# What Are the Key Data Points an Rfq Audit Trail Must Contain for Compliance? ▴ Question

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

---

![Intersecting opaque and luminous teal structures symbolize converging RFQ protocols for multi-leg spread execution. Surface droplets denote market microstructure granularity and slippage](https://options.greeks.live/wp-content/uploads/2025/07/rfq-protocols-for-digital-asset-derivatives-high-fidelity-execution.jpg)

![A sophisticated dark-hued institutional-grade digital asset derivatives platform interface, featuring a glowing aperture symbolizing active RFQ price discovery and high-fidelity execution. The integrated intelligence layer facilitates atomic settlement and multi-leg spread processing, optimizing market microstructure for prime brokerage operations and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-crypto-derivatives-rfq-engine-intelligence-layer.jpg)

## Concept

An [RFQ audit trail](https://prime.greeks.live/area/rfq-audit-trail/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is the immutable, time-stamped ledger of a bilateral negotiation. It serves as the definitive chronicle of a trade’s lifecycle, from initial solicitation to final execution. This record is the foundational element of regulatory compliance and the primary tool for demonstrating that an institution has met its fiduciary and legal obligations.

For any entity operating within regulated markets, the construction of this trail is a core architectural requirement of its trading system. It provides the empirical evidence needed to reconstruct every stage of the price discovery and execution process, satisfying inquiries from both internal risk controllers and external governing bodies.

The core purpose of this data architecture is to create a single, verifiable source of truth. In an environment of fragmented liquidity and high-speed electronic communication, the ability to produce a complete and accurate record of a negotiation is paramount. It allows a firm to prove not just the final outcome of a trade, but the intent and context surrounding it.

This includes which counterparties were solicited, the precise moment of each communication, the specific terms proposed, and the rationale for the final allocation. Without this granular detail, a firm is exposed to significant regulatory and reputational risk, as it cannot adequately defend its execution quality or decision-making process.

> A robust audit trail transforms a subjective negotiation into an objective, verifiable sequence of events.

This system of record-keeping extends beyond simple compliance. It is a critical source of data for internal performance analysis. By systematically capturing every interaction within the quote solicitation protocol, a firm can analyze counterparty response times, pricing competitiveness, and information leakage. This data provides a quantitative basis for optimizing counterparty selection and improving overall execution strategy.

The [audit trail](https://prime.greeks.live/area/audit-trail/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), therefore, functions as both a defensive shield for compliance and a strategic tool for performance enhancement. Its design and implementation reflect the maturity and sophistication of an institution’s entire trading apparatus.

![A transparent sphere on an inclined white plane represents a Digital Asset Derivative within an RFQ framework on a Prime RFQ. A teal liquidity pool and grey dark pool illustrate market microstructure for high-fidelity execution and price discovery, mitigating slippage and latency](https://options.greeks.live/wp-content/uploads/2025/07/principal-rfq-digital-asset-derivatives-execution-protocols-optimize-microstructure.jpg)

![Sleek, metallic, modular hardware with visible circuit elements, symbolizing the market microstructure for institutional digital asset derivatives. This low-latency infrastructure supports RFQ protocols, enabling high-fidelity execution for private quotation and block trade settlement, ensuring capital efficiency within a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/08/market-microstructure-engine-for-crypto-derivatives-rfq-protocol.jpg)

## Strategy

A strategic approach to designing an [RFQ audit](https://prime.greeks.live/area/rfq-audit/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) trail views it as a critical infrastructure asset. The primary strategic objective is to build a system that ensures irrefutable proof of compliance with [Best Execution](https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) mandates. Regulatory bodies like the SEC in the United States and those enforcing MiFID II in Europe require firms to take all sufficient steps to obtain the best possible result for their clients.

The audit trail is the primary evidence that this duty has been fulfilled. It must comprehensively document the firm’s process for soliciting, receiving, and evaluating quotes to demonstrate that the chosen execution was the most favorable under the prevailing market conditions.

![A transparent, angular teal object with an embedded dark circular lens rests on a light surface. This visualizes an institutional-grade RFQ engine, enabling high-fidelity execution and precise price discovery for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-engine-high-fidelity-execution.jpg)

## Demonstrating Best Execution

To satisfy regulatory requirements, the audit trail must capture data points that allow for a complete reconstruction of the trading decision. This involves logging not just the winning quote, but all quotes received. Documenting the losing bids is as important as documenting the winning one, as it provides the necessary context for the decision.

The trail must show which counterparties were included in the price discovery process, why they were selected, and how their offers compared across multiple dimensions, including price, size, and settlement terms. A system that only records the final trade details is strategically deficient because it fails to document the competitive process that justifies the outcome.

> The strategic value of an audit trail lies in its ability to narrate the story of a trade with verifiable data.

Furthermore, the strategy must account for the temporal element of trading. Every data point must be time-stamped with a high degree of precision, synchronized to a common clock source like NIST. This allows for a sequential reconstruction of events and proves that the execution decision was made based on information available at that specific moment.

This is particularly important in volatile markets where prices can change rapidly. The ability to demonstrate that a quote was accepted before the market moved adversely is a powerful defense against any challenge to execution quality.

![A central dark aperture, like a precision matching engine, anchors four intersecting algorithmic pathways. Light-toned planes represent transparent liquidity pools, contrasting with dark teal sections signifying dark pool or latent liquidity](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-9.jpg)

## Data Points for Counterparty Analysis

Beyond its compliance function, a well-structured audit trail is a powerful tool for strategic counterparty management. By aggregating data from thousands of RFQs over time, a firm can perform quantitative analysis on its [liquidity providers](https://prime.greeks.live/area/liquidity-providers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). This analysis can reveal patterns in performance that are invisible on a trade-by-trade basis.

The following table outlines key data points and the strategic insights they enable:

| Data Point Category | Specific Data Points | Strategic Application |
| --- | --- | --- |
| Counterparty Engagement | Invited Counterparties, Responded Counterparties, Time to Respond, Decline to Quote Reasons | Identifies the most reliable and responsive liquidity providers. Helps refine counterparty lists for specific asset classes or market conditions. |
| Quotation Quality | Quoted Price (Bid/Ask), Quoted Size, Spread to Mid-Market, Quote Fill Rate | Benchmarks the competitiveness of different providers. Reveals which counterparties offer the tightest pricing and the most consistent liquidity. |
| Post-Trade Performance | Execution Price vs. Quoted Price, Slippage, Settlement Success Rate | Measures the quality of execution beyond the quote itself. Tracks settlement efficiency and identifies counterparties with potential operational risks. |

This data-driven approach allows a trading desk to move from a relationship-based model of counterparty selection to a performance-based one. It provides an objective framework for evaluating liquidity providers and allocating order flow, ultimately leading to improved execution outcomes for the firm and its clients.

![Central teal-lit mechanism with radiating pathways embodies a Prime RFQ for institutional digital asset derivatives. It signifies RFQ protocol processing, liquidity aggregation, and high-fidelity execution for multi-leg spread trades, enabling atomic settlement within market microstructure via quantitative analysis](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-core-for-institutional-digital-asset-rfq-protocol-execution-engine.jpg)

## What Is the Role of Automation in Ensuring Data Integrity?

A critical component of the strategy is the use of automation to ensure the integrity and completeness of the audit trail. Manual data entry is prone to error and introduces unacceptable operational risk. An automated system, integrated directly with the firm’s [Execution Management System](https://prime.greeks.live/area/execution-management-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (EMS) or [Order Management System](https://prime.greeks.live/area/order-management-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (OMS), captures every relevant data point without human intervention.

This ensures that the record is complete, accurate, and generated in real-time as the RFQ process unfolds. Automation also enforces standardized data formats, which simplifies data aggregation and analysis for both compliance reporting and strategic review.

![Abstract architectural representation of a Prime RFQ for institutional digital asset derivatives, illustrating RFQ aggregation and high-fidelity execution. Intersecting beams signify multi-leg spread pathways and liquidity pools, while spheres represent atomic settlement points and implied volatility](https://options.greeks.live/wp-content/uploads/2025/07/architecting-institutional-digital-asset-derivatives-trading-systems-for-optimized-rfq-execution-and-advanced-price-discovery.jpg)

![Precision-engineered modular components display a central control, data input panel, and numerical values on cylindrical elements. This signifies an institutional Prime RFQ for digital asset derivatives, enabling RFQ protocol aggregation, high-fidelity execution, algorithmic price discovery, and volatility surface calibration for portfolio margin](https://options.greeks.live/wp-content/uploads/2025/07/firm-fx-options-rfq-trade-system-key-microstructure-data-flow-core-engine.jpg)

## Execution

The execution of a compliant RFQ audit trail system is an exercise in architectural precision. It requires the integration of trading protocols, data management systems, and regulatory reporting frameworks. The system must be designed from the ground up to capture, store, and retrieve a complex set of data points in a manner that is secure, immutable, and readily accessible for audit purposes. This is not a peripheral reporting tool; it is a core component of the trading infrastructure.

![Symmetrical internal components, light green and white, converge at central blue nodes. This abstract representation embodies a Principal's operational framework, enabling high-fidelity execution of institutional digital asset derivatives via advanced RFQ protocols, optimizing market microstructure for price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-core.jpg)

## The Operational Playbook

Implementing a robust RFQ audit trail involves a sequence of well-defined operational steps. This playbook ensures that all system requirements are met and that the final architecture is fit for its purpose.

- **System Integration and Data Capture**

<li>**Identify Data Sources** Determine all points of interaction within the RFQ lifecycle. This includes the Order Management System (OMS) where the initial request is generated, the Execution Management System (EMS) or RFQ platform where communication with counterparties occurs, and any internal analytics systems that inform the trading decision.

- **Establish Real-Time Logging** Implement automated logging mechanisms at each source. For systems communicating via the [FIX protocol](https://prime.greeks.live/area/fix-protocol/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), this involves capturing all relevant tags for messages related to quote requests, quote responses, and trade executions. For proprietary platforms, it requires using dedicated APIs to stream event data.

- **Synchronize Timestamps** Ensure all system clocks are synchronized to a universal time source (e.g. UTC traceable to NIST). Timestamps must be recorded in a consistent, high-precision format (e.g. milliseconds or microseconds) for all logged events.

</li>
- **Data Structuring and Storage**

<li>**Define a Unified Data Model** Create a standardized schema for all audit trail records. Each RFQ should have a unique identifier that links all related events, from the initial request to the final fill and settlement. This unified model is essential for reconstruction.

- **Select an Immutable Storage Solution** Utilize a write-once-read-many (WORM) database or a blockchain-based ledger for storing the audit trail. This ensures that once a record is written, it cannot be altered or deleted, guaranteeing the integrity of the historical data.

- **Implement Data Redundancy** Store the audit trail in geographically separate locations to protect against data loss in the event of a system failure or disaster.

</li>
- **Reporting and Retrieval**

<li>**Build a Reconstruction Engine** Develop a tool that can take a unique RFQ identifier and instantly retrieve and display the entire lifecycle of the trade in chronological order. This tool must be accessible to compliance and audit teams.

- **Automate Regulatory Reports** Configure the system to automatically generate reports required by regulators (e.g. MiFID II post-trade transparency reports). This reduces the manual burden on the compliance team and minimizes the risk of reporting errors.

- **Secure Access Controls** Implement strict, role-based access controls to the audit trail data. Trading personnel may have limited access, while compliance and legal teams have comprehensive retrieval rights.

</li>

![Interlocked, precision-engineered spheres reveal complex internal gears, illustrating the intricate market microstructure and algorithmic trading of an institutional grade Crypto Derivatives OS. This visualizes high-fidelity execution for digital asset derivatives, embodying RFQ protocols and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-rfq-execution-system.jpg)

## Quantitative Modeling and Data Analysis

The data captured in the audit trail serves as the raw material for quantitative analysis of execution quality. The following table details the essential data points that must be captured for a hypothetical multi-leg options spread RFQ. This level of granularity is required to defend execution and model counterparty performance.

| Data Field | Description | Example Value | Compliance Justification |
| --- | --- | --- | --- |
| RFQ_ID | Unique identifier for the entire RFQ event. | RFQ-20250805-7B3D9F | Links all related records for a single audit. |
| Trader_ID | Identifier for the trader initiating the request. | TRDR-JSMITH-47 | Establishes accountability for the trading decision. |
| Instrument_Details | Full description of the instrument and each leg. | Leg 1 ▴ Buy 500 XYZ 100C Exp 20251219; Leg 2 ▴ Sell 500 XYZ 110C Exp 20251219 | Defines the exact subject of the negotiation. |
| Request_Timestamp | Time the RFQ was sent to counterparties. | 2025-08-05T14:30:01.123Z | Establishes the start of the price discovery process. |
| Invited_Counterparty_ID | Identifier for a counterparty invited to quote. | CPTY-A, CPTY-B, CPTY-C, CPTY-D | Documents the breadth of the competitive process. |
| Response_Timestamp | Time a quote was received from a counterparty. | 2025-08-05T14:30:15.456Z (from CPTY-B) | Measures counterparty responsiveness. |
| Quote_Price | The price quoted by the counterparty. | $2.55 (from CPTY-B) | Primary data for comparing offers. |
| Quote_Size | The size for which the quote is firm. | 500 (from CPTY-B) | Ensures the quote is valid for the required quantity. |
| Quote_ID | Unique identifier for the specific quote. | QT-CPTYB-9A4E1C | Provides a unique reference for each offer. |
| Market_State_Snapshot | NBBO and underlying price at time of request. | NBBO ▴ $2.50-$2.60; Underlying ▴ $102.50 | Provides market context for evaluating quote quality. |
| Accept_Timestamp | Time the winning quote was accepted. | 2025-08-05T14:30:25.789Z | Pinpoints the moment of execution decision. |
| Winning_Quote_ID | Identifier of the accepted quote. | QT-CPTYB-9A4E1C | Clearly identifies the basis of the final trade. |
| Execution_Venue | The platform or venue where the trade was executed. | Internal RFQ System | Documents where the transaction legally occurred. |
| Rejection_Reason | Reason for rejecting other quotes (if applicable). | Price less favorable (for CPTY-A, CPTY-C) | Justifies the selection of the winning bid. |

![Glowing teal conduit symbolizes high-fidelity execution pathways and real-time market microstructure data flow for digital asset derivatives. Smooth grey spheres represent aggregated liquidity pools and robust counterparty risk management within a Prime RFQ, enabling optimal price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-market-microstructure-prime-os.jpg)

## Predictive Scenario Analysis

To understand the profound importance of this architecture, consider a hypothetical regulatory inquiry. A mid-sized asset manager, “AlphaGen Capital,” executes a large, multi-leg options trade for a client in a volatile technology stock. The trade involves buying 2,000 call spreads to position for an anticipated earnings announcement.

Two months later, following a sharp move in the underlying stock, the client’s portfolio suffers a loss, and a complaint is filed suggesting the initial trade was poorly executed. The regulator initiates an inquiry, requesting all records related to the execution to assess compliance with Best Execution rules.

AlphaGen’s compliance officer accesses their RFQ audit trail system. The unique identifier for the trade immediately retrieves the complete, time-stamped chronicle of the event. The record shows that at 10:15:02 AM on the trade date, the portfolio manager initiated an RFQ for the 2,000 call spreads.

The system automatically sent the request to five pre-approved liquidity providers known for their expertise in single-stock options. The audit trail contains the identifiers for each of these five firms.

At 10:15:18 AM, the first quote arrives from Counterparty A at a net debit of $4.50. Over the next 45 seconds, three more quotes arrive ▴ $4.45 from Counterparty B, $4.52 from Counterparty C, and a “decline to quote” message from Counterparty D, which is also logged. The audit trail includes a snapshot of the National Best Bid and Offer (NBBO) for the individual option legs at the moment the RFQ was initiated, showing a theoretical mid-market price for the spread of $4.42. Each received quote is logged with a timestamp accurate to the millisecond.

The compliance officer can see that at 10:16:10 AM, the portfolio manager accepted the $4.45 quote from Counterparty B. The system automatically logged the reason for rejecting the other quotes as “Price.” The final execution record, also time-stamped, confirms the trade was filled in full at $4.45. The entire process, from initial request to final fill, is documented in a single, unalterable report. When presented to the regulator, this report provides a complete and defensible narrative.

It proves that AlphaGen solicited competitive quotes from multiple qualified dealers, evaluated them against the prevailing market, and executed the trade at the best available price. The inquiry is closed with no findings of wrongdoing.

Now, consider a parallel scenario where AlphaGen relied on a less sophisticated system of manual records and chat logs. The regulator’s request would trigger a frantic, time-consuming effort to piece together disparate information. The compliance officer would have to sift through saved chat windows, emails, and trader notes. The exact time quotes were received might be ambiguous.

The snapshot of the market at the time of the trade would be missing. It would be impossible to prove that all five dealers were contacted, or why Counterparty D declined to quote. The firm would be unable to definitively prove it had met its Best Execution obligation. The ambiguity creates significant legal and financial risk.

The firm could face fines, sanctions, and severe reputational damage, all stemming from the failure to implement a robust, automated audit trail architecture. This predictive analysis demonstrates that the investment in a comprehensive audit system is a critical form of operational and regulatory insurance.

![Stacked, glossy modular components depict an institutional-grade Digital Asset Derivatives platform. Layers signify RFQ protocol orchestration, high-fidelity execution, and liquidity aggregation](https://options.greeks.live/wp-content/uploads/2025/07/layered-digital-asset-derivatives-rfq-protocol-stack-for-prime-brokerage.jpg)

## How Should System Architecture Support Data Immutability?

The technological architecture must be designed to guarantee [data immutability](https://prime.greeks.live/area/data-immutability/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), which is the principle that once data is recorded, it cannot be changed or deleted. This is the cornerstone of a trustworthy audit trail. A common and effective approach is to use a WORM (Write-Once, Read-Many) compliant storage system.

When a data record ▴ such as a received quote or an execution confirmation ▴ is sent to the storage layer, the system writes it to the media and then finalizes it, preventing any future modifications. This can be achieved through specialized hardware appliances or software-defined storage solutions that enforce this policy at a low level.

Another increasingly viable architectural choice is the use of a private, permissioned blockchain or distributed ledger technology (DLT). In this model, each event in the RFQ lifecycle is recorded as a transaction in a block. Each new block is cryptographically linked to the previous one, creating a chain of records that is inherently tamper-evident.

Any attempt to alter a past record would invalidate the cryptographic hash of all subsequent blocks, making the tampering immediately obvious to all participants on the network. This provides an exceptionally high degree of data integrity and is well-suited for environments where multiple parties (e.g. the firm, its counterparties, and potentially the regulator) require shared, verifiable access to the trade history.

![A stylized depiction of institutional-grade digital asset derivatives RFQ execution. A central glowing liquidity pool for price discovery is precisely pierced by an algorithmic trading path, symbolizing high-fidelity execution and slippage minimization within market microstructure via a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-high-fidelity-execution-1.jpg)

## References

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

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

- Financial Industry Regulatory Authority (FINRA). “Rule 5310 ▴ Best Execution and Interpositioning.” FINRA Manual.

- European Securities and Markets Authority (ESMA). “Markets in Financial Instruments Directive II (MiFID II).” Regulation (EU) No 600/2014.

- Johnson, Barry. “Algorithmic Trading and DMA ▴ An introduction to direct access trading strategies.” 4Myeloma Press, 2010.

![Abstract visual representing an advanced RFQ system for institutional digital asset derivatives. It depicts a central principal platform orchestrating algorithmic execution across diverse liquidity pools, facilitating precise market microstructure interactions for best execution and potential atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-platform-institutional-digital-asset-derivatives-ecosystem.jpg)

## Reflection

The construction of a compliant RFQ audit trail is a foundational requirement for any modern financial institution. The data points and architectural principles discussed here provide the blueprint for a system that satisfies regulatory obligations. This system, however, offers more than just a defensive capability. It represents a significant strategic asset.

Consider your own operational framework. Does your current system of record-keeping merely meet the minimum requirements for compliance, or does it provide the high-fidelity data needed for true performance analysis? A truly superior operational architecture transforms a compliance burden into a source of competitive intelligence.

The ability to systematically analyze every aspect of the negotiation process ▴ from counterparty response times to the market impact of your requests ▴ is the key to refining your execution strategy. The ultimate goal is a system where every trade not only withstands regulatory scrutiny but also contributes to a deeper understanding of your own interaction with the market, creating a cycle of continuous improvement and reinforcing your firm’s strategic edge.

![A dark blue, precision-engineered blade-like instrument, representing a digital asset derivative or multi-leg spread, rests on a light foundational block, symbolizing a private quotation or block trade. This structure intersects robust teal market infrastructure rails, indicating RFQ protocol execution within a Prime RFQ for high-fidelity execution and liquidity aggregation in institutional trading](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-framework-multi-leg-spreads-best-execution-capital-efficiency.jpg)

## Glossary

<a href="https://prime.greeks.live/area/rfq-audit-trail/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract geometric forms in blue and beige represent institutional liquidity pools and market segments. A metallic rod signifies RFQ protocol connectivity for atomic settlement of digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-market-microstructure-1.jpg)

## Rfq Audit Trail

Meaning ▴ An RFQ Audit Trail is a comprehensive, chronologically ordered, and immutable record of all interactions, communications, bids, and decisions that occur during a Request for Quote (RFQ) process. </a><a href="https://prime.greeks.live/area/audit-trail/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract geometric forms depict a Prime RFQ for institutional digital asset derivatives. A central RFQ engine drives block trades and price discovery with high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-optimizing-market-microstructure-for-high-fidelity-execution.jpg)

## Audit Trail

Meaning ▴ An Audit Trail, within the context of crypto trading and systems architecture, constitutes a chronological, immutable, and verifiable record of all activities, transactions, and events occurring within a digital system. </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">
![Precision interlocking components with exposed mechanisms symbolize an institutional-grade platform. This embodies a robust RFQ protocol for high-fidelity execution of multi-leg options strategies, driving efficient price discovery and atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/precision-institutional-digital-asset-derivatives-execution-platform.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/rfq-audit/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![The image displays a sleek, intersecting mechanism atop a foundational blue sphere. It represents the intricate market microstructure of institutional digital asset derivatives trading, facilitating RFQ protocols for block trades](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-rfq-execution.jpg)

## Rfq Audit

Meaning ▴ An RFQ Audit refers to a systematic and independent examination of an organization's Request for Quote (RFQ) processes, particularly within institutional crypto trading, to assess their adherence to established policies, regulatory requirements, and best execution standards. </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 precise RFQ engine extends into an institutional digital asset liquidity pool, symbolizing high-fidelity execution and advanced price discovery within complex market microstructure. This embodies a Principal's operational framework for multi-leg spread strategies and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-engine-interfacing-core-liquidity-system.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/execution-management-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## 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/order-management-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Sleek, off-white cylindrical module with a dark blue recessed oval interface. This represents a Principal's Prime RFQ gateway for institutional digital asset derivatives, facilitating private quotation protocol for block trade execution, ensuring high-fidelity price discovery and capital efficiency through low-latency liquidity aggregation](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-portal-optimal-institutional-digital-asset-execution.jpg)

## Order Management System

Meaning ▴ An Order Management System (OMS) is a sophisticated software application or platform designed to facilitate and manage the entire lifecycle of a trade order, from its initial creation and routing to execution and post-trade allocation, specifically engineered for the complexities of crypto investing and derivatives trading. </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 precision institutional interface features a vertical display, control knobs, and a sharp element. This RFQ Protocol system ensures High-Fidelity Execution and optimal Price Discovery, facilitating Liquidity Aggregation](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-execution-platform-interface.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/data-immutability/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A central teal column embodies Prime RFQ infrastructure for institutional digital asset derivatives. Angled, concentric discs symbolize dynamic market microstructure and volatility surface data, facilitating RFQ protocols and price discovery](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-protocol-alpha-generation-execution.jpg)

## Data Immutability

Meaning ▴ Data Immutability, within the context of crypto technology and decentralized systems, signifies the property of data remaining unalterable and resistant to tampering once recorded on a blockchain or distributed ledger. </a>

**Tags:** [Algorithmic Trading Compliance](https://options.greeks.live/area/algorithmic-trading-compliance/), [Order Management System](https://options.greeks.live/area/order-management-system/), [Best Execution](https://options.greeks.live/area/best-execution/), [FIX Protocol](https://options.greeks.live/area/fix-protocol/), [Data Immutability](https://options.greeks.live/area/data-immutability/), [Audit Trail](https://options.greeks.live/area/audit-trail/)	

## Discover More

- 
### [How Does a Multi-Dealer Platform Enhance the Audit Trail for Best Execution?](https://options.greeks.live/question/how-does-a-multi-dealer-platform-enhance-the-audit-trail-for-best-execution/)
![A sleek, institutional-grade Crypto Derivatives OS with an integrated intelligence layer supports a precise RFQ protocol. Two balanced spheres represent principal liquidity units undergoing high-fidelity execution, optimizing capital efficiency within market microstructure for best execution.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-platform-3.jpg)

A multi-dealer platform enhances the audit trail by creating a centralized, immutable, and time-stamped record of the entire competitive RFQ process.

- 
### [What Are the Technological and Compliance Prerequisites for Implementing a Hybrid RFQ System?](https://options.greeks.live/question/what-are-the-technological-and-compliance-prerequisites-for-implementing-a-hybrid-rfq-system/)
![A dark, reflective surface displays a luminous green line, symbolizing a high-fidelity RFQ protocol channel within a Crypto Derivatives OS. This signifies precise price discovery for digital asset derivatives, ensuring atomic settlement and optimizing portfolio margin. A textured element implies the execution management system EMS controlling block trades and multi-leg spreads on a Prime RFQ.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-pathway-optimizing-principal-liquidity-and-capital-efficiency.jpg)

A hybrid RFQ system is an operational framework for sourcing discreet liquidity and optimizing execution for large or complex trades.

- 
### [Can an RFQ Audit Trail Be Used to Detect and Prevent Market Abuse or Information Leakage?](https://options.greeks.live/question/can-an-rfq-audit-trail-be-used-to-detect-and-prevent-market-abuse-or-information-leakage/)
![An intricate, transparent digital asset derivatives engine visualizes market microstructure and liquidity pool dynamics. Its precise components signify high-fidelity execution via FIX Protocol, facilitating RFQ protocols for block trade and multi-leg spread strategies within an institutional-grade Prime RFQ.](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-digital-asset-derivatives-rfq-liquidity-ecosystem.jpg)

An RFQ audit trail is a data-rich ledger enabling systematic detection of market abuse and information leakage through pattern analysis.

- 
### [How Can the Audit Trail from a FIX-Based RFQ Be Used to Defend Best Execution Decisions to Regulators?](https://options.greeks.live/question/how-can-the-audit-trail-from-a-fix-based-rfq-be-used-to-defend-best-execution-decisions-to-regulators/)
![Precision-engineered modular components, with transparent elements and metallic conduits, depict a robust RFQ Protocol engine. This architecture facilitates high-fidelity execution for institutional digital asset derivatives, enabling efficient liquidity aggregation and atomic settlement within market microstructure.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-optimizing-high-fidelity-execution-and-liquidity-aggregation.jpg)

The FIX RFQ audit trail provides an immutable, timestamped data record to quantitatively prove execution quality to regulators.

- 
### [What Are the Primary Technological Systems Required to Demonstrate Best Execution for Both Asset Classes?](https://options.greeks.live/question/what-are-the-primary-technological-systems-required-to-demonstrate-best-execution-for-both-asset-classes/)
![Central teal-lit mechanism with radiating pathways embodies a Prime RFQ for institutional digital asset derivatives. It signifies RFQ protocol processing, liquidity aggregation, and high-fidelity execution for multi-leg spread trades, enabling atomic settlement within market microstructure via quantitative analysis.](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-core-for-institutional-digital-asset-rfq-protocol-execution-engine.jpg)

A firm proves best execution with an integrated technology framework that unifies pre-trade analytics, smart order routing, and post-trade TCA into a single, evidence-producing system.

- 
### [How Do Multi-Leg Options Strategies Complicate the Definition of Best Execution in Both Protocols?](https://options.greeks.live/question/how-do-multi-leg-options-strategies-complicate-the-definition-of-best-execution-in-both-protocols/)
![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. This Market Microstructure detail highlights Atomic Settlement capabilities and Capital Efficiency within a Principal's Operational Framework.](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)

Multi-leg strategies transform best execution from a price point into a multi-dimensional problem of unified liquidity and atomic settlement.

- 
### [How Is the FIX Protocol Used to Facilitate the RFQ Process?](https://options.greeks.live/question/how-is-the-fix-protocol-used-to-facilitate-the-rfq-process/)
![Sleek, metallic form with precise lines represents a robust Institutional Grade Prime RFQ for Digital Asset Derivatives. The prominent, reflective blue dome symbolizes an Intelligence Layer for Price Discovery and Market Microstructure visibility, enabling High-Fidelity Execution via RFQ protocols.](https://options.greeks.live/wp-content/uploads/2025/08/prime-os-rfq-protocol-high-fidelity-digital-asset-derivatives-engine.jpg)

The FIX protocol facilitates the RFQ process by providing a standardized, secure messaging framework for the private, bilateral negotiation and execution of large or complex trades.

- 
### [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.

- 
### [How Does a Smart Order Router’S Logic Factor into a Best Execution Committee’s Review?](https://options.greeks.live/question/how-does-a-smart-order-routers-logic-factor-into-a-best-execution-committees-review/)
![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. This Market Microstructure detail highlights Atomic Settlement capabilities and Capital Efficiency within a Principal's Operational Framework.](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)

A Best Execution Committee's review translates an SOR's quantitative outputs into a qualitative judgment of its alignment with fiduciary duty.

---

## Raw Schema Data

```json
{
    "@context": "https://schema.org",
    "@type": "BreadcrumbList",
    "itemListElement": [
        {
            "@type": "ListItem",
            "position": 1,
            "name": "Home",
            "item": "https://options.greeks.live"
        },
        {
            "@type": "ListItem",
            "position": 2,
            "name": "Question",
            "item": "https://options.greeks.live/question/"
        },
        {
            "@type": "ListItem",
            "position": 3,
            "name": "What Are the Key Data Points an Rfq Audit Trail Must Contain for Compliance?",
            "item": "https://options.greeks.live/question/what-are-the-key-data-points-an-rfq-audit-trail-must-contain-for-compliance/"
        }
    ]
}
```

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

```json
{
    "@context": "https://schema.org",
    "@type": "Article",
    "mainEntityOfPage": {
        "@type": "WebPage",
        "@id": "https://options.greeks.live/question/what-are-the-key-data-points-an-rfq-audit-trail-must-contain-for-compliance/"
    },
    "headline": "What Are the Key Data Points an Rfq Audit Trail Must Contain for Compliance? \u25b4 Question",
    "description": "A compliant RFQ audit trail is an immutable, time-stamped ledger proving best execution through comprehensive data capture of the entire quote lifecycle. \u25b4 Question",
    "url": "https://options.greeks.live/question/what-are-the-key-data-points-an-rfq-audit-trail-must-contain-for-compliance/",
    "datePublished": "2025-08-05T18:53:40+00:00",
    "dateModified": "2025-10-26T10:02:31+00:00",
    "articleSection": [
        "Question"
    ],
    "author": {
        "@id": "https://greeks.live/#organization"
    },
    "publisher": {
        "@id": "https://greeks.live/#organization"
    },
    "image": {
        "@type": "ImageObject",
        "url": "https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-engine-high-fidelity-execution.jpg",
        "caption": "A transparent, angular teal object with an embedded dark circular lens, resting on a light surface, symbolizes a sophisticated institutional trading system. This powerful RFQ engine ensures high-fidelity execution and precise price discovery for digital asset derivatives, including Bitcoin options and Ethereum futures. It optimizes capital efficiency, manages counterparty risk, and supports multi-leg spread strategies, leveraging deep market microstructure insights for best execution within a comprehensive Prime RFQ framework."
    },
    "keywords": [
        "Algorithmic Trading Compliance",
        "Audit Trail",
        "Best Execution",
        "Counterparty Analysis",
        "Data Immutability",
        "Execution Management System",
        "FINRA Rule 5310",
        "FIX Protocol",
        "Liquidity Providers",
        "Market Microstructure",
        "MiFID II Compliance",
        "Order Management System",
        "RFQ Audit",
        "RFQ Audit Trail",
        "Trade Reconstruction",
        "WORM Storage"
    ]
}
```

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

```json
{
    "@context": "https://schema.org",
    "@type": "FAQPage",
    "mainEntity": [
        {
            "@type": "Question",
            "name": "What Is The Role Of Automation In Ensuring Data Integrity?",
            "acceptedAnswer": {
                "@type": "Answer",
                "text": "A critical component of the strategy is the use of automation to ensure the integrity and completeness of the audit trail. Manual data entry is prone to error and introduces unacceptable operational risk. An automated system, integrated directly with the firm's Execution Management System (EMS) or Order Management System (OMS), captures every relevant data point without human intervention. This ensures that the record is complete, accurate, and generated in real-time as the RFQ process unfolds. Automation also enforces standardized data formats, which simplifies data aggregation and analysis for both compliance reporting and strategic review."
            }
        },
        {
            "@type": "Question",
            "name": "How Should System Architecture Support Data Immutability?",
            "acceptedAnswer": {
                "@type": "Answer",
                "text": "The technological architecture must be designed to guarantee data immutability, which is the principle that once data is recorded, it cannot be changed or deleted. This is the cornerstone of a trustworthy audit trail. A common and effective approach is to use a WORM (Write-Once, Read-Many) compliant storage system. When a data record\u2014such as a received quote or an execution confirmation\u2014is sent to the storage layer, the system writes it to the media and then finalizes it, preventing any future modifications. This can be achieved through specialized hardware appliances or software-defined storage solutions that enforce this policy at a low level."
            }
        }
    ]
}
```


---

**Original URL:** https://options.greeks.live/question/what-are-the-key-data-points-an-rfq-audit-trail-must-contain-for-compliance/
