with four radiating arms represents an advanced RFQ execution engine. This system aggregates multi-venue liquidity for institutional digital asset derivatives, enabling high-fidelity execution and precise price discovery across diverse counterparty risk profiles, powered by a sophisticated intelligence layer](https://options.greeks.live/wp-content/uploads/2025/08/principal-rfq-hub-digital-asset-derivatives-liquidity-aggregation.jpg)

## Scenario a High-Liquidity Asset (E.g. WBTC-WETH)

The operational goal is to achieve a price superior to the publicly quoted bid-ask spread with minimal latency and high certainty of execution. The process is systematic and often highly automated.

- 
**Pre-Trade Analysis** The system continuously monitors the CLOB depth and volume-weighted average price (VWAP). The trader defines a target price improvement relative to the current best bid or offer. The RFQ is triggered when the desired order size is a fraction of the top-of-book liquidity, ensuring the market can easily absorb the information.

- 
**Counterparty Configuration** A broad, pre-approved panel of 8-12 competitive market makers is selected. The system may dynamically prune this list based on recent performance, favoring providers who have offered the tightest spreads in the last 24 hours.

- 
**RFQ Parameterization** The RFQ is configured with a short Time-To-Live (TTL), typically under one second. The full trade size is disclosed. The execution is set to “firm,” meaning the dealer’s quote is an executable price, not an indication.

- 
**Live Execution** The RFQ is sent simultaneously to all selected counterparties. The platform aggregates the responses in real time. The system automatically executes against the best price received as soon as it arrives, provided it meets the pre-defined price improvement target. The “winner” of the auction is filled, and the other quotes are allowed to expire.

- 
**Post-Trade Analysis** The execution price is logged and compared against the benchmark VWAP and the CLOB price at the moment of execution. This data feeds back into the counterparty performance model, refining the selection for future trades.

![A light sphere, representing a Principal's digital asset, is integrated into an angular blue RFQ protocol framework. Sharp fins symbolize high-fidelity execution and price discovery](https://options.greeks.live/wp-content/uploads/2025/07/principals-core-asset-rfq-protocol-framework-for-digital-derivatives.jpg)

## Scenario B Low-Liquidity Asset (E.g. a Niche DeFi Governance Token)

The operational goal is to discover a willing counterparty and a workable price for a size that is significantly larger than the visible market depth, all while minimizing information leakage.

- 
**Pre-Trade Intelligence Gathering** The trader manually investigates the asset. This involves checking on-chain data for large holders, communicating with specialist trading desks via secure channels, and understanding the current narrative around the token. The goal is to build a qualitative map of who holds the asset and who might be a natural buyer or seller.

- 
**Surgical Counterparty Selection** Based on the intelligence gathered, the trader selects a small, trusted group of 1-3 specialist liquidity providers. This is a manual process based on established relationships and known expertise.

- 
**Iterative RFQ Parameterization** The execution may begin with a Two-Way, [Open-Size RFQ](https://prime.greeks.live/area/open-size-rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) sent to a single, most-trusted counterparty. This initial request is a probe, designed to gather information on the dealer’s axe and their perception of the market. The TTL may be longer, from 15 to 60 seconds, to give the dealer time to assess their risk. Based on the response, the trader may follow up with a firm RFQ for a partial size or approach a second dealer with a more specific request.

- 
**Negotiated Execution** The execution is rarely a one-click process. The dealer’s response may be an indicative price, leading to a quick negotiation over a secure chat interface integrated with the trading platform. The trader and dealer may agree to execute a portion of the trade immediately and work the rest of the order over time.

- 
**Post-Trade Obfuscation and Analysis** After the trade, the trader monitors the market for any signs of information leakage. The execution price is compared to the pre-trade price, with the understanding that some market impact is unavoidable. The primary metric of success is the ability to execute the full size without causing a catastrophic price dislocation.

> For illiquid assets, the RFQ process transforms from a high-speed auction into a careful, multi-stage negotiation.

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

## Quantitative Models in RFQ Pricing

When a liquidity provider receives an RFQ, they do not simply quote the public market price. Their response is the output of a sophisticated pricing model that accounts for the liquidity context. Academic research into [market microstructure](https://prime.greeks.live/area/market-microstructure/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) provides a theoretical basis for these models. Concepts like the [Fair Transfer Price](https://prime.greeks.live/area/fair-transfer-price/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (FTP) are crucial.

The FTP is an extension of the traditional mid-price, adjusted for imbalances in trading flows. If a dealer perceives more buying than selling interest in the market (or in the RFQs they are receiving), their FTP will be skewed higher. Their quote will be based on this adjusted price, plus a spread to compensate for their risk.

The dealer’s model will consider:

- 
**Inventory Risk** If they already hold a large position in the asset, their price for a buy RFQ will be lower, and their price for a sell RFQ will be higher.

- 
**Adverse Selection Risk** Who is sending the RFQ? Is it a client who is likely to have superior information? The dealer widens their spread to compensate for the risk of trading with a more informed player. This is a primary driver of cost in illiquid markets.

- 
**Expected Market Impact** How will hedging this trade affect the market price? The dealer factors the expected cost of their own hedging activity into the quote they provide.

The following table illustrates how a dealer’s pricing logic might change based on the asset’s liquidity profile, incorporating these quantitative considerations.

| Asset Liquidity Profile | Dealer’s Primary Concern | Pricing Model Adjustment | Resulting Quote Characteristic |
| --- | --- | --- | --- |
| High Liquidity | Competition | Reference price is the CLOB mid-price. Spread is minimal, driven by volume incentives. | Very tight spread, close to the public market price. |
| Low Liquidity | Adverse Selection & Inventory Risk | Reference price is an internal Fair Transfer Price (FTP) adjusted for perceived flow imbalance. Spread is significantly wider to compensate for uncertainty and hedging costs. | Wide spread, potentially far from the last traded price on the public market. |

Understanding this dealer-side logic is the final piece of the execution puzzle. An effective RFQ strategy anticipates the dealer’s reaction. By carefully selecting counterparties, structuring the request to minimize the perceived information content, and understanding the market context, the trader can influence the inputs to the dealer’s model and, in doing so, secure a more favorable execution.

![A sleek, pointed object, merging light and dark modular components, embodies advanced market microstructure for digital asset derivatives. Its precise form represents high-fidelity execution, price discovery via RFQ protocols, emphasizing capital efficiency, institutional grade alpha generation](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-digital-asset-rfq-execution-system-microstructure.jpg)

## References

- Guéant, Olivier, and Iuliia Manziuk. “Liquidity Dynamics in RFQ Markets and Impact on Pricing.” arXiv preprint arXiv:2406.13459, 2024.

- Kyle, Albert S. and Anna A. Obizhaeva. “Adverse Selection and Liquidity ▴ From Theory to Practice.” National Bureau of Economic Research, Working Paper No. 24649, 2018.

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

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

- Cont, Rama, and Adrien de Larrard. “Price Dynamics in a Limit Order Market.” SIAM Journal on Financial Mathematics, vol. 4, no. 1, 2013, pp. 1-25.

- Glosten, Lawrence R. and Paul R. Milgrom. “Bid, Ask and Transaction Prices in a Specialist Market with Heterogeneously Informed Traders.” Journal of Financial Economics, vol. 14, no. 1, 1985, pp. 71-100.

- Bank for International Settlements. “Market Microstructure and Market Liquidity.” CGFS Publications, No. 12, May 1999.

![A refined object featuring a translucent teal element, symbolizing a dynamic RFQ for Institutional Grade Digital Asset Derivatives. Its precision embodies High-Fidelity Execution and seamless Price Discovery within complex Market Microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-precision-for-optimal-execution-and-deep-liquidity-aggregation.jpg)

## Reflection

The architecture you have just reviewed ▴ linking an asset’s liquidity profile to a dynamic RFQ protocol ▴ is a single module within a larger operational system. Its effectiveness is a function of its design and calibration. Now, consider the other modules in your institution’s [execution management system](https://prime.greeks.live/area/execution-management-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). How does your pre-trade analytics engine define and measure an asset’s liquidity profile?

Does your post-[trade cost analysis](https://prime.greeks.live/area/trade-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) framework accurately distinguish between market impact, adverse selection, and spread costs? The knowledge of how to build one component prompts an evaluation of the entire structure. A superior execution framework is a fully integrated system, where intelligence flows seamlessly from market analysis to strategic design, from execution to evaluation, creating a continuous loop of refinement and adaptation. The ultimate strategic advantage lies in the quality of this total operating system.

![A sleek, metallic control mechanism with a luminous teal-accented sphere symbolizes high-fidelity execution within institutional digital asset derivatives trading. Its robust design represents Prime RFQ infrastructure enabling RFQ protocols for optimal price discovery, liquidity aggregation, and low-latency connectivity in algorithmic trading environments](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-execution-control-for-optimal-market-microstructure-precision.jpg)

## Glossary

<a href="https://prime.greeks.live/area/liquidity-profile/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![An abstract composition of intersecting light planes and translucent optical elements illustrates the precision of institutional digital asset derivatives trading. It visualizes RFQ protocol dynamics, market microstructure, and the intelligence layer within a Principal OS for optimal capital efficiency, atomic settlement, and high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-high-fidelity-execution-framework.jpg)

## Liquidity Profile

Meaning ▴ The Liquidity Profile quantifies an asset's market depth, bid-ask spread, and available trading volume across various price levels and timeframes, providing a dynamic assessment of its tradability and the potential impact of an order. </a><a href="https://prime.greeks.live/area/price-discovery/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Precision instrument featuring a sharp, translucent teal blade from a geared base on a textured platform. This symbolizes high-fidelity execution of institutional digital asset derivatives via RFQ protocols, optimizing market microstructure for capital efficiency and algorithmic trading on a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-algorithmic-execution-infrastructure-for-institutional-digital-asset-derivatives-request-for-quote-protocols-optimal-liquidity.jpg)

## Price Discovery

Meaning ▴ Price discovery is the continuous, dynamic process by which the market determines the fair value of an asset through the collective interaction of supply and demand. </a><a href="https://prime.greeks.live/area/rfq-strategy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A diagonal metallic framework supports two dark circular elements with blue rims, connected by a central oval interface. This represents an institutional-grade RFQ protocol for digital asset derivatives, facilitating block trade execution, high-fidelity execution, dark liquidity, and atomic settlement on a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/optimized-institutional-digital-asset-derivatives-trading-system-rfq-protocols-and-atomic-settlement.jpg)

## Rfq Strategy

Meaning ▴ An RFQ Strategy, or Request for Quote Strategy, defines a systematic approach for institutional participants to solicit price quotes from multiple liquidity providers for a specific digital asset derivative instrument. </a><a href="https://prime.greeks.live/area/central-limit-order-book/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A central metallic bar, representing an RFQ block trade, pivots through translucent geometric planes symbolizing dynamic liquidity pools and multi-leg spread strategies. This illustrates a Principal's operational framework for high-fidelity execution and atomic settlement within a sophisticated Crypto Derivatives OS, optimizing private quotation workflows](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-facilitating-high-fidelity-price-discovery-and-optimal-capital-efficiency-within-advanced-market-microstructure.jpg)

## Central Limit Order Book

Meaning ▴ A Central Limit Order Book is a digital repository that aggregates all outstanding buy and sell orders for a specific financial instrument, organized by price level and time of entry. </a><a href="https://prime.greeks.live/area/price-improvement/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Two distinct components, beige and green, are securely joined by a polished blue metallic element. This embodies a high-fidelity RFQ protocol for institutional digital asset derivatives, ensuring atomic settlement and optimal liquidity](https://options.greeks.live/wp-content/uploads/2025/07/institutional-rfq-protocol-for-digital-asset-derivatives-high-fidelity-link.jpg)

## Price Improvement

Meaning ▴ Price improvement denotes the execution of a trade at a more advantageous price than the prevailing National Best Bid and Offer (NBBO) at the moment of order submission. </a><a href="https://prime.greeks.live/area/counterparty-selection/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Precision-engineered modular components, with transparent elements and metallic conduits, depict a robust RFQ Protocol engine. This architecture facilitates high-fidelity execution for institutional digital asset derivatives, enabling efficient liquidity aggregation and atomic settlement within market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-optimizing-high-fidelity-execution-and-liquidity-aggregation.jpg)

## Counterparty Selection

Meaning ▴ Counterparty selection refers to the systematic process of identifying, evaluating, and engaging specific entities for trade execution, risk transfer, or service provision, based on predefined criteria such as creditworthiness, liquidity provision, operational reliability, and pricing competitiveness within a digital asset derivatives ecosystem. </a><a href="https://prime.greeks.live/area/liquidity-providers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## Liquidity Providers

Meaning ▴ Liquidity Providers are market participants, typically institutional entities or sophisticated trading firms, that facilitate efficient market operations by continuously quoting bid and offer prices for financial instruments. </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">
![Central institutional Prime RFQ, a segmented sphere, anchors digital asset derivatives liquidity. Intersecting beams signify high-fidelity RFQ protocols for multi-leg spread execution, price discovery, and counterparty risk mitigation](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-cross-asset-rfq-execution-hub.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/market-makers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A luminous central hub with radiating arms signifies an institutional RFQ protocol engine. It embodies seamless liquidity aggregation and high-fidelity execution for multi-leg spread strategies](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-hub-for-optimal-liquidity-aggregation.jpg)

## Market Makers

Meaning ▴ Market Makers are financial entities that provide liquidity to a market by continuously quoting both a bid price (to buy) and an ask price (to sell) for a given financial instrument. </a><a href="https://prime.greeks.live/question/what-are-the-best-practices-for-minimizing-information-leakage-during-the-rfq-process/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A central, metallic, multi-bladed mechanism, symbolizing a core execution engine or RFQ hub, emits luminous teal data streams. These streams traverse through fragmented, transparent structures, representing dynamic market microstructure, high-fidelity price discovery, and liquidity aggregation](https://options.greeks.live/wp-content/uploads/2025/07/principal-grade-digital-asset-derivatives-rfq-protocol-engine-facilitating-high-fidelity-execution-and-optimal-price-discovery-across-fragmented-market-microstructure.jpg)

## Minimizing Information Leakage

A disciplined RFQ architecture minimizes information leakage by integrating tiered counterparty management with intelligent protocol design. </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">
![Translucent spheres, embodying institutional counterparties, reveal complex internal algorithmic logic. Sharp lines signify high-fidelity execution and RFQ protocols, connecting these liquidity pools](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-optimal-execution-engine.jpg)

## Adverse Selection

Meaning ▴ Adverse selection describes a market condition characterized by information asymmetry, where one participant possesses superior or private knowledge compared to others, leading to transactional outcomes that disproportionately favor the informed party. </a><a href="https://prime.greeks.live/area/response-time/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-engine-optimal-execution-digital-asset-derivatives.jpg)

## Response Time

Meaning ▴ Response Time quantifies the elapsed duration between a specific triggering event and a system's subsequent, measurable reaction. </a><a href="https://prime.greeks.live/question/can-machine-learning-adapt-equity-style-arbitrage-strategies-to-the-otc-bond-market/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Segmented circular object, representing diverse digital asset derivatives liquidity pools, rests on institutional-grade mechanism. Central ring signifies robust price discovery a diagonal line depicts RFQ inquiry pathway, ensuring high-fidelity execution via Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-for-high-fidelity-execution.jpg)

## Execution Style

Machine learning adapts equity arbitrage to OTC bonds by translating price-based signals into a systems-level approach to value. </a><a href="https://prime.greeks.live/area/illiquid-assets/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, bi-component digital asset derivatives engine reveals its intricate core, symbolizing an advanced RFQ protocol. This Prime RFQ component enables high-fidelity execution and optimal price discovery within complex market microstructure, managing latent liquidity for institutional operations](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-optimal-execution.jpg)

## Illiquid Assets

Meaning ▴ An illiquid asset is an investment that cannot be readily converted into cash without a substantial loss in value or a significant delay. </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">
![Three sensor-like components flank a central, illuminated teal lens, reflecting an advanced RFQ protocol system. This represents an institutional digital asset derivatives platform's intelligence layer for precise price discovery, high-fidelity execution, and managing multi-leg spread strategies, optimizing market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-for-optimal-execution.jpg)

## Market Impact

Meaning ▴ Market Impact refers to the observed change in an asset's price resulting from the execution of a trading order, primarily influenced by the order's size relative to available liquidity and prevailing market conditions. </a><a href="https://prime.greeks.live/area/open-size-rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A futuristic metallic optical system, featuring a sharp, blade-like component, symbolizes an institutional-grade platform. It enables high-fidelity execution of digital asset derivatives, optimizing market microstructure via precise RFQ protocols, ensuring efficient price discovery and robust portfolio margin](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-for-high-fidelity-rfq-execution-and-optimal-price-discovery.jpg)

## Open-Size Rfq

Meaning ▴ An Open-Size Request for Quote (RFQ) represents a sophisticated protocol within electronic trading systems designed to facilitate price discovery for institutional-grade digital asset block trades without pre-committing to a specific notional size. </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">
![Interlocking transparent and opaque geometric planes on a dark surface. This abstract form visually articulates the intricate Market Microstructure of Institutional Digital Asset Derivatives, embodying High-Fidelity Execution through advanced RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/geometric-abstraction-of-institutional-digital-asset-derivatives-market-microstructure-driving-high-fidelity-execution-via-principal-rfq-protocols-and-optimal-liquidity-aggregation.jpg)

## Market Microstructure

Meaning ▴ Market Microstructure refers to the study of the processes and rules by which securities are traded, focusing on the specific mechanisms of price discovery, order flow dynamics, and transaction costs within a trading venue. </a><a href="https://prime.greeks.live/area/fair-transfer-price/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Luminous blue drops on geometric planes depict institutional Digital Asset Derivatives trading. Large spheres represent atomic settlement of block trades and aggregated inquiries, while smaller droplets signify granular market microstructure data](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-digital-asset-derivatives-rfq-protocols-driving-high-fidelity-execution-and-optimal-liquidity-discovery.jpg)

## Fair Transfer Price

Meaning ▴ The Fair Transfer Price is an internally determined valuation for assets, liabilities, or services exchanged between distinct operational units within a financial institution. </a><a href="https://prime.greeks.live/area/execution-management-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, two-toned dark and light blue surface with a metallic fin-like element and spherical component, embodying an advanced Principal OS for Digital Asset Derivatives. This visualizes a high-fidelity RFQ execution environment, enabling precise price discovery and optimal capital efficiency through intelligent smart order routing within complex market microstructure and dark liquidity pools](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-optimizing-market-microstructure-for-high-fidelity-execution-and-capital-efficiency.jpg)

## Execution Management System

Meaning ▴ An Execution Management System (EMS) is a specialized software application engineered to facilitate and optimize the electronic execution of financial trades across diverse venues and asset classes. </a><a href="https://prime.greeks.live/area/trade-cost-analysis/?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)

## Trade Cost Analysis

Meaning ▴ Trade Cost Analysis quantifies the explicit and implicit costs incurred during trade execution, comparing actual transaction prices against a defined benchmark to ascertain execution quality and identify operational inefficiencies. </a>

**Tags:** [RFQ Strategy](https://options.greeks.live/area/rfq-strategy/), [Market Microstructure](https://options.greeks.live/area/market-microstructure/), [Counterparty Selection](https://options.greeks.live/area/counterparty-selection/), [Trade Cost Analysis](https://options.greeks.live/area/trade-cost-analysis/), [Market Makers](https://options.greeks.live/area/market-makers/), [Liquidity Profile](https://options.greeks.live/area/liquidity-profile/)	

## Discover More

- 
### [How Does an RFQ Protocol Mitigate Information Leakage for Large Block Trades?](https://options.greeks.live/question/how-does-an-rfq-protocol-mitigate-information-leakage-for-large-block-trades/)
![A multi-layered device with translucent aqua dome and blue ring, on black. This represents an Institutional-Grade Prime RFQ Intelligence Layer for Digital Asset Derivatives. It enables high-fidelity execution through optimized RFQ protocols, facilitating precise price discovery and leveraging deep market microstructure analysis for latent liquidity access.](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-intelligence-layer.jpg)

An RFQ protocol mitigates information leakage by replacing public order broadcast with private, selective price solicitation.

- 
### [How Does a Hybrid Rfq Protocol Quantitatively Reduce Market Impact Costs?](https://options.greeks.live/question/how-does-a-hybrid-rfq-protocol-quantitatively-reduce-market-impact-costs/)
![Two sleek, pointed objects intersect centrally, forming an 'X' against a dual-tone black and teal background. This embodies the high-fidelity execution of institutional digital asset derivatives via RFQ protocols, facilitating optimal price discovery and efficient cross-asset trading within a robust Prime RFQ, minimizing slippage and adverse selection.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-prime-os-microstructure.jpg)

A hybrid RFQ protocol minimizes market impact by sourcing competitive, private liquidity benchmarked against the live public market price.

- 
### [What Is the Role of Response Time in the Overall Cost of an Rfq Trade?](https://options.greeks.live/question/what-is-the-role-of-response-time-in-the-overall-cost-of-an-rfq-trade/)
![A central mechanism of an Institutional Grade Crypto Derivatives OS with dynamically rotating arms. These translucent blue panels symbolize High-Fidelity Execution via an RFQ Protocol, facilitating Price Discovery and Liquidity Aggregation for Digital Asset Derivatives within complex Market Microstructure.](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-engine-for-digital-asset-derivatives-best-execution.jpg)

Response time dictates the trade's exposure to market volatility, directly translating temporal risk into quantifiable execution cost.

- 
### [What Are the Primary Differences in Information Leakage between a CLOB and an RFQ System?](https://options.greeks.live/question/what-are-the-primary-differences-in-information-leakage-between-a-clob-and-an-rfq-system/)
![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)

A CLOB broadcasts trading intent publicly, risking market impact, while an RFQ privately queries select dealers, containing information leakage.

- 
### [How Does the RFQ Protocol Enhance Price Discovery for Illiquid Assets?](https://options.greeks.live/question/how-does-the-rfq-protocol-enhance-price-discovery-for-illiquid-assets/)
![A stylized spherical system, symbolizing an institutional digital asset derivative, rests on a robust Prime RFQ base. Its dark core represents a deep liquidity pool for algorithmic trading. A blue band signifies high-fidelity execution protocols, ensuring optimal price discovery and capital efficiency within market microstructure, enhancing alpha generation.](https://options.greeks.live/wp-content/uploads/2025/08/institutional-grade-rfq-protocol-engine-facilitating-best-execution-and-liquidity-aggregation-for-digital-asset-derivatives.jpg)

The RFQ protocol enhances price discovery for illiquid assets by creating a discreet, competitive auction that minimizes information leakage.

- 
### [What Are the Primary Differences between RFQ and CLOB Price Discovery during Volatility?](https://options.greeks.live/question/what-are-the-primary-differences-between-rfq-and-clob-price-discovery-during-volatility/)
![A reflective metallic disc, symbolizing a Centralized Liquidity Pool or Volatility Surface, is bisected by a precise rod, representing an RFQ Inquiry for High-Fidelity Execution. Translucent blue elements denote Dark Pool access and Private Quotation Networks, detailing Institutional Digital Asset Derivatives Market Microstructure.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-high-fidelity-execution.jpg)

RFQ offers discreet, negotiated liquidity, minimizing impact, while CLOB provides transparent, continuous price discovery.

- 
### [How Does a Predictive Model Mitigate Information Leakage in RFQ Auctions?](https://options.greeks.live/question/how-does-a-predictive-model-mitigate-information-leakage-in-rfq-auctions/)
![A central, blue-illuminated, crystalline structure symbolizes an institutional grade Crypto Derivatives OS facilitating RFQ protocol execution. Diagonal gradients represent aggregated liquidity and market microstructure converging for high-fidelity price discovery, optimizing multi-leg spread trading for digital asset options.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-11.jpg)

A predictive model mitigates RFQ information leakage by quantitatively forecasting market impact and optimizing counterparty selection.

- 
### [What Are the Key Trade-Offs between Price Discovery and Information Leakage in an RFQ System?](https://options.greeks.live/question/what-are-the-key-trade-offs-between-price-discovery-and-information-leakage-in-an-rfq-system/)
![A spherical system, partially revealing intricate concentric layers, depicts the market microstructure of an institutional-grade platform. A translucent sphere, symbolizing an incoming RFQ or block trade, floats near the exposed execution engine, visualizing price discovery within a dark pool for digital asset derivatives.](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-digital-asset-derivatives-rfq-engine-microstructure.jpg)

An RFQ system's core tension is managing the trade-off between competitive pricing and revealing trading intent.

- 
### [How Does the Liquidity Profile of an Asset Influence the Choice between Lit and RFQ Protocols?](https://options.greeks.live/question/how-does-the-liquidity-profile-of-an-asset-influence-the-choice-between-lit-and-rfq-protocols/)
![A precise mechanical instrument with intersecting transparent and opaque hands, representing the intricate market microstructure of institutional digital asset derivatives. This visual metaphor highlights dynamic price discovery and bid-ask spread dynamics within RFQ protocols, emphasizing high-fidelity execution and latent liquidity through a robust Prime RFQ for atomic settlement.](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineering-driving-institutional-digital-asset-derivatives-execution-across-advanced-rfq-protocols-and-prime-brokerage-frameworks.jpg)

An asset's liquidity dictates the choice between lit (transparent) and RFQ (discreet) protocols to optimize execution costs.

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---

**Original URL:** https://options.greeks.live/question/how-does-the-liquidity-profile-of-an-asset-affect-the-optimal-rfq-strategy/
