# How Does the Use of RFQ Protocols Potentially Impact Broader Market Liquidity? ▴ Question

**Published:** 2025-07-31
**Categories:** Question

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![A stylized rendering illustrates a robust RFQ protocol within an institutional market microstructure, depicting high-fidelity execution of digital asset derivatives. A transparent mechanism channels a precise order, symbolizing efficient price discovery and atomic settlement for block trades via a prime brokerage system](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-execution-digital-asset-derivatives-options-high-fidelity-trading.jpg)

![Reflective and translucent discs overlap, symbolizing an RFQ protocol bridging market microstructure with institutional digital asset derivatives. This depicts seamless price discovery and high-fidelity execution, accessing latent liquidity for optimal atomic settlement within a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-digital-asset-derivatives-rfq-execution-best-price-discovery.jpg)

## Concept

The decision to employ a [Request for Quote](https://prime.greeks.live/area/request-for-quote/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (RFQ) protocol is an explicit architectural choice about how an institution engages with the market. It represents a foundational shift from passive participation in a continuous, anonymous central order book to a proactive, discreet solicitation of liquidity from a curated set of counterparties. This protocol is the system’s response to a fundamental market condition, particularly prevalent in asset classes like corporate bonds, swaps, and large-cap equity blocks, where liquidity is diffuse, latent, and sensitive to [information leakage](https://prime.greeks.live/area/information-leakage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite).

The core purpose of an RFQ is to manage the signaling risk inherent in executing large orders. By revealing intent to a small, select group of potential liquidity providers, an institution constructs a temporary, private marketplace for a specific transaction, shielding its strategy from the broader public view of a lit exchange.

Understanding the RFQ mechanism requires viewing it as a system for controlled information disclosure. A [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) operates on a principle of full pre-trade transparency; participants broadcast their intentions to the entire market. This broadcast, while facilitating broad [price discovery](https://prime.greeks.live/area/price-discovery/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), simultaneously creates a vulnerability. A large order placed on a CLOB is a public signal of significant buying or selling pressure, a signal that can be exploited by other market participants, leading to adverse price movement before the full order can be executed.

The [RFQ protocol](https://prime.greeks.live/area/rfq-protocol/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) functions as a firewall against this type of information leakage. The inquiry is bilateral, or one-to-few, and the responses are directed only to the initiator. This architecture fundamentally alters the price discovery process from a public spectacle to a private negotiation, albeit one conducted at high speed and across electronic networks.

> The RFQ protocol is an engineered solution for accessing latent liquidity while minimizing the signaling risk associated with large-scale transactions.

The impact of this protocol on the broader market begins with the concept of [liquidity segmentation](https://prime.greeks.live/area/liquidity-segmentation/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). The total liquidity available for a given instrument is not a single, unified pool. Instead, it is fractured into different segments with varying characteristics. There is the “lit” liquidity visible on public exchanges, and there is the “dark” or “latent” liquidity held in dealer inventories, on institutional balance sheets, or accessible only through direct relationships.

[RFQ protocols](https://prime.greeks.live/area/rfq-protocols/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) are the primary conduits to this second category of liquidity. They do not create new liquidity in the aggregate sense; they provide a structured, electronic pathway to access liquidity that would otherwise remain dormant or be transacted through slower, voice-based channels. This electronic access path is critical. It allows for systematic, auditable, and efficient engagement with multiple dealers simultaneously, introducing a degree of competition that was absent in traditional single-dealer phone calls.

This segmentation has profound effects. For the institution initiating the RFQ, it provides a mechanism to reduce the [market impact](https://prime.greeks.live/area/market-impact/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) cost of a large trade. For the dealers responding, it presents a curated stream of order flow. However, for the broader market, the effect is a reduction in the volume of trades that contribute to public price discovery.

Because RFQ transactions are reported to the tape (like FINRA’s TRACE for corporate bonds) only after execution, their immediate influence on the prevailing bid-ask spread is delayed. This creates a more opaque market structure where a significant portion of trading volume occurs “off-book,” away from the continuous pressure of the [lit market](https://prime.greeks.live/area/lit-market/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). The result is a dual-track liquidity landscape where lit markets provide a constant, albeit sometimes thin, reference price, while RFQ networks facilitate the transfer of large risk positions with greater discretion and potentially lower immediate impact.

![A sophisticated system's core component, representing an Execution Management System, drives a precise, luminous RFQ protocol beam. This beam navigates between balanced spheres symbolizing counterparties and intricate market microstructure, facilitating institutional digital asset derivatives trading, optimizing price discovery, and ensuring high-fidelity execution within a prime brokerage framework](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-10.jpg)

![A sleek, segmented capsule, slightly ajar, embodies a secure RFQ protocol for institutional digital asset derivatives. It facilitates private quotation and high-fidelity execution of multi-leg spreads a blurred blue sphere signifies dynamic price discovery and atomic settlement within a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-digital-asset-derivatives-rfq-protocol-high-fidelity-execution-3.jpg)

## Strategy

The strategic deployment of RFQ protocols is a calculated response to the inherent trade-off between price discovery and information leakage. An institution’s execution strategy must navigate this tension. Opting for a lit market provides maximum transparency and engages a wide array of anonymous participants, but at the cost of revealing trading intent. The RFQ strategy inverts this logic.

It prioritizes the containment of information, accepting a narrower, curated form of price discovery as the price for discretion. This strategic choice is most potent in markets characterized by heterogeneity and opacity, such as the [corporate bond market](https://prime.greeks.live/area/corporate-bond-market/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), where thousands of unique CUSIPs exist, each with its own liquidity profile. In such an environment, broadcasting a large order on a public venue would be exceptionally risky; the RFQ protocol becomes the default strategic tool for risk transfer.

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

## How Do RFQs Alter Price Discovery Dynamics?

RFQ protocols reshape price discovery by transforming it from a continuous, multilateral process into a discrete, bilateral or paucilateral auction. In a CLOB, price is discovered through the continuous interaction of buy and sell orders from all participants. The “best” price is a public good. In an RFQ, price discovery occurs within the confines of the inquiry.

The initiator receives a set of competitive quotes from a select group of dealers. The “best” price achieved is a private benefit for the initiator, and the information contained in the losing quotes dissipates without contributing to the public understanding of the asset’s value. This can lead to a market with multiple “prices” for the same asset at the same time, depending on the channel through which it is transacted.

This dynamic introduces the concept of the “winner’s curse” for responding dealers. When multiple dealers are asked to quote a price for a large block, they face uncertainty about the client’s information. If the client is selling because they have negative information about the asset, the dealer who “wins” the auction by offering the highest bid may have overpaid.

To protect themselves from this [adverse selection](https://prime.greeks.live/area/adverse-selection/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), dealers may widen the spreads they quote in RFQs, particularly for larger or less liquid assets, or when dealing with clients they suspect are better informed. The initiator’s strategy, therefore, involves cultivating a reputation for trading for portfolio-rebalancing reasons rather than for informational reasons, which can lead to tighter quotes over time.

> Strategically, RFQs function as a precision tool for information control, allowing institutions to surgically extract liquidity while minimizing their market footprint.

![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](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-intelligence-layer.jpg)

## Liquidity Fragmentation and the Search for a Unified View

A direct strategic consequence of the widespread adoption of RFQ protocols is the fragmentation of the liquidity landscape. While each RFQ platform provides an efficient portal to its network of dealers, the proliferation of these platforms means that total [market liquidity](https://prime.greeks.live/area/market-liquidity/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is never visible in a single place. An institution’s trading desk must strategically decide which platforms to connect to and which dealers to include in its inquiries.

This creates a complex technological and relational challenge. The effectiveness of an RFQ-based strategy depends heavily on the quality and breadth of the institution’s network of counterparties.

This fragmentation impacts the broader market by making it more difficult to gauge true market depth. Post-trade transparency, such as the TRACE reporting of [corporate bond](https://prime.greeks.live/area/corporate-bond/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) trades, provides a record of what has traded. It does not, however, reveal the depth of bids and offers that were available at the time of the trade.

This opacity can increase uncertainty and may lead to higher volatility during periods of market stress, as participants struggle to locate available liquidity when traditional dealer relationships are strained. The strategic response for sophisticated institutions has been the development of advanced Execution Management Systems (EMS) that can aggregate data from multiple sources, including RFQ platforms and lit markets, to construct a more holistic view of available liquidity.

![Abstract, sleek forms represent an institutional-grade Prime RFQ for digital asset derivatives. Interlocking elements denote RFQ protocol optimization and price discovery across dark pools](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-5.jpg)

## Comparative Analysis of Execution Protocols

The strategic choice of execution protocol depends on the specific objectives of the trade. The following table provides a comparative framework for understanding the positioning of RFQ against other common protocols.

| Attribute | Request for Quote (RFQ) | Central Limit Order Book (CLOB) | Dark Pool |
| --- | --- | --- | --- |
| Pre-Trade Transparency | Low. Intent is revealed only to select dealers. | High. All orders are displayed publicly. | None. Orders are not displayed. |
| Market Impact | Low to Moderate. Contained by discreet inquiry. | High. Especially for large orders. | Low. Trades execute at a midpoint price without signaling. |
| Price Discovery | Competitive, but confined to the auction participants. | Continuous and public, forming the market reference price. | Derivative. Prices are typically pegged to a lit market reference. |
| Adverse Selection Risk (for Initiator) | Low. The initiator controls the flow of information. | High. The market can react to the order before it is filled. | Moderate. Risk of interacting with informed traders. |
| Certainty of Execution | High, provided a dealer responds with an acceptable quote. | Depends on available liquidity at the desired price. | Low. No guarantee of a match. |

![A glowing central lens, embodying a high-fidelity price discovery engine, is framed by concentric rings signifying multi-layered liquidity pools and robust risk management. This institutional-grade system represents a Prime RFQ core for digital asset derivatives, optimizing RFQ execution and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-core-for-high-fidelity-rfq-execution-and-latent-liquidity-aggregation.jpg)

![Abstract planes illustrate RFQ protocol execution for multi-leg spreads. A dynamic teal element signifies high-fidelity execution and smart order routing, optimizing price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-optimization.jpg)

## Execution

The execution of a trading strategy via RFQ protocols moves beyond theoretical advantages into a domain of operational precision and technological integration. Mastering this execution process is what separates institutions that merely use RFQs from those that derive a consistent, measurable edge from them. It requires a synthesis of market knowledge, counterparty relationships, quantitative analysis, and robust technological architecture.

The process is a system in itself, one that must be designed, monitored, and continuously optimized to achieve superior results in risk transfer and cost minimization. The focus shifts from the ‘what’ and ‘why’ to the ‘how’ ▴ the granular, operational steps that translate strategic intent into successful execution.

![A multifaceted, luminous abstract structure against a dark void, symbolizing institutional digital asset derivatives market microstructure. Its sharp, reflective surfaces embody high-fidelity execution, RFQ protocol efficiency, and precise price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-trading-protocol-architecture-optimizing-high-fidelity-rfq-execution-and-latent-liquidity-discovery.jpg)

## The Operational Playbook

An effective [RFQ execution](https://prime.greeks.live/area/rfq-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is a structured, multi-stage process, not an ad-hoc action. This playbook outlines a systematic approach for an institutional trading desk.

- 
**Trade Classification and Protocol Selection** The first step is a rigorous assessment of the order itself. The decision to use an RFQ is data-driven.

<li>
**Size Threshold** ▴ The order must be sufficiently large that executing it on a lit market would likely cause significant market impact. This threshold varies by asset class and security but is a key parameter in the EMS.

- 
**Liquidity Profile** ▴ The security’s intrinsic liquidity is analyzed. For highly liquid instruments, a lit market may be more efficient. For illiquid corporate bonds or complex derivatives, RFQ is often the only viable electronic option.

- 
**Market Conditions** ▴ In volatile markets, the speed and certainty of a lit market might be preferable for smaller orders. In calm markets, the discretion of an RFQ is more valuable.

</li>
- 
**Counterparty Curation and Selection** This is the most critical stage, blending quantitative data with qualitative relationship management.

<li>
**Dealer Scoring** ▴ The institution maintains a scorecard for each potential liquidity provider. This is based on historical data ▴ response rates, quote competitiveness (spread to arrival price), and fade rates (the frequency with which quotes are withdrawn).

- 
**Strategic Selection** ▴ For a given trade, the desk selects a small number of dealers (typically 3-5) to include in the inquiry. The selection is strategic. Including too many dealers can simulate a public broadcast, defeating the purpose of discretion. The dealers chosen should have a known appetite for the specific type of risk being transferred.

- 
**Information Control** ▴ The desk may choose to “stagger” RFQs, sending inquiries to different sets of dealers at slightly different times to avoid signaling the full size of the order to the entire street at once.

</li>
- 
**Execution and Analysis** The final stage involves acting on the returned quotes and analyzing the performance.

<li>
**Quote Evaluation** ▴ The EMS aggregates the responses. The trader evaluates them not just on price but also on the speed and reliability of the quoting dealer.

- 
**Execution** ▴ The trade is awarded to the winning dealer. The system communicates the acceptance, and the transaction is booked.

- 
**Post-Trade Analysis (TCA)** ▴ The execution is analyzed against a range of benchmarks (arrival price, volume-weighted average price, etc.). This data feeds back into the dealer scoring models, creating a continuous improvement loop.

</li>

![Polished metallic rods, spherical joints, and reflective blue components within beige casings, depict a Crypto Derivatives OS. This engine drives institutional digital asset derivatives, optimizing RFQ protocols for high-fidelity execution, robust price discovery, and capital efficiency within complex market microstructure via algorithmic trading](https://options.greeks.live/wp-content/uploads/2025/07/optimized-rfq-protocol-engine-driving-institutional-digital-asset-derivatives-market-microstructure-execution.jpg)

## Quantitative Modeling and Data Analysis

To support the operational playbook, institutions rely on quantitative models to optimize their RFQ strategy. This analysis moves beyond simple observation to a data-driven framework for decision-making. The goal is to make every step of the RFQ process measurable and, therefore, manageable.

One primary tool is a sophisticated [Transaction Cost Analysis](https://prime.greeks.live/area/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (TCA) model tailored to RFQ execution. This model must account for the counterfactual ▴ what the execution cost might have been through an alternative channel. The table below presents a hypothetical TCA report for a series of corporate bond trades, comparing RFQ execution with a simulated execution on a lit market.

| Trade ID | Bond Rating | Trade Size (USD) | # of Dealers Queried | RFQ Price Improvement (bps vs. Arrival) | Simulated Lit Market Slippage (bps vs. Arrival) | Net Execution Benefit (bps) |
| --- | --- | --- | --- | --- | --- | --- |
| A5B-001 | AAA | 25,000,000 | 5 | +1.5 | -3.0 | 4.5 |
| C7D-004 | BBB | 10,000,000 | 4 | +0.5 | -5.5 | 6.0 |
| F9G-002 | HY | 5,000,000 | 3 | -2.0 | -12.0 | 10.0 |
| A5B-002 | AAA | 50,000,000 | 3 | +0.8 | -8.5 | 9.3 |

The ‘Net Execution Benefit’ is calculated as (RFQ Price Improvement) – (Simulated Lit Market Slippage). A positive value indicates the financial benefit of using the RFQ protocol. This data allows the trading desk to demonstrate the value of their execution strategy and to refine the parameters (like the optimal number of dealers to query for a given bond rating and size) that drive performance.

> Effective execution transforms the RFQ from a simple messaging protocol into a dynamic system for optimizing risk transfer and minimizing transaction costs.

![A sharp diagonal beam symbolizes an RFQ protocol for institutional digital asset derivatives, piercing latent liquidity pools for price discovery. Central orbs represent atomic settlement and the Principal's core trading engine, ensuring best execution and alpha generation within market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-for-institutional-digital-asset-derivatives-best-execution.jpg)

## Predictive Scenario Analysis

To fully grasp the execution dynamics, consider a realistic scenario. A portfolio manager at a large asset management firm needs to sell a $50 million block of a 10-year corporate bond issued by a mid-tier industrial company. The bond is rated BBB and trades infrequently.

The market is moderately volatile due to recent macroeconomic data releases. The head trader is tasked with executing the sale with minimal price impact.

The trader’s EMS immediately flags the order as unsuitable for the lit market. The size is several multiples of the average daily volume, and posting even a fraction of the order on a CLOB would likely trigger a significant price decline, alerting market makers and high-frequency traders to the large selling interest. The decision is made to use an RFQ protocol.

The trader now consults the firm’s dealer scoring system. The system ranks the top 15 dealers for this asset class based on historical performance. The trader’s experience is crucial here. They know that Dealer A has been reducing its credit exposure recently and is unlikely to provide an aggressive bid.

Dealer B, however, has a strong derivatives book and may need this bond to hedge an existing position. Dealer C is a traditional powerhouse in industrial credits. The trader selects a curated list of four dealers ▴ Dealer B, Dealer C, and two other consistently competitive regional dealers. They deliberately exclude Dealer A and other dealers who have shown high fade rates in recent weeks.

The RFQ is launched through the firm’s EMS. The system sends a secure message to the four selected dealers, requesting a firm bid for the $50 million block, valid for 60 seconds. The responses arrive within 30 seconds. Dealer C provides the best bid, just 3 basis points below the last observed trade price.

Dealer B is 1 basis point lower, and the other two dealers are further back. The trader has a 30-second window to act. The EMS displays the quotes alongside real-time data from the lit market, confirming that the best RFQ bid is significantly better than any price that could be achieved by working the order on the exchange.

The trader accepts Dealer C’s bid. A confirmation message is sent, and the trade is locked in. The entire process, from launching the RFQ to execution, takes less than a minute. The trade is then reported to TRACE, appearing as a single, large block trade.

The broader market sees the executed trade, but it has no visibility into the competitive auction that produced the price. The firm has successfully transferred a large risk position with minimal information leakage and a quantifiable price advantage over alternative execution methods. The data from this execution ▴ the response times, the spread on each quote, the final execution price ▴ is automatically fed back into the TCA and dealer scoring systems, refining the models for the next trade.

![A high-fidelity institutional Prime RFQ engine, with a robust central mechanism and two transparent, sharp blades, embodies precise RFQ protocol execution for digital asset derivatives. It symbolizes optimal price discovery, managing latent liquidity and minimizing slippage for multi-leg spread strategies](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-precision-execution-1.jpg)

## What Is the Technological Backbone of RFQ Systems?

The seamless execution of this scenario is underpinned by a sophisticated technological architecture. This system must be robust, low-latency, and secure.

- 
**[Execution Management System](https://prime.greeks.live/area/execution-management-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (EMS)** ▴ This is the trader’s cockpit. The EMS provides the user interface for constructing and launching RFQs, viewing responses, and executing trades. Crucially, it integrates data from multiple sources ▴ market data feeds, internal order management systems (OMS), and TCA providers.

- 
**[FIX Protocol](https://prime.greeks.live/area/fix-protocol/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)** ▴ The Financial Information eXchange (FIX) protocol is the language of electronic trading. RFQ workflows are managed using specific FIX message types. A QuoteRequest (tag 35=R) message is sent by the initiator. It specifies the instrument, side (buy/sell), and quantity.
The dealers respond with Quote (tag 35=S) messages containing their bid and offer prices. The initiator accepts a quote by sending an Order (tag 35=D) to the winning dealer.

- 
**Connectivity and APIs** ▴ The institution’s EMS connects to various RFQ platforms (e.g. those operated by major exchanges or consortia of banks) via dedicated FIX connections or modern REST APIs. This network of connections must be managed for performance and reliability. The architecture is designed for resilience, with backup connections and failover protocols to ensure that the firm can always access its chosen liquidity providers.

- 
**Data Management** ▴ A high-performance database is required to store and process the vast amounts of data generated by RFQ activity. This includes every quote received, execution report, and TCA calculation. This data is the raw material for the quantitative models that drive the continuous improvement of the execution process.

![A precisely engineered system features layered grey and beige plates, representing distinct liquidity pools or market segments, connected by a central dark blue RFQ protocol hub. Transparent teal bars, symbolizing multi-leg options spreads or algorithmic trading pathways, intersect through this core, facilitating price discovery and high-fidelity execution of digital asset derivatives via an institutional-grade Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-facilitating-high-fidelity-multi-leg-options-spread-execution-best-price-discovery-and-latent-liquidity-access-for-prime-brokerage.jpg)

## References

- Bessembinder, Hendrik, et al. “Portfolio Trading in Corporate Bond Markets.” American Economic Association, 2023.

- Ceresna, Peter, et al. “Alternative Trading Systems in the Corporate Bond Market.” Federal Reserve Bank of New York Staff Reports, no. 891, 2019.

- Duffie, Darrell. “Post-Crisis Bank Regulations and Financial Market Liquidity.” Banca d’Italia, 2017.

- Patel, Urjit, et al. “Downsized FX markets ▴ causes and implications.” BIS Quarterly Review, Bank for International Settlements, 2016.

- Wyman, Oliver, and Risk Control Limited. “Drivers of Corporate Bond Market Liquidity in the European Union.” European Commission, 2016.

![Abstract geometric forms depict a sophisticated RFQ protocol engine. A central mechanism, representing price discovery and atomic settlement, integrates horizontal liquidity streams](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-2.jpg)

## Reflection

The integration of RFQ protocols into an institution’s operational framework is more than a tactical decision; it is a reflection of its core philosophy on risk, information, and market engagement. The systems and playbooks detailed here provide a structure for execution, yet the true determinant of success lies in an ongoing, critical evaluation of that structure. How does your current execution architecture account for the segmentation of liquidity?

Is your measurement of execution quality capturing the hidden costs of information leakage, or is it confined to visible slippage on lit markets? The data provides the answers, but only if the right questions are asked.

Viewing the market as a complex, adaptive system reveals that no single protocol is universally optimal. The mastery of execution is found in the ability to dynamically select the right tool for the specific conditions of the trade, the asset, and the prevailing market environment. An RFQ is a powerful instrument for surgical access to [latent liquidity](https://prime.greeks.live/area/latent-liquidity/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). Its effective use is a hallmark of a sophisticated trading operation, one that understands that in the architecture of modern markets, the greatest advantage is derived from the intelligent management of information.

![Precision cross-section of an institutional digital asset derivatives system, revealing intricate market microstructure. Toroidal halves represent interconnected liquidity pools, centrally driven by an RFQ protocol](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-architecture-revealing-precision-rfq-protocol-engine-for-optimal-high-fidelity-execution-and-latent-liquidity-aggregation.jpg)

## Glossary

<a href="https://prime.greeks.live/area/information-leakage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A crystalline droplet, representing a block trade or liquidity pool, rests precisely on an advanced Crypto Derivatives OS platform. Its internal shimmering particles signify aggregated order flow and implied volatility data, demonstrating high-fidelity execution and capital efficiency within market microstructure, facilitating private quotation via RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-rfq-protocol-best-execution.jpg)

## Information Leakage

Meaning ▴ Information leakage, in the realm of crypto investing and institutional options trading, refers to the inadvertent or intentional disclosure of sensitive trading intent or order details to other market participants before or during trade execution. </a><a href="https://prime.greeks.live/area/request-for-quote/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, futuristic institutional-grade instrument, representing high-fidelity execution of digital asset derivatives. Its sharp point signifies price discovery via RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/precision-rfq-execution-engine-for-institutional-digital-asset-derivatives.jpg)

## Request for Quote

Meaning ▴ A Request for Quote (RFQ), in the context of institutional crypto trading, is a formal process where a prospective buyer or seller of digital assets solicits price quotes from multiple liquidity providers or market makers simultaneously. </a><a href="https://prime.greeks.live/area/central-limit-order-book/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Angular metallic structures intersect over a curved teal surface, symbolizing market microstructure for institutional digital asset derivatives. This depicts high-fidelity execution via RFQ protocols, enabling private quotation, atomic settlement, and capital efficiency within a prime brokerage framework](https://options.greeks.live/wp-content/uploads/2025/07/precision-execution-for-institutional-digital-asset-derivatives-via-rfq-protocol-microstructure-optimization.jpg)

## Central Limit Order Book

Meaning ▴ A Central Limit Order Book (CLOB) is a foundational trading system architecture where all buy and sell orders for a specific crypto asset or derivative, like institutional options, are collected and displayed in real-time, organized by price and time priority. </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">
![Two polished metallic rods precisely intersect on a dark, reflective interface, symbolizing algorithmic orchestration for institutional digital asset derivatives. This visual metaphor highlights RFQ protocol execution, multi-leg spread aggregation, and prime brokerage integration, ensuring high-fidelity execution within dark pool liquidity](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-prime-os-execution.jpg)

## Price Discovery

Meaning ▴ Price Discovery, within the context of crypto investing and market microstructure, describes the continuous process by which the equilibrium price of a digital asset is determined through the collective interaction of buyers and sellers across various trading venues. </a><a href="https://prime.greeks.live/area/rfq-protocol/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A dynamically balanced stack of multiple, distinct digital devices, signifying layered RFQ protocols and diverse liquidity pools. Each unit represents a unique private quotation within an aggregated inquiry system, facilitating price discovery and high-fidelity execution for institutional-grade digital asset derivatives via an advanced Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/dynamic-rfq-protocol-stacks-powering-institutional-digital-asset-derivatives-liquidity-aggregation-and-best-execution.jpg)

## Rfq Protocol

Meaning ▴ An RFQ Protocol, or Request for Quote Protocol, defines a standardized set of rules and communication procedures governing the electronic exchange of price inquiries and subsequent responses between market participants in a trading environment. </a><a href="https://prime.greeks.live/area/liquidity-segmentation/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A glowing blue module with a metallic core and extending probe is set into a pristine white surface. This symbolizes an active institutional RFQ protocol, enabling precise price discovery and high-fidelity execution for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-driving-institutional-digital-asset-derivatives-high-fidelity-execution-precise-price-discovery-for-block-trades-and-capital-efficiency.jpg)

## Liquidity Segmentation

Meaning ▴ Liquidity Segmentation is the practice of categorizing available trading capital and market depth across various crypto exchanges, decentralized finance (DeFi) protocols, and over-the-counter (OTC) desks based on specific attributes like asset type, pricing models, or counterparty profiles. </a><a href="https://prime.greeks.live/area/rfq-protocols/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Sharp, layered planes, one deep blue, one light, intersect a luminous sphere and a vast, curved teal surface. This abstractly represents high-fidelity algorithmic trading and multi-leg spread execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-system-microstructure.jpg)

## Rfq Protocols

Meaning ▴ RFQ Protocols, collectively, represent the comprehensive suite of technical standards, communication rules, and operational procedures that govern the Request for Quote mechanism within electronic trading systems. </a><a href="https://prime.greeks.live/area/market-impact/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, multi-component mechanism features a light upper segment meeting a darker, textured lower part. A diagonal bar pivots on a circular sensor, signifying High-Fidelity Execution and Price Discovery via RFQ Protocols for Digital Asset Derivatives](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-institutional-digital-asset-derivatives-rfq-execution-microstructure-for-optimal-price-discovery-and-atomic-settlement-with-prime-os-integration.jpg)

## Market Impact

Meaning ▴ Market impact, in the context of crypto investing and institutional options trading, quantifies the adverse price movement caused by an investor's own trade execution. </a><a href="https://prime.greeks.live/area/lit-market/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract geometric forms portray a dark circular digital asset derivative or liquidity pool on a light plane. Sharp lines and a teal surface with a triangular shadow symbolize market microstructure, RFQ protocol execution, and algorithmic trading precision for institutional grade block trades and high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-block-execution-microstructure.jpg)

## Lit Market

Meaning ▴ A Lit Market, within the crypto ecosystem, represents a trading venue where pre-trade transparency is unequivocally provided, meaning bid and offer prices, along with their associated sizes, are publicly displayed to all participants before execution. </a><a href="https://prime.greeks.live/area/corporate-bond-market/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Dark, pointed instruments intersect, bisected by a luminous stream, against angular planes. This embodies institutional RFQ protocol driving cross-asset execution of digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-best-execution-system-architecture.jpg)

## Corporate Bond Market

Meaning ▴ The corporate bond market is a vital segment of the financial system where companies issue debt securities to raise capital from investors, promising to pay periodic interest payments and return the principal amount at a predetermined maturity date. </a><a href="https://prime.greeks.live/area/adverse-selection/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sophisticated apparatus, potentially a price discovery or volatility surface calibration tool. A blue needle with sphere and clamp symbolizes high-fidelity execution pathways and RFQ protocol integration within a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-institutional-digital-asset-derivatives-execution.jpg)

## Adverse Selection

Meaning ▴ Adverse selection in the context of crypto RFQ and institutional options trading describes a market inefficiency where one party to a transaction possesses superior, private information, leading to the uninformed party accepting a less favorable price or assuming disproportionate risk. </a><a href="https://prime.greeks.live/area/market-liquidity/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract representation of a central RFQ hub facilitating high-fidelity execution of institutional digital asset derivatives. Two aggregated inquiries or block trades traverse the liquidity aggregation engine, signifying price discovery and atomic settlement within a prime brokerage framework](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-hub-core.jpg)

## Market Liquidity

Meaning ▴ Market Liquidity quantifies the ease and efficiency with which an asset or security can be bought or sold in the market without causing a significant fluctuation in its price. </a><a href="https://prime.greeks.live/area/corporate-bond/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Smooth, glossy, multi-colored discs stack irregularly, topped by a dome. This embodies institutional digital asset derivatives market microstructure, with RFQ protocols facilitating aggregated inquiry for multi-leg spread execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-for-prime-os-best-execution.jpg)

## Corporate Bond

Meaning ▴ A Corporate Bond, in a traditional financial context, represents a debt instrument issued by a corporation to raise capital, promising to pay bondholders a specified rate of interest over a fixed period and to repay the principal amount at maturity. </a><a href="https://prime.greeks.live/area/rfq-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![An institutional-grade RFQ Protocol engine, with dual probes, symbolizes precise price discovery and high-fidelity execution. This robust system optimizes market microstructure for digital asset derivatives, ensuring minimal latency and best execution](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-engine-for-optimal-price-discovery-and-high-fidelity-execution.jpg)

## Rfq Execution

Meaning ▴ RFQ Execution, within the specialized domain of institutional crypto options trading and smart trading, refers to the precise process of successfully completing a Request for Quote (RFQ) transaction, where an initiator receives, evaluates, and accepts a firm, executable price from a liquidity provider. </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">
![Illuminated conduits passing through a central, teal-hued processing unit abstractly depict an Institutional-Grade RFQ Protocol. This signifies High-Fidelity Execution of Digital Asset Derivatives, enabling Optimal Price Discovery and Aggregated Liquidity for Multi-Leg Spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-high-fidelity-best-execution.jpg)

## Transaction Cost Analysis

Meaning ▴ Transaction Cost Analysis (TCA), in the context of cryptocurrency trading, is the systematic process of quantifying and evaluating all explicit and implicit costs incurred during the execution of digital asset trades. </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">
![The abstract image features angular, parallel metallic and colored planes, suggesting structured market microstructure for digital asset derivatives. A spherical element represents a block trade or RFQ protocol inquiry, reflecting dynamic implied volatility and price discovery within a dark pool](https://options.greeks.live/wp-content/uploads/2025/07/optimized-institutional-digital-asset-derivatives-rfq-protocol-framework-ensuring-principal-best-execution-and-latent-liquidity-capture.jpg)

## Execution Management System

Meaning ▴ An Execution Management System (EMS) in the context of crypto trading is a sophisticated software platform designed to optimize the routing and execution of institutional orders for digital assets and derivatives, including crypto options, across multiple liquidity venues. </a><a href="https://prime.greeks.live/area/fix-protocol/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sophisticated, modular mechanical assembly illustrates an RFQ protocol for institutional digital asset derivatives. Reflective elements and distinct quadrants symbolize dynamic liquidity aggregation and high-fidelity execution for Bitcoin options](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-architecture.jpg)

## Fix Protocol

Meaning ▴ The Financial Information eXchange (FIX) Protocol is a widely adopted industry standard for electronic communication of financial transactions, including orders, quotes, and trade executions. </a><a href="https://prime.greeks.live/area/latent-liquidity/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Sharp, intersecting metallic silver, teal, blue, and beige planes converge, illustrating complex liquidity pools and order book dynamics in institutional trading. This form embodies high-fidelity execution and atomic settlement for digital asset derivatives via RFQ protocols, optimized by a Principal's operational framework](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-digital-asset-derivatives-market-microstructure-high-fidelity-execution-across-multi-leg-spread-rfq-protocol-orchestration-within-principals-operational-framework.jpg)

## Latent Liquidity

Meaning ▴ Latent Liquidity, within the systems architecture of crypto markets, RFQ trading, and institutional options, refers to the potential supply or demand for an asset that is not immediately visible on public order books or exchange interfaces. </a>

**Tags:** [RFQ Execution](https://options.greeks.live/area/rfq-execution/), [Adverse Selection](https://options.greeks.live/area/adverse-selection/), [Transaction Cost Analysis](https://options.greeks.live/area/transaction-cost-analysis/), [Market Microstructure](https://options.greeks.live/area/market-microstructure/), [RFQ Protocol](https://options.greeks.live/area/rfq-protocol/), [FIX Protocol](https://options.greeks.live/area/fix-protocol/)	

## Discover More

- 
### [How Does Anonymity Affect Price Discovery in Illiquid Markets?](https://options.greeks.live/question/how-does-anonymity-affect-price-discovery-in-illiquid-markets/)
![A futuristic circular lens or sensor, centrally focused, mounted on a robust, multi-layered metallic base. This visual metaphor represents a precise RFQ protocol interface for institutional digital asset derivatives, symbolizing the focal point of price discovery, facilitating high-fidelity execution and managing liquidity pool access for Bitcoin options.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-rfq-protocol-for-digital-asset-derivatives-execution.jpg)

Anonymity in illiquid markets is a control system for managing information leakage, trading price impact reduction for execution uncertainty.

- 
### [How Does the Request for Quote Protocol Reduce Information Leakage during Block Trades?](https://options.greeks.live/question/how-does-the-request-for-quote-protocol-reduce-information-leakage-during-block-trades/)
![Two robust modules, a Principal's operational framework for digital asset derivatives, connect via a central RFQ protocol mechanism. This system enables high-fidelity execution, price discovery, atomic settlement for block trades, ensuring capital efficiency in market microstructure.](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-protocol-high-fidelity-execution-engine.jpg)

The RFQ protocol minimizes block trade information leakage by replacing public order broadcast with a controlled, private auction among selected counterparties.

- 
### [What Are the Primary Tradeoffs between Using a Bilateral RFQ and a Central Limit Order Book?](https://options.greeks.live/question/what-are-the-primary-tradeoffs-between-using-a-bilateral-rfq-and-a-central-limit-order-book/)
![Abstract visualization of institutional RFQ protocol for digital asset derivatives. Translucent layers symbolize dark liquidity pools within complex market microstructure. A central channel ensures high-fidelity execution and atomic settlement. Green nodes denote private quotation endpoints, enabling aggregated inquiry and price discovery.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-6.jpg)

Bilateral RFQs offer discreet, negotiated liquidity for large trades, while CLOBs provide transparent, continuous liquidity for standard trades.

- 
### [How Can a Request for Quote Protocol Be Used to Mitigate Information Leakage for Large Block Trades?](https://options.greeks.live/question/how-can-a-request-for-quote-protocol-be-used-to-mitigate-information-leakage-for-large-block-trades/)
![A precision-engineered interface for institutional digital asset derivatives. A circular system component, perhaps an Execution Management System EMS module, connects via a multi-faceted Request for Quote RFQ protocol bridge to a distinct teal capsule, symbolizing a bespoke block trade. This depicts high-fidelity execution, optimizing market microstructure within a Principal's operational framework for atomic settlement.](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-interface-for-institutional-digital-asset-derivatives-request-for-quote-protocol-high-fidelity-execution-within-principal-operating-system.jpg)

An RFQ protocol mitigates leakage by replacing public broadcasts with discrete, secure solicitations to curated liquidity providers.

- 
### [How Do Modern Execution Management Systems Integrate Both CLOB and RFQ Protocols?](https://options.greeks.live/question/how-do-modern-execution-management-systems-integrate-both-clob-and-rfq-protocols/)
![A sleek, futuristic institutional-grade instrument, representing high-fidelity execution of digital asset derivatives. Its sharp point signifies price discovery via RFQ protocols. The central Execution Management System EMS orchestrates multi-leg spread strategies, leveraging deep liquidity pools for block trade processing.](https://options.greeks.live/wp-content/uploads/2025/07/precision-rfq-execution-engine-for-institutional-digital-asset-derivatives.jpg)

Modern EMS platforms integrate CLOB and RFQ protocols to provide a unified system for sourcing both anonymous and discreet liquidity, optimizing execution by managing market impact.

- 
### [How Does the Request for Quote Protocol Mitigate Adverse Selection Risk in Corporate Bonds?](https://options.greeks.live/question/how-does-the-request-for-quote-protocol-mitigate-adverse-selection-risk-in-corporate-bonds/)
![A precision-engineered interface for institutional digital asset derivatives. A circular system component, perhaps an Execution Management System EMS module, connects via a multi-faceted Request for Quote RFQ protocol bridge to a distinct teal capsule, symbolizing a bespoke block trade. This depicts high-fidelity execution, optimizing market microstructure within a Principal's operational framework for atomic settlement.](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-interface-for-institutional-digital-asset-derivatives-request-for-quote-protocol-high-fidelity-execution-within-principal-operating-system.jpg)

The RFQ protocol mitigates adverse selection by enabling traders to control information flow through targeted, private counterparty selection.

- 
### [What Are the Key Differences between Lit and Dark Market RFQ Protocols regarding Information Risk?](https://options.greeks.live/question/what-are-the-key-differences-between-lit-and-dark-market-rfq-protocols-regarding-information-risk/)
![Sleek, dark components with a bright turquoise data stream symbolize a Principal OS enabling high-fidelity execution for institutional digital asset derivatives. This infrastructure leverages secure RFQ protocols, ensuring precise price discovery and minimal slippage across aggregated liquidity pools, vital for multi-leg spreads.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-protocol-systemic-execution-interface.jpg)

Lit RFQs risk broad information leakage for competitive pricing; dark RFQs risk targeted adverse selection for information control.

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

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

- 
### [What Are the Key Differences in Mitigating Adverse Selection between an RFQ and a Dark Pool for Options Trading?](https://options.greeks.live/question/what-are-the-key-differences-in-mitigating-adverse-selection-between-an-rfq-and-a-dark-pool-for-options-trading/)
![A sleek Execution Management System diagonally spans segmented Market Microstructure, representing Prime RFQ for Institutional Grade Digital Asset Derivatives. It rests on two distinct Liquidity Pools, one facilitating RFQ Block Trade Price Discovery, the other a Dark Pool for Private Quotation.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-execution-optimizing-rfq-protocols-across-segmented-liquidity-pools.jpg)

RFQ contains information risk within a competitive auction for execution certainty; dark pools conceal intent for potential price improvement at the cost of fill uncertainty.

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    "datePublished": "2025-07-31T12:23:38+00:00",
    "dateModified": "2025-10-23T14:39:13+00:00",
    "articleSection": [
        "Question"
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        "url": "https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-high-fidelity-best-execution.jpg",
        "caption": "Illuminated conduits intersect a central, glowing teal module, symbolizing advanced market microstructure. This represents an institutional-grade RFQ protocol for High-Fidelity Execution of Digital Asset Derivatives, including Bitcoin Options and Ethereum Futures. It embodies a Prime RFQ, enabling optimal price discovery through aggregated latent liquidity from dark pools. This facilitates complex multi-leg spread strategies, minimizing slippage and enhancing capital efficiency for institutional trading operations, ensuring best execution and robust risk management."
    },
    "keywords": [
        "Adverse Selection",
        "Central Limit Order Book",
        "Corporate Bond",
        "Corporate Bond Market",
        "Corporate Bond Trading",
        "Dark Liquidity",
        "Dealer Inventory",
        "Execution Management System",
        "FIX Protocol",
        "Information Leakage",
        "Latent Liquidity",
        "Liquidity Segmentation",
        "Lit Market",
        "Market Impact",
        "Market Liquidity",
        "Market Microstructure",
        "Price Discovery",
        "Request for Quote",
        "RFQ Execution",
        "RFQ Protocol",
        "RFQ Protocols",
        "Transaction Cost Analysis"
    ]
}
```

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                "text": "RFQ protocols reshape price discovery by transforming it from a continuous, multilateral process into a discrete, bilateral or paucilateral auction. In a CLOB, price is discovered through the continuous interaction of buy and sell orders from all participants. The \"best\" price is a public good. In an RFQ, price discovery occurs within the confines of the inquiry. The initiator receives a set of competitive quotes from a select group of dealers. The \"best\" price achieved is a private benefit for the initiator, and the information contained in the losing quotes dissipates without contributing to the public understanding of the asset's value. This can lead to a market with multiple \"prices\" for the same asset at the same time, depending on the channel through which it is transacted."
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---

**Original URL:** https://options.greeks.live/question/how-does-the-use-of-rfq-protocols-potentially-impact-broader-market-liquidity/
