# How to Write a Request for Quotation? ▴ Question

**Published:** 2025-08-05
**Categories:** Question

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![A dark blue sphere, representing a deep liquidity pool for digital asset derivatives, opens via a translucent teal RFQ protocol. This unveils a principal's operational framework, detailing algorithmic trading for high-fidelity execution and atomic settlement, optimizing market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/rfq-block-trade-liquidity-microstructure-execution-prime-os-derivatives-capital.jpg)

![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)

## Concept

A [Request for Quotation](https://prime.greeks.live/area/request-for-quotation/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (RFQ) is a precise instrument of inquiry, a formal protocol engineered to solicit pricing and execution terms from a select group of liquidity providers. Its function is to facilitate discreet, competitive price discovery for a specific financial instrument, particularly for transactions that are too large or complex for the [central limit order book](https://prime.greeks.live/area/central-limit-order-book/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (CLOB). You are initiating a structured dialogue designed to source liquidity while minimizing information leakage and market impact.

The process is a core component of [institutional trading](https://prime.greeks.live/area/institutional-trading/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) architecture, providing a mechanism to transfer risk under controlled conditions. It represents a fundamental shift from passive order placement to active liquidity sourcing, a necessary evolution for any entity operating at scale within modern financial markets.

The operational premise of an RFQ is built on bilateral communication within a multilateral framework. An initiator broadcasts a request, specifying the instrument, quantity, and desired settlement terms, to a curated list of counterparties. These counterparties, typically market makers or specialized trading firms, respond with firm, executable quotes. The initiator then has the discretion to select the most favorable response and execute the trade.

This entire process occurs off-book, shielded from the public view of the lit markets. The protocol’s design directly addresses the core challenge of [block trading](https://prime.greeks.live/area/block-trading/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) ▴ how to uncover the true market price for a significant quantity of an asset without moving the market against yourself in the process. A poorly executed block trade on a lit exchange can signal your intent to the entire world, inviting predatory trading strategies that increase costs. The [RFQ protocol](https://prime.greeks.live/area/rfq-protocol/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is the system’s answer to this structural vulnerability.

> A well-structured RFQ is a critical tool for achieving best execution by creating a competitive, private auction for your order.

Understanding the RFQ requires an appreciation for its role within the broader ecosystem of market structures. Lit markets, with their continuous two-sided auctions, are highly efficient for small, standardized trades. They offer transparency at the cost of anonymity. For institutional size, this transparency becomes a liability.

The RFQ protocol, alongside dark pools and other alternative trading systems (ATS), provides a necessary counterbalance. It allows market participants to negotiate large transactions without broadcasting their intentions, preserving the integrity of their trading strategy and protecting their capital from the friction of [market impact](https://prime.greeks.live/area/market-impact/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). The system is engineered for discretion and efficiency, a testament to the market’s continuous adaptation to the complex needs of its largest participants. It is a foundational element of high-fidelity execution, enabling a level of control and precision that is simply unattainable in the public arena.

![A Prime RFQ interface for institutional digital asset derivatives displays a block trade module and RFQ protocol channels. Its low-latency infrastructure ensures high-fidelity execution within market microstructure, enabling price discovery and capital efficiency for Bitcoin options](https://options.greeks.live/wp-content/uploads/2025/08/prime-os-rfq-protocol-engine-high-fidelity-execution-digital-asset-derivatives.jpg)

![Polished opaque and translucent spheres intersect sharp metallic structures. This abstract composition represents advanced RFQ protocols for institutional digital asset derivatives, illustrating multi-leg spread execution, latent liquidity aggregation, and high-fidelity execution within principal-driven trading environments](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-protocol-optimal-execution-orchestration.jpg)

## Strategy

Deploying a Request for Quotation protocol is an exercise in strategic decision-making. The effectiveness of an RFQ is determined not by the request itself, but by the intelligence that informs its construction and deployment. A successful strategy requires a deep understanding of the underlying asset’s liquidity profile, the behavioral patterns of potential counterparties, and the specific risk parameters of the trade.

The primary objective is to create a competitive tension among respondents that results in optimal pricing, while carefully managing the dissemination of information to prevent adverse selection. Every element of the RFQ, from the selection of dealers to the timing of the request, is a strategic lever that can be adjusted to shape the outcome.

![A sleek, dark teal, curved component showcases a silver-grey metallic strip with precise perforations and a central slot. This embodies a Prime RFQ interface for institutional digital asset derivatives, representing high-fidelity execution pathways and FIX Protocol integration](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine.jpg)

## Selecting the Appropriate RFQ Framework

The initial strategic decision involves choosing the right RFQ model for the specific transaction. The choice of framework has significant implications for pricing, [information leakage](https://prime.greeks.live/area/information-leakage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), and counterparty relationships. Each model offers a different balance of competition, discretion, and operational complexity.

- **Disclosed RFQ** In this model, the identities of the initiator and the responding dealers are known to each other. This framework is often used when there are established relationships between the trading parties. The transparency can foster accountability and may lead to better pricing from dealers who value the relationship. It is particularly effective for less liquid instruments where a dealer’s specific expertise is required.

- **[Anonymous RFQ](https://prime.greeks.live/area/anonymous-rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)** This model shields the identity of the initiator from the responding dealers. The request is sent through an intermediary platform that aggregates the quotes and presents them to the initiator. This anonymity is a powerful tool for reducing information leakage, especially when trading in size or testing the market for liquidity. It prevents dealers from altering their pricing based on the perceived urgency or trading style of a specific institution.

- **Competitive Multi-Dealer RFQ** This is the most common framework, where a request is sent simultaneously to a select group of three to five dealers. The goal is to create a private, real-time auction for the order. The selection of the dealer pool is a critical strategic element. A well-curated list includes dealers with complementary trading styles and risk appetites, ensuring robust competition without revealing the order to the entire market.

- **Single-Dealer RFQ** In some cases, a direct, single-dealer RFQ is the most prudent approach. This is often employed for highly complex, structured products or when a specific dealer has a unique ax, meaning a pre-existing interest to take the other side of the trade. While it sacrifices the competitive element, it offers maximum discretion and can be the most efficient way to transfer a specific risk profile.

![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)

## What Are the Strategic Considerations for Counterparty Selection?

The selection of counterparties to include in an RFQ is a dynamic and data-driven process. A systems architect does not simply send a request to the same three dealers for every trade. The dealer list must be optimized based on the specific characteristics of the order and current market conditions. The goal is to build a panel that is most likely to provide competitive liquidity for that particular instrument at that moment in time.

Historical performance data is a critical input. This includes analyzing metrics such as response rates, response times, [price improvement](https://prime.greeks.live/area/price-improvement/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) versus the prevailing market bid-offer spread, and quote-to-trade ratios for each dealer. A dealer who consistently provides tight, executable quotes for a particular asset class is a valuable component of an RFQ panel.

Conversely, a dealer who frequently provides wide, non-competitive quotes or has a low trade ratio may be diluting the competitive process and should be replaced. The architecture of your counterparty list should be as dynamic as the market itself.

> The strategic curation of the dealer panel is the most significant determinant of RFQ success.

The composition of the panel should also be considered. Including dealers with different specializations can be advantageous. For example, a panel for a large Bitcoin options block might include a global investment bank, a specialized crypto-native market maker, and a high-frequency trading firm.

Each brings a different source of liquidity and risk appetite to the auction, creating a more robust and competitive pricing environment. The strategy is to build a balanced ecosystem of [liquidity providers](https://prime.greeks.live/area/liquidity-providers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) around your order.

![An arc of interlocking, alternating pale green and dark grey segments, with black dots on light segments. This symbolizes a modular RFQ protocol for institutional digital asset derivatives, representing discrete private quotation phases or aggregated inquiry nodes](https://options.greeks.live/wp-content/uploads/2025/07/modular-rfq-protocol-segments-for-institutional-digital-asset-derivatives.jpg)

## Comparative Analysis of RFQ Strategies

The choice of strategy depends on the specific goals of the trade, whether it prioritizes price, speed, or discretion. The following table provides a comparative analysis of different strategic approaches to using the RFQ protocol.

| Strategy | Primary Objective | Ideal Scenario | Potential Risks |
| --- | --- | --- | --- |
| Competitive Multi-Dealer (3-5 Dealers) | Price Improvement | Liquid, standard instruments (e.g. BTC/ETH options) | Moderate information leakage if panel is too wide |
| Anonymous RFQ | Minimize Information Leakage | Large block trades or pre-trade price discovery | May receive less aggressive pricing due to lack of relationship |
| Single-Dealer RFQ | Maximum Discretion / Specialized Risk Transfer | Highly complex structured products or known dealer axe | No price competition; dependent on a single quote |
| Wide Broadcast RFQ (6+ Dealers) | Maximize Potential Liquidity | Urgent execution needed in a fragmented market | High risk of information leakage and market impact |

![A sleek, split capsule object reveals an internal glowing teal light connecting its two halves, symbolizing a secure, high-fidelity RFQ protocol facilitating atomic settlement for institutional digital asset derivatives. This represents the precise execution of multi-leg spread strategies within a principal's operational framework, ensuring optimal liquidity aggregation](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-system-2.jpg)

![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)

## Execution

The execution phase of a Request for Quotation is where strategic planning is translated into operational reality. It is a structured process governed by protocols designed to ensure fairness, transparency, and efficiency. From the precise formulation of the request to the post-trade analysis of execution quality, every step is a critical component of the system.

A disciplined approach to execution is what separates institutional-grade operations from the rest. It is about building a repeatable, data-driven process that consistently delivers optimal outcomes and minimizes operational risk.

![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](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 Operational Playbook

Executing an RFQ is a systematic procedure. The following playbook outlines the critical steps for constructing, deploying, and finalizing a request for quotation within an institutional trading framework. This process is designed to be a robust, repeatable workflow that ensures all necessary parameters are defined and all actions are logged for compliance and analysis.

- **Parameter Definition and Pre-Flight Checks**

<li>**Instrument Specification** Define the exact financial instrument. For options, this includes the underlying asset (e.g. Bitcoin), expiration date, strike price, and type (Call or Put). For multi-leg spreads, each leg must be specified with absolute precision.

- **Quantity and Size** Specify the exact notional value or number of contracts. This must be a firm quantity that you are prepared to trade.

- **Settlement Terms** Define the desired settlement conditions, including the settlement venue and any specific timing requirements.

- **Compliance Check** Ensure the proposed trade is compliant with all internal risk limits and external regulatory obligations before proceeding. This is a non-negotiable gate in the process.

</li>
- **Counterparty Panel Curation**

<li>**Data-Driven Selection** Using internal [transaction cost analysis](https://prime.greeks.live/area/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) ([TCA](https://prime.greeks.live/area/tca/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)) data, select a panel of 3-5 liquidity providers who have historically shown strong performance for the specific asset class and trade size.

- **Dynamic Adjustment** Review the standard panel. Consider adding or removing a dealer based on recent market activity, known axes, or specific intelligence about a dealer’s current risk book.

- **Anonymity Configuration** Determine whether the RFQ will be sent on a disclosed or anonymous basis, based on the strategic objectives discussed previously. Configure the trading system accordingly.

</li>
- **Request Dissemination and Monitoring**

<li>**Initiate Request** Broadcast the RFQ to the selected panel simultaneously through the [execution management system](https://prime.greeks.live/area/execution-management-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) ([EMS](https://prime.greeks.live/area/ems/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)). This ensures a level playing field for all respondents.

- **Set Response Timer** Define a clear and reasonable deadline for quote submission, typically ranging from 15 to 60 seconds. This creates urgency and focuses the dealers’ attention.

- **Monitor Incoming Quotes** Observe the incoming quotes in real-time. The system should display each quote, the responding dealer (if disclosed), and the time remaining in the auction.

</li>
- **Quote Evaluation and Execution**

<li>**Primary Evaluation Metric** The primary metric is almost always price. The system should highlight the best bid and offer.

- **Secondary Evaluation** In cases of identical pricing, consider secondary factors such as the speed of the response or the historical reliability of the dealer.

- **Execute Trade** Select the winning quote and execute the trade with a single click. The system should send an immediate fill confirmation to the winning dealer and cancellation messages to the others. The execution must be decisive and immediate once a decision is made.

</li>
- **Post-Trade Processing and Analysis**

<li>**Allocation and Booking** The executed trade must be immediately allocated to the correct portfolio and booked in the system of record.

- **TCA Data Capture** All data related to the RFQ ▴ including the request parameters, all submitted quotes (winning and losing), execution price, and timestamps ▴ must be captured and fed into the TCA system.

- **Performance Review** Regularly review TCA reports to refine the [counterparty selection](https://prime.greeks.live/area/counterparty-selection/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) process and identify opportunities for improving the RFQ strategy. This feedback loop is essential for systemic improvement.

</li>

![A precise intersection of light forms, symbolizing multi-leg spread strategies, bisected by a translucent teal plane representing an RFQ protocol. This plane extends to a robust institutional Prime RFQ, signifying deep liquidity, high-fidelity execution, and atomic settlement for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-high-fidelity-execution-2.jpg)

## Quantitative Modeling and Data Analysis

The heart of an institutional [RFQ system](https://prime.greeks.live/area/rfq-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is its ability to process and analyze data. The decision to execute is not based on gut feeling; it is based on a quantitative comparison of competing quotes against a benchmark. The following table illustrates a hypothetical RFQ response for a complex, multi-leg options structure ▴ a 100x BTC Risk Reversal (buying a 65000 Call, selling a 55000 Put) for the December expiration.

![Smooth, layered surfaces represent a Prime RFQ Protocol architecture for Institutional Digital Asset Derivatives. They symbolize integrated Liquidity Pool aggregation and optimized Market Microstructure](https://options.greeks.live/wp-content/uploads/2025/07/market-microstructure-rfq-protocols-for-digital-asset-derivatives.jpg)

## How Is Execution Quality Measured in an RFQ?

The analysis of the quotes goes beyond simply picking the lowest price. It involves measuring the quality of the execution against verifiable market data. The goal is to quantify the value added by using the RFQ protocol.

| Responding Dealer | Bid Price (USD) | Offer Price (USD) | Mid-Market Price (USD) | Price Improvement (vs. Mid) | Response Time (ms) |
| --- | --- | --- | --- | --- | --- |
| Dealer A | 1,550 | 1,650 | 1,600 | +50 | 350 |
| Dealer B | 1,565 | 1,635 | 1,600 | +35 | 250 |
| Dealer C (Winner) | 1,575 | 1,625 | 1,600 | +25 | 450 |
| Dealer D | 1,540 | 1,660 | 1,600 | +60 | 500 |

In this scenario, the initiator is looking to buy the structure. Dealer C provided the best offer at $1,625. The mid-market price at the time of the request was calculated by the system at $1,600. The “Price Improvement” column quantifies how much better the executed price was compared to trading at the prevailing mid-market price.

In this case, the execution against Dealer C’s offer of $1,625 represents a $25 per contract cost over the theoretical mid-point. While Dealer D’s quote had a wider spread, their offer was the highest. The decision to trade with Dealer C at $1,625 provides a clear, quantifiable execution record. This data is then stored and used to evaluate Dealer C’s performance over time.

![A sleek, spherical intelligence layer component with internal blue mechanics and a precision lens. It embodies a Principal's private quotation system, driving high-fidelity execution and price discovery for digital asset derivatives through RFQ protocols, optimizing market microstructure and minimizing latency](https://options.greeks.live/wp-content/uploads/2025/08/principals-private-quotation-system-intelligence-layer-component.jpg)

## Predictive Scenario Analysis

To illustrate the system in action, consider the following case study. A portfolio manager at a digital asset hedge fund needs to execute a significant position in Ethereum options. The fund’s strategy requires buying 2,000 contracts of the 3-month ETH $4,000 Call.

The notional value of this trade is substantial, and attempting to execute it on the public [order book](https://prime.greeks.live/area/order-book/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) would cause significant price slippage and alert the market to the fund’s intentions. The head trader is tasked with achieving [best execution](https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) using the firm’s RFQ system.

The trader begins by accessing the RFQ module within their EMS. The first step is parameter definition. She enters the instrument ▴ ETH, the specific expiration date, and the $4,000 Call. She inputs the quantity ▴ 2,000 contracts.

The system automatically flags the trade size as “large” based on pre-configured thresholds, recommending an anonymous RFQ to minimize information leakage. The trader agrees and selects the anonymous protocol.

Next is counterparty curation. The system pulls up the default panel for large-cap crypto options, which consists of five top-tier liquidity providers. The trader reviews the TCA data for these five dealers over the past month. She notes that Dealer A has provided the tightest spreads on ETH calls but has a lower-than-average response rate on trades over 1,500 contracts.

Dealer B has slightly wider spreads but has responded to and won a majority of the firm’s large ETH trades. Dealer C is a new provider that the firm is testing, with aggressive pricing but no track record on size. Dealers D and E are consistent, reliable providers. The trader decides to construct a panel of four ▴ she keeps Dealers B, D, and E for their reliability and includes Dealer C to introduce a new competitive dynamic. She temporarily removes Dealer A, predicting they might not quote competitively on this size.

With the parameters set and the panel curated, the trader initiates the request. The system dispatches the anonymous RFQ to the four selected dealers, starting a 30-second timer. The trader’s screen shows four empty slots, which begin to populate as quotes arrive. Dealer D is the first to respond at 12 seconds, quoting a market of $155 bid / $165 offer.

Dealer B follows at 18 seconds with a tighter market of $158 / $163. At 25 seconds, Dealer E quotes $157 / $164. With only a few seconds left, the new provider, Dealer C, submits the most aggressive offer at $162. The system highlights this as the best price.

The timer expires. The trader has a consolidated view of the market. The best bid is $158 (from Dealer B) and the best offer is $162 (from Dealer C). The spread of $4 is significantly tighter than the $10 spread quoted by Dealer D and represents a substantial improvement over the public order book, which was showing a top-of-book market of $154 / $168 at the time of the request.

The trader selects Dealer C’s offer of $162 and clicks “Execute.” The system instantly sends a trade confirmation to Dealer C and cancellations to the other three. The total cost of the trade is 2,000 contracts $162/contract = $324,000. The TCA system immediately calculates the price improvement. Executing at $162 versus the public offer of $168 saved the fund $6 per contract, for a total savings of $12,000 on the transaction. The entire process, from initiation to execution, took less than 45 seconds.

This case study demonstrates the power of a systematic approach to execution. By leveraging data to select counterparties, using anonymity to control information, and creating a competitive auction, the trader was able to achieve a demonstrably superior outcome, minimizing costs and protecting the fund’s strategy.

![Abstract layers and metallic components depict institutional digital asset derivatives market microstructure. They symbolize multi-leg spread construction, robust FIX Protocol for high-fidelity execution, and private quotation](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-digital-asset-derivatives-rfq-protocol-high-fidelity-execution.jpg)

## System Integration and Technological Architecture

The effective execution of an RFQ protocol is contingent upon a robust and integrated technological architecture. This system is more than a user interface; it is a complex network of components designed for high-speed communication, data processing, and security. The architecture must seamlessly integrate with the firm’s existing trading infrastructure to provide a coherent and efficient workflow.

![Visualizing institutional digital asset derivatives market microstructure. A central RFQ protocol engine facilitates high-fidelity execution across diverse liquidity pools, enabling precise price discovery for multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-across-multi-asset-liquidity.jpg)

## What Is the Core Technology Stack for an RFQ System?

The technology stack for a modern RFQ system is built around several key pillars. These components must work in concert to deliver the speed, reliability, and security required for institutional trading.

- **Execution Management System (EMS)** The EMS serves as the central hub for the RFQ workflow. It provides the user interface for traders to construct and manage RFQs, view incoming quotes, and execute trades. The EMS must be highly configurable, allowing for the creation of custom counterparty panels, pre-trade compliance rules, and integrated TCA.

- **API Connectivity** The system relies on Application Programming Interfaces (APIs) for communication with liquidity providers. These are typically FIX (Financial Information eXchange) APIs or REST APIs. The connection must be low-latency and highly reliable to ensure that requests and quotes are transmitted without delay. The system must be capable of normalizing data from different dealer APIs into a single, unified view for the trader.

- **Secure Communication Layer** Security is paramount. All communication between the firm and its counterparties must be encrypted using protocols such as TLS 1.2 or higher. For anonymous RFQs, the system architecture must guarantee that the initiator’s identity is never exposed to the quoting dealers. This often involves a trusted third-party platform acting as the central matching and anonymizing agent.

- **Data Warehouse and TCA Engine** All data generated during the RFQ process must be captured and stored in a dedicated data warehouse. This includes every request, every quote from every dealer, and every execution. A powerful [Transaction Cost](https://prime.greeks.live/area/transaction-cost/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) Analysis (TCA) engine runs on top of this data, providing the analytics required to measure execution quality and optimize the RFQ strategy over time.

![A sphere split into light and dark segments, revealing a luminous core. This encapsulates the precise Request for Quote RFQ protocol for institutional digital asset derivatives, highlighting high-fidelity execution, optimal price discovery, and advanced market microstructure within aggregated liquidity pools](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-execution-framework-for-institutional-digital-asset-derivatives-request-for-quote-protocol-optimization.jpg)

## References

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

- O’Hara, M. (1995). Market Microstructure Theory. Blackwell Publishing.

- Johnson, B. (2010). Algorithmic Trading and DMA ▴ An introduction to direct access trading strategies. 4Myeloma Press.

- Lehalle, C. A. & Laruelle, S. (Eds.). (2013). Market Microstructure in Practice. World Scientific.

- Fabozzi, F. J. & Focardi, S. M. (2004). The Mathematics of Financial Modeling and Investment Management. John Wiley & Sons.

- Cont, R. & Tankov, P. (2003). Financial Modelling with Jump Processes. Chapman and Hall/CRC.

- Aldridge, I. (2013). High-Frequency Trading ▴ A Practical Guide to Algorithmic Strategies and Trading Systems. John Wiley & Sons.

- Hasbrouck, J. (2007). Empirical Market Microstructure ▴ The Institutions, Economics, and Econometrics of Securities Trading. Oxford University Press.

![A smooth, light grey arc meets a sharp, teal-blue plane on black. This abstract signifies Prime RFQ Protocol for Institutional Digital Asset Derivatives, illustrating Liquidity Aggregation, Price Discovery, High-Fidelity Execution, Capital Efficiency, Market Microstructure, Atomic Settlement](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-digital-asset-derivatives-execution-liquidity.jpg)

## Reflection

The Request for Quotation protocol is a foundational component of a sophisticated execution architecture. Its mastery provides a decisive advantage in navigating the complexities of modern financial markets. The principles of structured communication, competitive price discovery, and data-driven analysis that underpin the RFQ are universally applicable. As you evaluate your own operational framework, consider how these principles extend beyond the RFQ itself.

Where else in your trading lifecycle can you replace ambiguity with precision? How can you systematically create competitive tension to improve outcomes? The knowledge of how to write and manage an RFQ is a single module within a larger operating system for achieving capital efficiency. The ultimate objective is to build a system where every action is deliberate, every decision is informed by data, and every execution is a step toward fulfilling your strategic mandate.

![Abstract visualization of institutional RFQ protocol for digital asset derivatives. Translucent layers symbolize dark liquidity pools within complex market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-6.jpg)

## Glossary

<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">
![An opaque principal's operational framework half-sphere interfaces a translucent digital asset derivatives sphere, revealing implied volatility. This symbolizes high-fidelity execution via an RFQ protocol, enabling private quotation within the market microstructure and deep liquidity pool for a robust Crypto Derivatives OS](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-13.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/request-for-quotation/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sophisticated, multi-layered trading interface, embodying an Execution Management System EMS, showcases institutional-grade digital asset derivatives execution. Its sleek design implies high-fidelity execution and low-latency processing for RFQ protocols, enabling price discovery and managing multi-leg spreads with capital efficiency across diverse liquidity pools](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-trading-platform-market-microstructure.jpg)

## Request for Quotation

Meaning ▴ A Request for Quotation (RFQ) is a formal process where a prospective buyer solicits price quotes from multiple liquidity providers for a specific financial instrument, including crypto assets. </a><a href="https://prime.greeks.live/area/institutional-trading/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A bifurcated sphere, symbolizing institutional digital asset derivatives, reveals a luminous turquoise core. This signifies a secure RFQ protocol for high-fidelity execution and private quotation](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-orchestration.jpg)

## Institutional Trading

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

## Block Trading

Meaning ▴ Block Trading, within the cryptocurrency domain, refers to the execution of exceptionally large-volume transactions of digital assets, typically involving institutional-sized orders that could significantly impact the market if executed on standard public exchanges. </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 sharp metallic element pierces a central teal ring, symbolizing high-fidelity execution via an RFQ protocol gateway for institutional digital asset derivatives. This depicts precise price discovery and smart order routing within market microstructure, optimizing dark liquidity for block trades and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-protocol-optimizing-liquidity-discovery-and-smart-order-routing.jpg)

## 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/market-impact/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Geometric panels, light and dark, interlocked by a luminous diagonal, depict an institutional RFQ protocol for digital asset derivatives. Central nodes symbolize liquidity aggregation and price discovery within a Principal's execution management system, enabling high-fidelity execution and atomic settlement in market microstructure](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-1.jpg)

## Market Impact

Meaning ▴ Market impact, in the context of crypto investing and institutional options trading, quantifies the adverse price movement caused by an investor's own trade execution. </a><a href="https://prime.greeks.live/area/information-leakage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A central translucent disk, representing a Liquidity Pool or RFQ Hub, is intersected by a precision Execution Engine bar. Its core, an Intelligence Layer, signifies dynamic Price Discovery and Algorithmic Trading logic for Digital Asset Derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-visualizing-microstructure.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/anonymous-rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Robust metallic infrastructure symbolizes Prime RFQ for High-Fidelity Execution in Market Microstructure. An overlaid translucent teal prism represents RFQ for Price Discovery, optimizing Liquidity Pool access, Multi-Leg Spread strategies, and Portfolio Margin efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-prime-os.jpg)

## Anonymous Rfq

Meaning ▴ An Anonymous RFQ, or Request for Quote, represents a critical trading protocol where the identity of the party seeking a price for a financial instrument is concealed from the liquidity providers submitting quotes. </a><a href="https://prime.greeks.live/area/price-improvement/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## Price Improvement

Meaning ▴ Price Improvement, within the context of institutional crypto trading and Request for Quote (RFQ) systems, refers to the execution of an order at a price more favorable than the prevailing National Best Bid and Offer (NBBO) or the initially quoted price. </a><a href="https://prime.greeks.live/area/liquidity-providers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sharp, dark, precision-engineered element, indicative of a targeted RFQ protocol for institutional digital asset derivatives, traverses a secure liquidity aggregation conduit. This interaction occurs within a robust market microstructure platform, symbolizing high-fidelity execution and atomic settlement under a Principal's operational framework for best execution](https://options.greeks.live/wp-content/uploads/2025/07/principal-grade-digital-asset-derivatives-rfq-protocol-execution-engine.jpg)

## Liquidity Providers

Meaning ▴ Liquidity Providers (LPs) are critical market participants in the crypto ecosystem, particularly for institutional options trading and RFQ crypto, who facilitate seamless trading by continuously offering to buy and sell digital assets or derivatives. </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">
![Polished metallic structures, integral to a Prime RFQ, anchor intersecting teal light beams. This visualizes high-fidelity execution and aggregated liquidity for institutional digital asset derivatives, embodying dynamic price discovery via RFQ protocol for multi-leg spread strategies and optimal capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-protocol-hub.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/tca/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, dark metallic surface features a cylindrical module with a luminous blue top, embodying a Prime RFQ control for RFQ protocol initiation. This institutional-grade interface enables high-fidelity execution of digital asset derivatives block trades, ensuring private quotation and atomic settlement](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-engine-module-for-high-fidelity-execution-and-liquidity-aggregation.jpg)

## Tca

Meaning ▴ TCA, or Transaction Cost Analysis, represents the analytical discipline of rigorously evaluating all costs incurred during the execution of a trade, meticulously comparing the actual execution price against various predefined benchmarks to assess the efficiency and effectiveness of trading strategies. </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">
![An abstract, multi-component digital infrastructure with a central lens and circuit patterns, embodying an Institutional Digital Asset Derivatives platform. This Prime RFQ enables High-Fidelity Execution via RFQ Protocol, optimizing Market Microstructure for Algorithmic Trading, Price Discovery, and Multi-Leg Spread](https://options.greeks.live/wp-content/uploads/2025/08/institutional-grade-digital-asset-derivatives-trading-platform-powering-high-fidelity-execution-via-advanced-rfq-protocol-prime-os-intelligence-layer.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/ems/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Stacked concentric layers, bisected by a precise diagonal line. This abstract depicts the intricate market microstructure of institutional digital asset derivatives, embodying a Principal's operational framework](https://options.greeks.live/wp-content/uploads/2025/07/multi-layered-digital-asset-derivatives-rfq-protocol-architecture.jpg)

## Ems

Meaning ▴ An EMS, or Execution Management System, is a highly sophisticated software platform utilized by institutional traders in the crypto space to meticulously manage and execute orders across a multitude of trading venues and diverse liquidity sources. </a><a href="https://prime.greeks.live/area/counterparty-selection/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Two distinct components, beige and green, are securely joined by a polished blue metallic element. This embodies a high-fidelity RFQ protocol for institutional digital asset derivatives, ensuring atomic settlement and optimal liquidity](https://options.greeks.live/wp-content/uploads/2025/07/institutional-rfq-protocol-for-digital-asset-derivatives-high-fidelity-link.jpg)

## Counterparty Selection

Meaning ▴ Counterparty Selection, within the architecture of institutional crypto trading, refers to the systematic process of identifying, evaluating, and engaging with reliable and reputable entities for executing trades, providing liquidity, or facilitating settlement. </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 precise metallic cross, symbolizing principal trading and multi-leg spread structures, rests on a dark, reflective market microstructure surface. Glowing algorithmic trading pathways illustrate high-fidelity execution and latency optimization for institutional digital asset derivatives via private quotation](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-execution-architecture.jpg)

## Rfq System

Meaning ▴ An RFQ System, within the sophisticated ecosystem of institutional crypto trading, constitutes a dedicated technological infrastructure designed to facilitate private, bilateral price negotiations and trade executions for substantial quantities of digital assets. </a><a href="https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A 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)

## Best Execution

Meaning ▴ Best Execution, in the context of cryptocurrency trading, signifies the obligation for a trading firm or platform to take all reasonable steps to obtain the most favorable terms for its clients' orders, considering a holistic range of factors beyond merely the quoted price. </a><a href="https://prime.greeks.live/area/order-book/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## Order Book

Meaning ▴ An Order Book is an electronic, real-time list displaying all outstanding buy and sell orders for a particular financial instrument, organized by price level, thereby providing a dynamic representation of current market depth and immediate liquidity. </a><a href="https://prime.greeks.live/area/transaction-cost/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A transparent bar precisely intersects a dark blue circular module, symbolizing an RFQ protocol for institutional digital asset derivatives. This depicts high-fidelity execution within a dynamic liquidity pool, optimizing market microstructure via a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-protocol-for-prime-os-execution.jpg)

## Transaction Cost

Meaning ▴ Transaction Cost, in the context of crypto investing and trading, represents the aggregate expenses incurred when executing a trade, encompassing both explicit fees and implicit market-related costs. </a>

**Tags:** [Transaction Cost](https://options.greeks.live/area/transaction-cost/), [RFQ System](https://options.greeks.live/area/rfq-system/), [Request for Quotation](https://options.greeks.live/area/request-for-quotation/), [Crypto RFQ](https://options.greeks.live/area/crypto-rfq/), [Institutional Trading](https://options.greeks.live/area/institutional-trading/), [Best Execution](https://options.greeks.live/area/best-execution/)	

## Discover More

- 
### [What Are the Primary Factors an Institution Considers When Choosing between an Rfq and a Market Order?](https://options.greeks.live/question/what-are-the-primary-factors-an-institution-considers-when-choosing-between-an-rfq-and-a-market-order/)
![A central Principal OS hub with four radiating pathways illustrates high-fidelity execution across diverse institutional digital asset derivatives liquidity pools. Glowing lines signify low latency RFQ protocol routing for optimal price discovery, navigating market microstructure for multi-leg spread strategies.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-intelligence.jpg)

An institution's choice between an RFQ and a market order is a function of balancing market impact, information leakage, and liquidity access.

- 
### [How Does an RFQ Protocol Reduce Information Leakage for Block Trades?](https://options.greeks.live/question/how-does-an-rfq-protocol-reduce-information-leakage-for-block-trades/)
![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)

The RFQ protocol reduces information leakage by replacing public order broadcast with private, controlled, and competitive price solicitation.

- 
### [What Are the Primary Determinants for Choosing RFQ over CLOB for Derivatives?](https://options.greeks.live/question/what-are-the-primary-determinants-for-choosing-rfq-over-clob-for-derivatives/)
![Smooth, reflective, layered abstract shapes on dark background represent institutional digital asset derivatives market microstructure. This depicts RFQ protocols, facilitating liquidity aggregation, high-fidelity execution for multi-leg spreads, price discovery, and Principal's operational framework efficiency.](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-multi-leg-spreads.jpg)

The choice between RFQ and CLOB hinges on whether a trade requires discreet, targeted liquidity for size and complexity or open, anonymous price discovery.

- 
### [How Does an RFQ System Reduce Implicit Trading Costs like Slippage?](https://options.greeks.live/question/how-does-an-rfq-system-reduce-implicit-trading-costs-like-slippage/)
![A central translucent disk, representing a Liquidity Pool or RFQ Hub, is intersected by a precision Execution Engine bar. Its core, an Intelligence Layer, signifies dynamic Price Discovery and Algorithmic Trading logic for Digital Asset Derivatives. Surrounding elements denote Market Microstructure and High-Fidelity Execution pathways for Block Trades, ensuring Best Execution within a Prime RFQ framework.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-visualizing-microstructure.jpg)

An RFQ system provides price certainty and minimizes information leakage by replacing public order exposure with a private, competitive dealer auction.

- 
### [How Can Transaction Cost Analysis Be Used to Refine Future RFQ Strategies?](https://options.greeks.live/question/how-can-transaction-cost-analysis-be-used-to-refine-future-rfq-strategies/)
![A precision-engineered metallic institutional trading platform, bisected by an execution pathway, features a central blue RFQ protocol engine. This Crypto Derivatives OS core facilitates high-fidelity execution, optimal price discovery, and multi-leg spread trading, reflecting advanced market microstructure.](https://options.greeks.live/wp-content/uploads/2025/08/precision-engineered-institutional-digital-asset-derivatives-execution-core-facilitating-rfq-protocol-driven-optimal-price-discovery-and-multi-leg-spread-trading-for-capital-efficiency.jpg)

TCA refines RFQ strategy by transforming execution into a data-driven feedback loop for superior counterparty selection and timing.

- 
### [How Can an RFQ System Quantifiably Reduce Execution Costs for Options Spreads?](https://options.greeks.live/question/how-can-an-rfq-system-quantifiably-reduce-execution-costs-for-options-spreads/)
![A sleek conduit, embodying an RFQ protocol and smart order routing, connects two distinct, semi-spherical liquidity pools. Its transparent core signifies an intelligence layer for algorithmic trading and high-fidelity execution of digital asset derivatives, ensuring atomic settlement.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-execution-engine-bridging-diverse-liquidity-pools-via-high-fidelity-rfq-protocol-orchestration.jpg)

An RFQ system reduces options spread costs by enabling private, competitive auctions that minimize information leakage and access deeper liquidity pools.

- 
### [How Does RFQ-EMS Integration Impact Best Execution Obligations?](https://options.greeks.live/question/how-does-rfq-ems-integration-impact-best-execution-obligations/)
![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. This visual metaphor highlights seamless interoperability, robust Prime RFQ architecture, and intelligent routing for digital asset derivatives.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-multi-leg-execution-layer.jpg)

RFQ-EMS integration embeds the duty of best execution into a firm's core operational architecture, creating a systematic, auditable workflow.

- 
### [What Are the Key Technological Requirements for Integrating an RFQ System into an Institutional Trading Desk?](https://options.greeks.live/question/what-are-the-key-technological-requirements-for-integrating-an-rfq-system-into-an-institutional-trading-desk/)
![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)

An RFQ system's integration requires a secure, low-latency architecture for discreet, auditable liquidity sourcing.

- 
### [Achieve Best Execution by Mastering the Anonymous RFQ Process](https://options.greeks.live/guide/achieve-best-execution-by-mastering-the-anonymous-rfq-process/)
![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. It reflects a Prime RFQ framework mitigating Slippage and Counterparty Risk for institutional trading.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-high-fidelity-best-execution.jpg)

Master the art of institutional-grade execution by commanding liquidity and price through the anonymous RFQ process.

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---

**Original URL:** https://options.greeks.live/question/how-to-write-a-request-for-quotation/
