# How Does the Tiering of Counterparties Contribute to a More Secure Rfq Process? ▴ Question

**Published:** 2025-08-10
**Categories:** Question

---

![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)

![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)

## Concept

Executing a significant trade in institutional markets presents a fundamental paradox. The very act of seeking liquidity can contaminate the price discovery process, creating adverse [market conditions](https://prime.greeks.live/question/how-do-exchanges-define-stressed-market-conditions-for-market-makers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) before the transaction is even complete. The Request for Quote (RFQ) protocol is a structural response to this challenge, a private dialogue designed to source liquidity for large or illiquid assets without broadcasting intent to the entire market. Its security, however, is not inherent in the protocol itself; it is a direct function of the system’s architecture, specifically the intelligence applied to counterparty selection.

The tiering of counterparties is the mechanism that transforms a simple messaging protocol into a high-fidelity execution tool. It provides a disciplined framework for managing the trade-off between accessing a wide pool of liquidity and minimizing the corrosive effects of [information leakage](https://prime.greeks.live/area/information-leakage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite).

The core vulnerability in any off-book [liquidity sourcing](https://prime.greeks.live/area/liquidity-sourcing/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) event is information leakage, where the details of a potential trade ▴ its size, direction, and urgency ▴ escape the intended confidential circle. This leakage can lead to [adverse selection](https://prime.greeks.live/area/adverse-selection/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), a scenario where other market participants use this information to trade ahead of the initiator, driving the price unfavorably. A non-tiered, or “flat,” RFQ process, where a request is sent to all available counterparties simultaneously, maximizes the potential for this leakage.

Each recipient of the RFQ represents a potential point of failure, a node from which sensitive information can disseminate, intentionally or not. The result is often a tangible cost, seen in price slippage that erodes or eliminates the intended alpha of the trade.

> A tiered system fundamentally re-architects this process from a broadcast into a controlled, sequential negotiation.

This approach operationalizes trust and performance history, creating a system where access is earned. Counterparties are segmented into distinct tiers based on a rigorous and ongoing assessment of their characteristics. This is not a static social club but a dynamic, data-driven hierarchy.

Factors determining a counterparty’s tier are multifaceted, encompassing quantitative metrics like historical fill rates, response times, and price quality, alongside qualitative assessments of their operational stability, creditworthiness, and perceived discretion. By structuring the [RFQ process](https://prime.greeks.live/area/rfq-process/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) around these tiers, an institution gains granular control over the dissemination of its trading intentions, creating a more secure and predictable execution environment.

This segmentation allows for a strategic, waterfall approach to liquidity sourcing. An institution can initiate a large, sensitive RFQ exclusively with its top-tier counterparties ▴ a small, highly trusted group known for their reliability and discretion. If the order cannot be filled entirely within this tier, the institution can then, and only then, selectively expand the request to the next tier. This sequential process ensures that the most sensitive information is shared with the smallest possible circle of the most reliable actors first.

The process inherently limits the “blast radius” of the initial inquiry, protecting the order from the predatory algorithms and opportunistic traders that monitor market chatter for signs of large institutional flows. The security of the RFQ process, therefore, is directly proportional to the intelligence and discipline embedded within its counterparty management system.

![Two precision-engineered nodes, possibly representing a Private Quotation or RFQ mechanism, connect via a transparent conduit against a striped Market Microstructure backdrop. This visualizes High-Fidelity Execution pathways for Institutional Grade Digital Asset Derivatives, enabling Atomic Settlement and Capital Efficiency within a Dark Pool environment, optimizing Price Discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-system-nodes.jpg)

![A luminous blue Bitcoin coin rests precisely within a sleek, multi-layered platform. This embodies high-fidelity execution of digital asset derivatives via an RFQ protocol, highlighting price discovery and atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-precision-3.jpg)

## Strategy

Implementing a [tiered counterparty system](https://prime.greeks.live/question/how-can-a-tiered-counterparty-system-reduce-the-risk-of-information-leakage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) within an RFQ framework is a strategic decision to prioritize execution quality over indiscriminate liquidity access. It represents a shift from a purely price-driven methodology to a holistic, risk-adjusted approach. The strategy is predicated on the understanding that not all liquidity is equal.

The source of the liquidity, the reliability of the counterparty, and the potential for [market impact](https://prime.greeks.live/question/how-do-dark-pool-executions-complicate-the-calibration-of-market-impact-models-based-on-lit-market-data/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) are as critical as the quoted price itself. A tiered structure provides the operational framework to act on this understanding, enabling a firm to systematically mitigate risk while optimizing execution outcomes.

![A central RFQ aggregation engine radiates segments, symbolizing distinct liquidity pools and market makers. This depicts multi-dealer RFQ protocol orchestration for high-fidelity price discovery in digital asset derivatives, highlighting diverse counterparty risk profiles and algorithmic pricing grids](https://options.greeks.live/wp-content/uploads/2025/07/centralized-digital-asset-rfq-orchestration-for-multi-venue-liquidity-aggregation-and-high-fidelity-execution-across-diverse-counterparties.jpg)

## The Architecture of Trust and Performance

The foundation of a successful tiering strategy lies in the establishment of objective, data-driven criteria for segmentation. This process moves beyond simple relationship-based classifications to a quantitative and qualitative assessment of each counterparty’s value to the execution process. These criteria serve as the rule engine for the entire system, ensuring that tier placement is a reflection of demonstrable performance and reliability.

- **Tier 1 Counterparties** ▴ This is the inner circle, reserved for market makers and liquidity providers who have consistently demonstrated the highest levels of performance and discretion. These are partners who provide competitive pricing with minimal information leakage, possess robust balance sheets, and have a proven track record of reliable execution, especially in volatile market conditions. RFQs sent to this tier are for the most sensitive and significant orders, where price stability and confidentiality are paramount.

- **Tier 2 Counterparties** ▴ This group consists of reliable liquidity providers who may not have the same scale or consistency as Tier 1 but still represent a valuable source of liquidity. They may be regional specialists, have expertise in specific asset classes, or offer competitive pricing on smaller-sized orders. Access to this tier is a strategic decision, typically made when an order cannot be fully satisfied by Tier 1 or for less sensitive trades where broader liquidity is advantageous.

- **Tier 3 Counterparties** ▴ This tier includes a wider range of market participants. While they may offer additional liquidity, they may also present a higher risk of information leakage or less competitive pricing. RFQs are sent to this tier sparingly, often for smaller, less sensitive orders, or as a final step in a waterfall execution strategy when the primary tiers have been exhausted.

This structured approach allows for a dynamic and responsive execution strategy. For a large block trade in an illiquid asset, a trader might initiate the RFQ exclusively with Tier 1 counterparties. If the order is only partially filled, the trader can then create a new RFQ for the remaining portion and send it to a select group of Tier 2 counterparties. This sequential process, often automated within sophisticated execution management systems (EMS), provides a powerful tool for controlling the flow of information and minimizing market impact.

> The strategic advantage of tiering is the ability to calibrate the trade-off between liquidity and information risk on a per-trade basis.

![A sleek, modular institutional grade system with glowing teal conduits represents advanced RFQ protocol pathways. This illustrates high-fidelity execution for digital asset derivatives, facilitating private quotation and efficient liquidity aggregation](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-ecosystem-powering-high-fidelity-rfq-execution-and-optimal-liquidity-discovery.jpg)

## Comparative Dynamics of RFQ Protocols

The strategic value of a tiered [RFQ system](https://prime.greeks.live/area/rfq-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) becomes evident when compared to a flat, non-tiered approach. The latter, while simpler to implement, introduces systemic risks that can lead to suboptimal execution outcomes. The following table illustrates the key differences in their operational dynamics:

| Metric | Flat (Non-Tiered) RFQ Protocol | Tiered RFQ Protocol |
| --- | --- | --- |
| Information Leakage Potential | High. The RFQ is broadcast to all counterparties simultaneously, maximizing the number of potential leakage points. | Low to Moderate. The RFQ is sent sequentially, starting with the most trusted tier, minimizing the initial “blast radius” of the information. |
| Adverse Selection Risk | High. Widespread knowledge of the order can lead to pre-emptive trading by other market participants, resulting in unfavorable price movement. | Low. By containing the initial request within a trusted circle, the risk of others trading ahead of the order is significantly reduced. |
| Price Stability | Lower. The market is more likely to move against the order before it can be fully executed. | Higher. The confidential nature of the initial request helps to maintain a stable price environment during the execution process. |
| Execution Control | Limited. The trader has little control over who sees the order once the RFQ is sent. | Granular. The trader has precise control over the dissemination of the RFQ, allowing for a more strategic and controlled execution. |
| Counterparty Risk Management | Reactive. Counterparty risk is typically assessed on a post-trade basis. | Proactive. Counterparty risk is a primary input into the tiering process, ensuring that risk is managed before the RFQ is even sent. |

The strategic implementation of a [tiered counterparty](https://prime.greeks.live/question/how-can-a-tiered-counterparty-system-reduce-the-risk-of-information-leakage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) system is a testament to an institution’s commitment to [best execution](https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). It acknowledges that in the world of institutional trading, security and execution quality are inextricably linked. By building an intelligent, data-driven framework for counterparty selection, a firm can transform its RFQ process from a simple liquidity sourcing tool into a powerful strategic asset.

![Precision-engineered metallic tracks house a textured block with a central threaded aperture. This visualizes a core RFQ execution component within an institutional market microstructure, enabling private quotation for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-execution-framework-precision-microstructure-component.jpg)

![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)

## Execution

The execution of a tiered counterparty strategy requires a disciplined operational framework, supported by robust technology and a commitment to continuous, data-driven evaluation. This is where the theoretical advantages of tiering are translated into tangible improvements in execution quality and risk mitigation. The process involves not only the initial setup of the tiering structure but also its dynamic management and integration into the firm’s daily trading workflow. The ultimate goal is to create a seamless system where the optimal execution path for any given order is determined by a combination of pre-defined rules and real-time market conditions.

![Sleek metallic structures with glowing apertures symbolize institutional RFQ protocols. These represent high-fidelity execution and price discovery across aggregated liquidity pools](https://options.greeks.live/wp-content/uploads/2025/07/precision-digital-asset-derivatives-trading-systems-optimizing-rfq-protocols-for-institutional-block-trade-execution.jpg)

## Operationalizing the Tiering Framework

The successful implementation of a tiered counterparty system is a multi-stage process that requires careful planning and execution. It is an ongoing cycle of evaluation, classification, execution, and analysis. This operational playbook outlines the critical steps for building and maintaining a high-performance [tiered RFQ](https://prime.greeks.live/area/tiered-rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) system.

- **Initial Due Diligence and Onboarding** ▴ The process begins with a thorough vetting of all potential counterparties. This goes beyond standard KYC/AML checks to include an assessment of their operational infrastructure, creditworthiness, regulatory standing, and technological capabilities. The goal is to establish a baseline of trust and competence before a counterparty is even considered for inclusion in the tiering system.

- **Defining Tiering Criteria** ▴ This is the most critical step in the process. The firm must define a clear and objective set of criteria for assigning counterparties to specific tiers. These criteria should be a blend of quantitative and qualitative factors, weighted according to the firm’s specific risk appetite and execution objectives. The output of this stage is a scorecard that can be used to rank and segment all onboarded counterparties.

- **System Configuration and Rule Engine Setup** ▴ With the tiering criteria defined, the next step is to configure the firm’s [Execution Management System](https://prime.greeks.live/area/execution-management-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (EMS) or Order Management System (OMS) to support the tiered workflow. This involves creating the different tier levels and programming the rule engine that will govern the RFQ routing logic. For example, rules can be set to automatically send orders of a certain size or sensitivity to Tier 1 counterparties first.

- **Execution Protocol Design** ▴ This involves designing the specific “waterfall” or sequential execution protocols that traders will use. This could be a fully automated process for standard orders or a more manual, trader-driven process for large, complex trades. The design should be flexible enough to accommodate different market conditions and trading strategies.

- **Post-Trade Analysis and Tier Re-evaluation** ▴ The tiering system is not static. It must be continuously monitored and updated based on performance data. Post-trade analysis, including [Transaction Cost Analysis](https://prime.greeks.live/area/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (TCA), should be used to measure the performance of each counterparty on an ongoing basis. Counterparties who consistently provide high-quality execution can be promoted to higher tiers, while those who underperform can be demoted or removed from the system entirely. This feedback loop ensures that the tiering system remains a true reflection of counterparty performance.

![An abstract composition of interlocking, precisely engineered metallic plates represents a sophisticated institutional trading infrastructure. Visible perforations within a central block symbolize optimized data conduits for high-fidelity execution and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-multi-leg-execution-layer.jpg)

## Quantitative Modeling for Tier-Based Routing

The assignment of counterparties to tiers should be a data-driven process. By tracking a range of performance metrics, a firm can create a composite score for each counterparty, providing an objective basis for their tier placement. The following table provides an example of a counterparty scoring model:

| Counterparty | Fill Rate (%) | Avg. Price Improvement (bps) | Avg. Response Time (ms) | Post-Trade Reversion (bps) | Composite Score | Assigned Tier |
| --- | --- | --- | --- | --- | --- | --- |
| Market Maker A | 98 | 0.5 | 150 | -0.1 | 9.5 | 1 |
| Bank B | 95 | 0.3 | 250 | -0.2 | 8.7 | 1 |
| Hedge Fund C | 85 | 0.8 | 500 | -0.8 | 7.5 | 2 |
| Broker D | 90 | 0.1 | 400 | -0.5 | 7.2 | 2 |
| Prop Shop E | 75 | -0.2 | 800 | -1.2 | 5.1 | 3 |

This quantitative approach provides a clear and defensible methodology for tiering counterparties. The composite score can be tailored with different weightings for each metric to align with the firm’s specific priorities. For example, a firm focused on minimizing market impact might place a higher weighting on the post-trade reversion metric.

> A disciplined, quantitative approach to tiering transforms counterparty management from a relationship-based art into a data-driven science.

![A stylized RFQ protocol engine, featuring a central price discovery mechanism and a high-fidelity execution blade. Translucent blue conduits symbolize atomic settlement pathways for institutional block trades within a Crypto Derivatives OS, ensuring capital efficiency and best execution](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-rfq-execution-for-digital-asset-derivatives.jpg)

## Predictive Scenario Analysis a Complex Options Strategy

Consider the execution of a large, multi-leg options strategy, such as a calendar spread on an illiquid underlying asset. The goal is to execute the trade with minimal market impact and at a favorable net price. A tiered RFQ process is ideally suited for this type of complex, sensitive order.

The trader would begin by constructing the multi-leg order within their EMS and initiating an RFQ to their Tier 1 counterparties. These are the market makers most likely to have the capacity and sophistication to price the entire spread as a single package. By sending the request to a small, trusted group, the trader minimizes the risk of the order details leaking to the broader market, which could cause the prices of the individual legs to move against them. If the Tier 1 counterparties are unable to fill the entire order at the desired price, the trader has several options.

They could choose to partially fill the order with the best Tier 1 quote and then send a new RFQ for the remaining portion to their Tier 2 counterparties. Alternatively, they could reject the Tier 1 quotes and immediately move to a select group of Tier 2 providers who may have a different risk appetite or inventory position. This level of control is simply not possible in a flat RFQ system or when executing on a lit exchange. The tiered approach allows the trader to act as a strategic conductor of their order, orchestrating a complex execution across multiple counterparties while maintaining the highest levels of security and control.

![Abstract visualization of institutional digital asset derivatives. Intersecting planes illustrate 'RFQ protocol' pathways, enabling 'price discovery' within 'market microstructure'](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-rfq-execution-liquidity-pool-market-microstructure-protocol.jpg)

## References

- Basel Committee on Banking Supervision. “Guidelines for counterparty credit risk management.” Bank for International Settlements, 30 April 2024.

- Zou, Junyuan, and Zhaogang Song. “Information Chasing versus Adverse Selection in Over-the-Counter Markets.” Toulouse School of Economics, 13 October 2020.

- European Central Bank. “Sound practices in counterparty credit risk governance and management.” ECB Banking Supervision, 2023.

- Scope Ratings GmbH. “Counterparty Risk Methodology.” 10 July 2024.

- Carter, Lucy. “Information leakage.” Global Trading, 20 February 2025.

- Clarus Financial Technology. “Performance of Block Trades on RFQ Platforms.” 12 October 2015.

- TRAction Fintech. “Best Execution Best Practices.” 1 February 2023.

- Américo, Arthur, et al. “Defining and Controlling Information Leakage in US Equities Trading.” PoPETs Proceedings, vol. 2024, no. 2, 2024, pp. 351-371.

![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)

## Reflection

![Intersecting translucent planes and a central financial instrument depict RFQ protocol negotiation for block trade execution. Glowing rings emphasize price discovery and liquidity aggregation within market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-orchestration-for-high-fidelity-execution-across-prime-os.jpg)

## From Static Lists to Dynamic Intelligence

The framework of counterparty tiering, as detailed, provides a robust defense against the inherent vulnerabilities of the RFQ process. Its implementation is a significant step towards achieving a state of high-fidelity execution. The system, however, reaches its full potential when it evolves beyond a static, rules-based hierarchy into a dynamic intelligence layer within the firm’s overall trading apparatus.

The data gathered from every interaction, every quote, and every fill becomes the fuel for a continuous learning process. This process refines not just the tiering of individual counterparties but also the overarching execution strategy itself.

Thinking of this system as a fixed architecture is a limitation. A more powerful conception is that of a living ecosystem. The tiers are not permanent classifications but fluid states that reflect a counterparty’s current performance and the market’s prevailing conditions. A liquidity provider who excels in stable markets may be re-evaluated during periods of high volatility.

New entrants can be systematically tested and integrated based on their performance against established benchmarks. The true mastery of this system lies in its adaptability, its capacity to learn from the past to optimize for the future. The ultimate edge is found not in the creation of the tiers, but in the intelligence that governs their constant evolution.

![A multi-layered, sectioned sphere reveals core institutional digital asset derivatives architecture. Translucent layers depict dynamic RFQ liquidity pools and multi-leg spread execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-market-microstructure-1.jpg)

## Glossary

<a href="https://prime.greeks.live/question/how-do-exchanges-define-stressed-market-conditions-for-market-makers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precisely balanced transparent sphere, representing an atomic settlement or digital asset derivative, rests on a blue cross-structure symbolizing a robust RFQ protocol or execution management system. This setup is anchored to a textured, curved surface, depicting underlying market microstructure or institutional-grade infrastructure, enabling high-fidelity execution, optimized price discovery, and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-engineered-rfq-block-trade-execution-for-digital-asset-derivatives.jpg)

## Market Conditions

Exchanges define stressed market conditions as a codified, trigger-based state that relaxes liquidity obligations to ensure market continuity. </a><a href="https://prime.greeks.live/area/information-leakage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A 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)

## 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/liquidity-sourcing/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precision-engineered institutional digital asset derivatives execution system cutaway. The teal Prime RFQ casing reveals intricate market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-rfq-protocol-core-engine.jpg)

## Liquidity Sourcing

Meaning ▴ Liquidity Sourcing refers to the systematic process of identifying, accessing, and aggregating available trading interest across diverse market venues to facilitate optimal execution of financial transactions. </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">
![The image displays a central circular mechanism, representing the core of an RFQ engine, surrounded by concentric layers signifying market microstructure and liquidity pool aggregation. A diagonal element intersects, symbolizing direct high-fidelity execution pathways for digital asset derivatives, optimized for capital efficiency and best execution through a Prime RFQ architecture](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-architecture-powering-institutional-digital-asset-derivatives-high-fidelity-execution-via-optimized-rfq-protocols.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/rfq-process/?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 Process

Meaning ▴ The RFQ Process, or Request for Quote Process, is a formalized electronic protocol utilized by institutional participants to solicit executable price quotations for a specific financial instrument and quantity from a select group of liquidity providers. </a><a href="https://prime.greeks.live/question/how-can-a-tiered-counterparty-system-reduce-the-risk-of-information-leakage/?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)

## Tiered Counterparty System

A tiered counterparty system mitigates information risk by segmenting counterparties to align information disclosure with measured trust. </a><a href="https://prime.greeks.live/question/how-do-dark-pool-executions-complicate-the-calibration-of-market-impact-models-based-on-lit-market-data/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Sleek, interconnected metallic components with glowing blue accents depict a sophisticated institutional trading platform. A central element and button signify high-fidelity execution via RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-system-microstructure.jpg)

## Market Impact

Dark pool executions complicate impact model calibration by introducing a censored data problem, skewing lit market data and obscuring true liquidity. </a><a href="https://prime.greeks.live/area/rfq-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)

## Rfq System

Meaning ▴ An RFQ System, or Request for Quote System, is a dedicated electronic platform designed to facilitate the solicitation of executable prices from multiple liquidity providers for a specified financial instrument and quantity. </a><a href="https://prime.greeks.live/question/how-can-a-tiered-counterparty-system-reduce-the-risk-of-information-leakage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A robust institutional framework composed of interlocked grey structures, featuring a central dark execution channel housing luminous blue crystalline elements representing deep liquidity and aggregated inquiry. A translucent teal prism symbolizes dynamic digital asset derivatives and the volatility surface, showcasing precise price discovery within a high-fidelity execution environment, powered by the Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-intelligence-layer.jpg)

## Tiered Counterparty

A tiered counterparty system mitigates information risk by segmenting counterparties to align information disclosure with measured trust. </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">
![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)

## Best Execution

Meaning ▴ Best Execution is the obligation to obtain the most favorable terms reasonably available for a client's order. </a><a href="https://prime.greeks.live/area/tiered-rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A futuristic, institutional-grade sphere, diagonally split, reveals a glowing teal core of intricate circuitry. This represents a high-fidelity execution engine for digital asset derivatives, facilitating private quotation via RFQ protocols, embodying market microstructure for latent liquidity and precise price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-engine-prime-os.jpg)

## Tiered Rfq

Meaning ▴ A Tiered RFQ, or Request For Quote, system represents a structured protocol for soliciting liquidity, where a principal's trade inquiry is systematically routed to a pre-defined sequence of liquidity providers based on configurable criteria. </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 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)

## 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/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Two off-white elliptical components separated by a dark, central mechanism. This embodies an RFQ protocol for institutional digital asset derivatives, enabling price discovery for block trades, ensuring high-fidelity execution and capital efficiency within a Prime RFQ for dark liquidity](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-4.jpg)

## Transaction Cost Analysis

Meaning ▴ Transaction Cost Analysis (TCA) is the quantitative methodology for assessing the explicit and implicit costs incurred during the execution of financial trades. </a>

**Tags:** [Execution Management System](https://options.greeks.live/area/execution-management-system/), [Tiered RFQ](https://options.greeks.live/area/tiered-rfq/), [RFQ Protocol](https://options.greeks.live/area/rfq-protocol/), [RFQ Process](https://options.greeks.live/area/rfq-process/), [RFQ System](https://options.greeks.live/area/rfq-system/), [Market Microstructure](https://options.greeks.live/area/market-microstructure/)	

## Discover More

- 
### [What Are the Primary Risks Associated with Using an RFQ System for Block Trading?](https://options.greeks.live/question/what-are-the-primary-risks-associated-with-using-an-rfq-system-for-block-trading/)
![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)

The primary risks in RFQ block trading are information leakage and adverse selection, which are managed through a disciplined, data-driven execution framework.

- 
### [What Are the Specific Best Execution Requirements When Using an RFQ Protocol?](https://options.greeks.live/question/what-are-the-specific-best-execution-requirements-when-using-an-rfq-protocol/)
![A polished, dark blue domed component, symbolizing a private quotation interface, rests on a gleaming silver ring. This represents a robust Prime RFQ framework, enabling high-fidelity execution for institutional digital asset derivatives. It facilitates block trades with optimized capital efficiency and minimal slippage via a sophisticated RFQ protocol.](https://options.greeks.live/wp-content/uploads/2025/08/optimized-execution-for-institutional-digital-asset-derivatives-rfq.jpg)

Best execution in an RFQ protocol is achieved through a systematic, data-driven framework for controlled liquidity discovery and risk transfer.

- 
### [Is There a Smart Trading Community or Club?](https://options.greeks.live/question/is-there-a-smart-trading-community-or-club/)
![Two precision-engineered nodes, possibly representing a Private Quotation or RFQ mechanism, connect via a transparent conduit against a striped Market Microstructure backdrop. This visualizes High-Fidelity Execution pathways for Institutional Grade Digital Asset Derivatives, enabling Atomic Settlement and Capital Efficiency within a Dark Pool environment, optimizing Price Discovery.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-system-nodes.jpg)

A Smart Trading community is an ecosystem of institutional participants interconnected by advanced execution protocols like RFQ.

- 
### [How Does Information Leakage in RFQ Systems Affect Regulatory Compliance and Best Execution?](https://options.greeks.live/question/how-does-information-leakage-in-rfq-systems-affect-regulatory-compliance-and-best-execution/)
![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)

Information leakage in RFQ systems degrades best execution by increasing implicit costs and creates regulatory risk through control failures.

- 
### [How Does an Rfq Protocol Minimize Information Leakage for Large Trades?](https://options.greeks.live/question/how-does-an-rfq-protocol-minimize-information-leakage-for-large-trades/)
![A sleek, angled object, featuring a dark blue sphere, cream disc, and multi-part base, embodies a Principal's operational framework. This represents an institutional-grade RFQ protocol for digital asset derivatives, facilitating high-fidelity execution and price discovery within market microstructure, optimizing capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/08/prime-os-rfq-for-institutional-digital-asset-derivatives-execution.jpg)

An RFQ protocol minimizes information leakage by transforming a public broadcast of trading intent into a private, permissioned auction.

- 
### [What Are the Primary Bottlenecks in a Traditional Software Based Rfq System?](https://options.greeks.live/question/what-are-the-primary-bottlenecks-in-a-traditional-software-based-rfq-system/)
![An intricate, high-precision mechanism symbolizes an Institutional Digital Asset Derivatives RFQ protocol. Its sleek off-white casing protects the core market microstructure, while the teal-edged component signifies high-fidelity execution and optimal price discovery. A detailed circular dial suggests real-time implied volatility and quantitative analysis for portfolio margin.](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-institutional-digital-asset-derivatives-rfq-protocol-high-fidelity-market-microstructure-optimization.jpg)

The primary bottlenecks in a traditional RFQ system are the sequential workflow, information leakage, and manual interventions inherent in its design.

- 
### [How Can a Tiered Rfq System Reduce Information Leakage for Large Trades?](https://options.greeks.live/question/how-can-a-tiered-rfq-system-reduce-information-leakage-for-large-trades/)
![Segmented beige and blue spheres, connected by a central shaft, expose intricate internal mechanisms. This represents institutional RFQ protocol dynamics, emphasizing price discovery, high-fidelity execution, and capital efficiency within digital asset derivatives market microstructure.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-optimal-execution.jpg)

A tiered RFQ system minimizes information leakage by sequentially revealing large orders to segmented, trusted counterparty groups.

- 
### [What Are the Long-Term Consequences of a Poorly Managed Hybrid Rfp Rfq Process?](https://options.greeks.live/question/what-are-the-long-term-consequences-of-a-poorly-managed-hybrid-rfp-rfq-process/)
![A luminous conical element projects from a multi-faceted transparent teal crystal, signifying RFQ protocol precision and price discovery. This embodies institutional grade digital asset derivatives high-fidelity execution, leveraging Prime RFQ for liquidity aggregation and atomic settlement.](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-rfq-protocol-orchestration-for-institutional-digital-asset-derivatives-high-fidelity-execution.jpg)

A poorly managed hybrid RFP/RFQ process systematically degrades market intelligence, erodes capital, and compromises long-term execution capability.

- 
### [How Does MiFID II’s Best Execution Requirement Influence the Choice of RFQ Protocol?](https://options.greeks.live/question/how-does-mifid-iis-best-execution-requirement-influence-the-choice-of-rfq-protocol/)
![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)

MiFID II mandates a data-driven, auditable RFQ process, transforming protocol choice into a core component of regulatory defense.

---

## 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 the Tiering of Counterparties Contribute to a More Secure Rfq Process?",
            "item": "https://options.greeks.live/question/how-does-the-tiering-of-counterparties-contribute-to-a-more-secure-rfq-process/"
        }
    ]
}
```

```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-the-tiering-of-counterparties-contribute-to-a-more-secure-rfq-process/"
    },
    "headline": "How Does the Tiering of Counterparties Contribute to a More Secure Rfq Process? \u25b4 Question",
    "description": "Counterparty tiering secures the RFQ process by transforming it from a broad appeal for liquidity into a controlled, sequential negotiation. \u25b4 Question",
    "url": "https://options.greeks.live/question/how-does-the-tiering-of-counterparties-contribute-to-a-more-secure-rfq-process/",
    "datePublished": "2025-08-10T01:23:50+00:00",
    "dateModified": "2025-08-10T01:24:06+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/centralized-digital-asset-rfq-orchestration-for-multi-venue-liquidity-aggregation-and-high-fidelity-execution-across-diverse-counterparties.jpg",
        "caption": "A central metallic element surrounded by radiating, distinct triangular segments of varying colors and shades visually represents institutional digital asset derivatives trading. The core signifies an Execution Management System EMS, facilitating multi-dealer RFQ protocols across diverse liquidity venues. Each segment denotes a unique market microstructure, reflecting varied implied volatility surfaces or portfolio margin components, underscoring the precision required for best execution and systemic risk mitigation within a Prime RFQ framework."
    },
    "keywords": [
        "Adverse Selection",
        "Best Execution",
        "Block Trading",
        "Counterparty Due Diligence",
        "Counterparty Risk",
        "Execution Management System",
        "Information Leakage",
        "Liquidity Sourcing",
        "Market Microstructure",
        "Off-Book Liquidity",
        "RFQ Process",
        "RFQ Protocol",
        "RFQ System",
        "Tiered RFQ",
        "Transaction Cost Analysis"
    ]
}
```

```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-the-tiering-of-counterparties-contribute-to-a-more-secure-rfq-process/
