# What Are the Key Differences between Functional and Non-Functional Requirements in an It Rfp? ▴ Question

**Published:** 2025-08-09
**Categories:** Question

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![A sleek, metallic algorithmic trading component with a central circular mechanism rests on angular, multi-colored reflective surfaces, symbolizing sophisticated RFQ protocols, aggregated liquidity, and high-fidelity execution within institutional digital asset derivatives market microstructure. This represents the intelligence layer of a Prime RFQ for optimal price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-system-architecture-for-optimal-price-discovery-and-high-fidelity-execution.jpg)

![Interconnected translucent rings with glowing internal mechanisms symbolize an RFQ protocol engine. This Principal's Operational Framework ensures High-Fidelity Execution and precise Price Discovery for Institutional Digital Asset Derivatives, optimizing Market Microstructure and Capital Efficiency via Atomic Settlement](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-high-fidelity-execution.jpg)

## Concept

An IT Request for Proposal (RFP) operates as the foundational document upon which enterprise systems are built. Within its structure lies a critical distinction that dictates the success or failure of the resulting technology ▴ the separation between functional and [non-functional requirements](https://prime.greeks.live/area/non-functional-requirements/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). Understanding this division is the first step in architecting a system that performs its duties and executes them with the quality and resilience demanded by an institutional environment. [Functional requirements](https://prime.greeks.live/area/functional-requirements/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) define the core purpose of a system.

They are the verbs of the application, specifying the explicit actions it must perform. A [functional requirement](https://prime.greeks.live/question/what-is-the-difference-between-functional-and-non-functional-requirements-in-a-technology-rfp/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) for a trading platform might state, “The [system shall](https://prime.greeks.live/question/what-is-the-relationship-between-an-order-management-system-and-an-execution-management-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) calculate the real-time profit and loss for a given portfolio.” This is a direct, verifiable instruction. It describes a tangible output derived from specific inputs, forming the very skeleton of the software’s capabilities.

Non-functional requirements (NFRs), in contrast, define the operational parameters within which these functions must exist. They are the [quality attributes](https://prime.greeks.live/area/quality-attributes/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), the operational constraints, and the standards the system must uphold. An NFR does not describe what the system does, but how it does it.

For the same trading platform, a corresponding [non-functional requirement](https://prime.greeks.live/question/what-is-the-difference-between-functional-and-non-functional-requirements-in-a-technology-rfp/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) would be, “The system shall calculate and display the real-time profit and loss for a portfolio of up to 10,000 positions with a screen refresh latency of no more than 500 milliseconds.” The action is the same, but the NFR introduces constraints of scale and performance that fundamentally alter the architectural challenge. These are the attributes that ensure the system is robust, secure, and usable under real-world pressures.

> The core distinction lies in defining a system’s purpose (functional) versus defining its quality of operation (non-functional).

The failure to rigorously define NFRs is a primary source of systemic risk in technology procurement. A vendor can truthfully state their system meets every functional requirement, yet deliver a product that is unusable in a production environment because it is too slow, insecure, or unstable. The RFP process, therefore, must treat the specification of non-functional requirements with the same rigor as the functional feature list. This involves moving from qualitative desires like “the system should be fast” to quantitative, measurable, and testable mandates.

The IEEE Standard 830, a foundational guide for [software requirements](https://prime.greeks.live/question/what-are-the-key-hardware-and-software-components-of-a-low-latency-trading-infrastructure/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) specifications, emphasizes this need for precision, completeness, and lack of ambiguity, qualities that are paramount when defining the operational resilience of a system. In essence, functional requirements build the engine, but non-functional requirements determine if it is a high-performance racing engine or one suited only for a leisurely drive.

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

![Precision mechanics illustrating institutional RFQ protocol dynamics. Metallic and blue blades symbolize principal's bids and counterparty responses, pivoting on a central matching engine](https://options.greeks.live/wp-content/uploads/2025/07/precision-institutional-digital-asset-derivatives-rfq-execution-engine-microstructure.jpg)

## Strategy

Strategically, the delineation between functional and non-functional requirements within an RFP is the mechanism for translating business objectives into a technical reality. A well-architected RFP uses this distinction to manage risk, control [total cost of ownership](https://prime.greeks.live/area/total-cost-of-ownership/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (TCO), and ensure the procured system aligns with the institution’s operational standards. The strategy extends beyond a simple list; it involves creating a comprehensive framework where NFRs provide the context and constraints for all functional capabilities. This approach ensures that the evaluation of vendor proposals is grounded in the practical realities of deployment and long-term viability.

![A central blue sphere, representing a Liquidity Pool, balances on a white dome, the Prime RFQ. Perpendicular beige and teal arms, embodying RFQ protocols and Multi-Leg Spread strategies, extend to four peripheral blue elements](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-digital-asset-derivatives-rfq-protocol-execution-framework.jpg)

## The Strategic Blueprint for System Viability

Non-functional requirements form the blueprint for a system’s operational viability. While functional requirements address immediate user needs, NFRs dictate the system’s ability to adapt, scale, and remain secure over its entire lifecycle. A strategic approach to an RFP elevates NFRs from a technical checklist to a statement of business intent. For instance, a requirement for “[high availability](https://prime.greeks.live/area/high-availability/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)” is a business goal for uninterrupted operations.

The strategy lies in decomposing this goal into a precise, verifiable NFR. A mature RFP will specify availability as “99.99% uptime during trading hours, with a maximum unscheduled downtime of 5 minutes per month and a recovery time objective (RTO) of 2 minutes.” This level of specificity removes ambiguity and forces vendors to architect a solution that meets a concrete business continuity standard.

This blueprint also directly impacts TCO. A system that is difficult to maintain, scale, or integrate will incur significant operational costs over time, regardless of its initial price. By specifying requirements for maintainability (e.g. “The system must adhere to SOLID design principles and provide comprehensive API documentation”) or [scalability](https://prime.greeks.live/area/scalability/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (e.g.

“The system must support a 20% annual growth in transaction volume without performance degradation”), an institution can strategically manage future expenses. These NFRs compel vendors to design for the future, not just for the initial deployment.

![A translucent sphere with intricate metallic rings, an 'intelligence layer' core, is bisected by a sleek, reflective blade. This visual embodies an 'institutional grade' 'Prime RFQ' enabling 'high-fidelity execution' of 'digital asset derivatives' via 'private quotation' and 'RFQ protocols', optimizing 'capital efficiency' and 'market microstructure' for 'block trade' operations](https://options.greeks.live/wp-content/uploads/2025/07/precision-rfq-engine-for-digital-asset-derivatives-best-execution.jpg)

## Quantifying Quality Attributes for Vendor Assessment

The most potent strategic function of NFRs in an RFP is their role in creating a rigorous and objective [vendor assessment](https://prime.greeks.live/area/vendor-assessment/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) framework. Vague, qualitative statements invite subjective and often misleading responses from vendors. A disciplined, quantitative approach is necessary.

Each NFR should be defined in a way that is measurable and testable, providing a clear benchmark for evaluation. This transforms the comparison of competing solutions from a battle of feature lists into a data-driven analysis of operational quality.

> A mature RFP strategy uses measurable non-functional requirements to create a data-driven and objective vendor evaluation process.

Consider the process of selecting a platform for high-frequency data processing, where latency is a critical business factor. The RFP’s quality is defined by its ability to quantify this attribute. The table below illustrates the strategic difference between poorly and well-defined NFRs.

### Table 1 ▴ Comparison of NFR Definitions

| Quality Attribute | Poorly-Defined NFR (Qualitative) | Well-Defined NFR (Quantitative & Testable) | Strategic Implication |
| --- | --- | --- | --- |
| Performance | The system must have a fast response time. | 95% of all API read operations must complete in under 150ms; 99.9% must complete in under 400ms under a simulated load of 5,000 concurrent users. | Provides a clear performance benchmark for load testing and eliminates ambiguity in vendor claims. |
| Security | The system must be secure. | The system must encrypt all data at rest using AES-256 and all data in transit using TLS 1.3. It must pass a third-party penetration test against the OWASP Top 10 vulnerabilities prior to go-live. | Establishes a clear, auditable security posture based on industry standards, reducing compliance risk. |
| Reliability | The system should be reliable and not fail often. | The system must have a Mean Time Between Failures (MTBF) of at least 4,000 hours for critical components. | Forces vendors to provide evidence of system stability and component-level reliability, impacting maintenance and support structures. |
| Scalability | The system must be able to handle future growth. | The system architecture must support horizontal scaling. It must maintain the defined performance NFRs while scaling to support a 50% increase in user load over a 12-month period. | Ensures the procured system is an asset that can grow with the business, protecting the initial investment. |

This quantitative approach forces vendors to expose the true capabilities and limitations of their architecture. It moves the conversation from marketing claims to engineering commitments. An RFP structured this way allows an institution to score vendor responses with a high degree of objectivity, ensuring the selected system is not only functionally complete but also operationally superior.

![Precision metallic pointers converge on a central blue mechanism. This symbolizes Market Microstructure of Institutional Grade Digital Asset Derivatives, depicting High-Fidelity Execution and Price Discovery via RFQ protocols, ensuring Capital Efficiency and Atomic Settlement for Multi-Leg Spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-for-precision-execution.jpg)

## Mapping Requirements to Business Outcomes

The ultimate strategic purpose of distinguishing between these requirement types is to create a clear line of sight from technical specifications to desired business outcomes. Every requirement, functional or non-functional, should exist to serve a business purpose. The RFP should be structured to make this connection explicit.

- **Functional Requirement** ▴ The system shall allow users to submit trade orders.

- **Non-Functional Requirement (Performance)** ▴ Trade order submission must be acknowledged by the system in under 100ms.

- **Business Outcome** ▴ Reduced execution latency and improved price certainty for traders.

- **Functional Requirement** ▴ The system shall generate end-of-day risk reports.

- **Non-Functional Requirement (Availability)** ▴ The reporting module must be available and fully operational during the final hour of the trading day.

- **Business Outcome** ▴ Timely and reliable risk assessment for compliance and portfolio management.

By framing the requirements in this manner, the RFP becomes more than a procurement document; it becomes a strategic alignment tool. It ensures that every technical decision is vetted against its contribution to the institution’s operational efficiency, risk posture, and competitive advantage. This disciplined methodology transforms the RFP process from a necessary administrative task into a powerful exercise in systems architecture and strategic planning.

![A sleek Execution Management System diagonally spans segmented Market Microstructure, representing Prime RFQ for Institutional Grade Digital Asset Derivatives. It rests on two distinct Liquidity Pools, one facilitating RFQ Block Trade Price Discovery, the other a Dark Pool for Private Quotation](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-execution-optimizing-rfq-protocols-across-segmented-liquidity-pools.jpg)

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

## Execution

The execution phase of crafting an [IT RFP](https://prime.greeks.live/area/it-rfp/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is where strategic intent is forged into a binding, operational document. This process demands a meticulous and systematic approach to requirement elicitation, documentation, and evaluation. A flawlessly executed RFP leaves no room for interpretation, compels vendors to provide verifiable evidence of their capabilities, and provides a robust framework for selecting a partner capable of delivering an institution-grade system. The core of this execution is the creation of a comprehensive [Requirements Matrix](https://prime.greeks.live/area/requirements-matrix/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) that treats non-functional requirements as first-class citizens, equal in importance to their functional counterparts.

![Abstract depiction of an institutional digital asset derivatives execution system. A central market microstructure wheel supports a Prime RFQ framework, revealing an algorithmic trading engine for high-fidelity execution of multi-leg spreads and block trades via advanced RFQ protocols, optimizing capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-rfq-execution-system-1.jpg)

## Constructing the RFP Requirements Matrix

The Requirements Matrix is the heart of the RFP’s technical section. It is a structured repository of every requirement the proposed system must meet. A poorly constructed matrix is a simple list of features. A well-architected matrix is a multi-dimensional tool for analysis and evaluation.

Its design must be deliberate, providing clarity on not just what is required, but also its importance and the criteria for its acceptance. This is especially vital for NFRs, which are often complex and multifaceted.

The following table represents a best-practice template for a Requirements Matrix. Its columns are designed to capture the necessary detail to make each requirement unambiguous, prioritized, and, most importantly, testable. This structure forces a level of discipline on the RFP creation process itself, ensuring that vague desires are translated into concrete specifications before the document is ever released to vendors.

### Table 2 ▴ Sample RFP Requirements Matrix for a Financial Analytics Platform

| Req ID | Category | Requirement Type | Requirement Description | Priority (MoSCoW) | Acceptance Criteria / Verification Method |
| --- | --- | --- | --- | --- | --- |
| FR-001 | Data Ingestion | Functional | The system shall ingest real-time market data feeds from sources X, Y, and Z. | Must Have | Successful, uninterrupted data ingestion from all specified sources in a User Acceptance Testing (UAT) environment for 48 consecutive hours. |
| NFR-001 | Performance | Non-Functional | The end-to-end latency for processing a single market data tick (from ingestion to availability for analytics) shall not exceed 10 milliseconds. | Must Have | Verified via automated load testing using a simulated feed of 1 million ticks per second. 99.95th percentile latency must be below the 10ms threshold. Vendor to provide detailed test reports. |
| FR-002 | User Interface | Functional | The system shall provide a dashboard displaying key risk metrics (VaR, Delta, Gamma). | Should Have | Demonstration of a configurable dashboard showing correct calculations for a set of test portfolios. |
| NFR-002 | Usability | Non-Functional | A new user, with one hour of training, must be able to create a custom risk report in under 15 minutes. | Should Have | Observed task completion time during UAT with a panel of 5 representative business users. At least 4 of 5 users must meet the time criteria. |
| NFR-003 | Security | Non-Functional | User access to the system must be controlled via role-based access control (RBAC) integrated with the corporate Active Directory. | Must Have | Successful integration with the UAT Active Directory. Demonstration that users with different roles have appropriately restricted access to data and features. |
| NFR-004 | Scalability | Non-Functional | The system must be able to scale its data ingestion and processing capacity by 100% with the addition of new virtual machine instances, without requiring code changes. | Could Have | Vendor to provide architectural diagrams and documentation demonstrating horizontal scalability. A performance test must show that doubling the compute resources halves the processing time for a large batch job. |

![An institutional-grade platform's RFQ protocol interface, with a price discovery engine and precision guides, enables high-fidelity execution for digital asset derivatives. Integrated controls optimize market microstructure and liquidity aggregation within a Principal's operational framework](https://options.greeks.live/wp-content/uploads/2025/07/proprietary-institutional-digital-asset-derivatives-rfq-protocol-engine-facilitating-high-fidelity-execution-and-granular-market-microstructure-analysis-for-prime-os.jpg)

## The Art of Elicitation Gathering Requirements from Stakeholders

A perfect matrix is useless if it contains the wrong requirements. The process of elicitation ▴ extracting requirements from the minds of stakeholders ▴ is a critical execution step. This is a structured investigation, not a casual conversation. Functional requirements are often easier to gather, as users can typically describe what they need the system to do.

Non-functional requirements are more challenging, as they represent qualities that users often assume or struggle to articulate. The systems architect leading the RFP process must probe for these hidden assumptions.

- **Interview Business Users and Traders** ▴ 

<li>**Initial Question** ▴ “What do you need the system to do?” (Yields functional requirements like “place a multi-leg options order”).

- **Follow-up Probes for NFRs** ▴ “How quickly do you need confirmation after submitting that order? What happens if the system is slow during high market volatility? How many of these orders might you place in a minute? What is the financial impact of the system being down for 10 minutes?” These questions translate the user’s implicit need for speed and reliability into quantifiable terms.

</li>
- **Consult IT Operations and Infrastructure Teams** ▴ 

<li>**Initial Question** ▴ “What are our deployment standards?” (Yields NFRs related to operating systems, databases, and monitoring tools).

- **Follow-up Probes for NFRs** ▴ “What are our disaster recovery protocols? What is the RTO/RPO for an application of this criticality? What are the specific security scanning and logging requirements? How must the system integrate with our identity management platform?” This ensures the proposed solution aligns with existing operational realities and support structures.

</li>
- **Engage with Compliance and Legal Departments** ▴ 

<li>**Initial Question** ▴ “What regulatory frameworks apply here?” (Yields functional requirements for audit trails and reporting).

- **Follow-up Probes for NFRs** ▴ “What are the specific data retention policies we must adhere to? How long must audit logs be stored and in what format? Are there data residency requirements that dictate where data can be stored geographically? What are the encryption standards we are legally required to meet?” This builds critical compliance constraints directly into the system’s architectural DNA.

</li>

![A metallic circular interface, segmented by a prominent 'X' with a luminous central core, visually represents an institutional RFQ protocol. This depicts precise market microstructure, enabling high-fidelity execution for multi-leg spread digital asset derivatives, optimizing capital efficiency across diverse liquidity pools](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-digital-asset-derivatives-rfq-execution-microstructure.jpg)

## Scoring and Evaluation Frameworks

The final stage of execution is the objective evaluation of vendor proposals against the meticulously defined requirements. A weighted scoring framework is essential. This is where the prioritization captured in the Requirements Matrix (e.g. [MoSCoW](https://prime.greeks.live/area/moscow/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) – Must Have, Should Have, Could Have, Won’t Have) becomes a powerful decision-making tool.

Each requirement is assigned a score, and these scores are weighted based on priority. Crucially, non-functional requirements must be given significant weight in this model. A common failure mode in procurement is to be dazzled by a long list of functional features from a vendor whose platform is built on a fragile, insecure, or unscalable foundation.

> An objective, weighted scoring model that gives significant prominence to non-functional requirements is the final defense against selecting a functionally rich but operationally deficient system.

The evaluation team should score each vendor’s response to each requirement, often on a scale of 0 (does not meet) to 5 (exceeds requirement in a valuable way). The vendor’s ability to provide concrete evidence ▴ architectural diagrams, performance test results, security certifications ▴ should directly influence this score. The total score is not a simple sum; it is a weighted average that reflects the institution’s true priorities.

In this model, a vendor who fails to meet a “Must Have” non-functional requirement for security or availability would be disqualified, regardless of how well they score on other functional aspects. This disciplined, evidence-based execution ensures that the final selection is the one that offers the best combination of capability and quality, delivering a system that is not only fit for purpose but also fit for production.

![Glossy, intersecting forms in beige, blue, and teal embody RFQ protocol efficiency, atomic settlement, and aggregated liquidity for institutional digital asset derivatives. The sleek design reflects high-fidelity execution, prime brokerage capabilities, and optimized order book dynamics for capital efficiency](https://options.greeks.live/wp-content/uploads/2025/08/precision-engineered-digital-asset-derivatives-execution-via-optimized-rfq-protocols-enhancing-principal-operational-frameworks.jpg)

## References

- Glinz, M. (2007). On Non-Functional Requirements. 15th IEEE International Requirements Engineering Conference.

- Sommerville, I. (2011). Software Engineering. 9th ed. Addison-Wesley.

- Chung, L. Nixon, B. A. Yu, E. & Mylopoulos, J. (2000). Non-Functional Requirements in Software Engineering. Kluwer Academic Publishers.

- IEEE. (1998). IEEE Recommended Practice for Software Requirements Specifications (IEEE Std 830-1998). The Institute of Electrical and Electronics Engineers, Inc.

- Leffingwell, D. & Widrig, D. (2003). Managing Software Requirements ▴ A Use Case Approach. 2nd ed. Addison-Wesley.

- Wiegers, K. & Beatty, J. (2013). Software Requirements. 3rd ed. Microsoft Press.

- Cysneiros, L. M. & Leite, J. C. S. P. (2004). Non-functional requirements ▴ From elicitation to conceptual models. IEEE Transactions on Software Engineering, 30 (5), 328-350.

- Eckhardt, J. & Mlynarski, F. (2016). Non-Functional Requirements in Practice. Springer.

- Robertson, S. & Robertson, J. (2012). Mastering the Requirements Process ▴ Getting Requirements Right. 3rd ed. Addison-Wesley.

- Lauesen, S. (2002). Software Requirements ▴ Styles and Techniques. Addison-Wesley.

![A dark, precision-engineered module with raised circular elements integrates with a smooth beige housing. It signifies high-fidelity execution for institutional RFQ protocols, ensuring robust price discovery and capital efficiency in digital asset derivatives market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-system-core-high-speed-price-discovery-module.jpg)

## Reflection

![A luminous digital market microstructure diagram depicts intersecting high-fidelity execution paths over a transparent liquidity pool. A central RFQ engine processes aggregated inquiries for institutional digital asset derivatives, optimizing price discovery and capital efficiency within a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-high-fidelity-execution-principal-operational-framework-price-discovery.jpg)

## From Specification to Systemic Advantage

The rigorous separation and detailed specification of functional and non-functional requirements within an IT RFP transcends mere project management. It is a foundational act of institutional self-awareness. This process compels an organization to look past the immediate utility of a software application and define the very character of the systems upon which it depends.

It forces a translation of abstract business values ▴ stability, security, speed, resilience ▴ into the unforgivingly precise language of engineering. A system procured through this disciplined approach is more than a tool; it becomes a reflection of the institution’s operational philosophy.

The resulting document serves as a charter, establishing a shared understanding between business, technology, and external vendors. The true value, however, emerges over the lifecycle of the system. A platform built upon a bedrock of well-architected non-functional requirements is one that adapts, scales, and endures. It provides a stable foundation upon which future functional innovations can be built with confidence.

The mastery of this process, therefore, is a core competency. It is the mechanism by which an institution ensures that its technological infrastructure is not a source of risk and unforeseen cost, but a source of durable, strategic advantage.

![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)

## Glossary

<a href="https://prime.greeks.live/area/non-functional-requirements/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sophisticated modular component of a Crypto Derivatives OS, featuring an intelligence layer for real-time market microstructure analysis. Its precision engineering facilitates high-fidelity execution of digital asset derivatives via RFQ protocols, ensuring optimal price discovery and capital efficiency for institutional participants](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-module.jpg)

## Non-Functional Requirements

Meaning ▴ Non-Functional Requirements define the operational attributes of a system, specifying criteria concerning its performance, reliability, scalability, security, and maintainability rather than its specific functional behaviors. </a><a href="https://prime.greeks.live/area/functional-requirements/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A dark central hub with three reflective, translucent blades extending. This represents a Principal's operational framework for digital asset derivatives, processing aggregated liquidity and multi-leg spread inquiries](https://options.greeks.live/wp-content/uploads/2025/07/institutional-rfq-protocol-engine-for-high-fidelity-digital-asset-derivatives.jpg)

## Functional Requirements

Meaning ▴ Functional Requirements are precise, verifiable statements that define the specific behaviors, capabilities, and data transformations a system must exhibit to satisfy a user's needs or achieve a particular operational objective within the institutional digital asset derivatives landscape. </a><a href="https://prime.greeks.live/question/what-is-the-difference-between-functional-and-non-functional-requirements-in-a-technology-rfp/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A blue speckled marble, symbolizing a precise block trade, rests centrally on a translucent bar, representing a robust RFQ protocol. This structured geometric arrangement illustrates complex market microstructure, enabling high-fidelity execution, optimal price discovery, and efficient liquidity aggregation within a principal's operational framework for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/precision-institutional-rfq-execution-framework-optimizing-digital-asset-derivatives-liquidity-aggregation-across-complex-market-microstructure.jpg)

## Functional Requirement

Functional requirements define what a system does; non-functional requirements define the quality and constraints of how it performs. </a><a href="https://prime.greeks.live/question/what-is-the-relationship-between-an-order-management-system-and-an-execution-management-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## System Shall

The OMS codifies investment strategy into compliant, executable orders; the EMS translates those orders into optimized market interaction. </a><a href="https://prime.greeks.live/area/quality-attributes/?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)

## Quality Attributes

Meaning ▴ Quality Attributes represent the non-functional requirements of a system, quantifying characteristics such as performance, security, and reliability that define its operational excellence. </a><a href="https://prime.greeks.live/question/what-is-the-difference-between-functional-and-non-functional-requirements-in-a-technology-rfp/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## Non-Functional Requirement

Functional requirements define what a system does; non-functional requirements define the quality and constraints of how it performs. </a><a href="https://prime.greeks.live/question/what-are-the-key-hardware-and-software-components-of-a-low-latency-trading-infrastructure/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precise metallic and transparent teal mechanism symbolizes the intricate market microstructure of a Prime RFQ. It facilitates high-fidelity execution for institutional digital asset derivatives, optimizing RFQ protocols for private quotation, aggregated inquiry, and block trade management, ensuring best execution](https://options.greeks.live/wp-content/uploads/2025/07/advanced-principal-trading-systems-driving-high-fidelity-institutional-digital-asset-derivatives-rfq-execution-protocols.jpg)

## Software Requirements

A low-latency trading infrastructure is a cohesive system of specialized hardware and software engineered to minimize trade execution time. </a><a href="https://prime.greeks.live/area/total-cost-of-ownership/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Intricate core of a Crypto Derivatives OS, showcasing precision platters symbolizing diverse liquidity pools and a high-fidelity execution arm. This depicts robust principal's operational framework for institutional digital asset derivatives, optimizing RFQ protocol processing and market microstructure for best execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-microstructure-execution-system.jpg)

## Total Cost of Ownership

Meaning ▴ Total Cost of Ownership (TCO) represents a comprehensive financial estimate encompassing all direct and indirect expenditures associated with an asset or system throughout its entire operational lifecycle. </a><a href="https://prime.greeks.live/area/high-availability/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Geometric shapes symbolize an institutional digital asset derivatives trading ecosystem. A pyramid denotes foundational quantitative analysis and the Principal's operational framework](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-execution-system-microstructure.jpg)

## High Availability

Meaning ▴ High Availability defines the systemic attribute of a platform or service that remains operational for a continuously high percentage of the time, minimizing downtime and ensuring consistent accessibility to critical functions. </a><a href="https://prime.greeks.live/area/scalability/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precision optical component stands on a dark, reflective surface, symbolizing a Price Discovery engine for Institutional Digital Asset Derivatives. This Crypto Derivatives OS element enables High-Fidelity Execution through advanced Algorithmic Trading and Multi-Leg Spread capabilities, optimizing Market Microstructure for RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-optimal-execution-system-microstructure.jpg)

## Scalability

Meaning ▴ Scalability defines a system's inherent capacity to sustain consistent performance, measured by throughput and latency, as the operational load increases across dimensions such as transaction volume, concurrent users, or data ingestion rates. </a><a href="https://prime.greeks.live/area/vendor-assessment/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A split spherical mechanism reveals intricate internal components. This symbolizes an Institutional Digital Asset Derivatives Prime RFQ, enabling high-fidelity RFQ protocol execution, optimal price discovery, and atomic settlement for block trades and multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-revealing-rfq-execution-core-mechanics.jpg)

## Vendor Assessment

Meaning ▴ Vendor Assessment defines the systematic process by which an institution rigorously evaluates third-party service providers, particularly those integral to the operational infrastructure or data processing within the digital asset derivatives ecosystem. </a><a href="https://prime.greeks.live/area/requirements-matrix/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Beige and teal angular modular components precisely connect on black, symbolizing critical system integration for a Principal's operational framework. This represents seamless interoperability within a Crypto Derivatives OS, enabling high-fidelity execution, efficient price discovery, and multi-leg spread trading via RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/institutional-crypto-derivatives-rfq-execution-microstructure-os-interop.jpg)

## Requirements Matrix

Meaning ▴ A Requirements Matrix is a structured artifact that systematically captures, categorizes, and traces all functional and non-functional specifications necessary for the development and validation of a complex system or protocol, providing a verifiable linkage between stakeholder needs and implemented functionalities. </a><a href="https://prime.greeks.live/area/it-rfp/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precision-engineered control mechanism, featuring a ribbed dial and prominent green indicator, signifies Institutional Grade Digital Asset Derivatives RFQ Protocol optimization. This represents High-Fidelity Execution, Price Discovery, and Volatility Surface calibration for Algorithmic Trading](https://options.greeks.live/wp-content/uploads/2025/07/principal-operational-framework-precision-calibration-for-institutional-digital-asset-derivatives-rfq-protocol-high-fidelity-execution-prime-os-and-volatility-surface-optimization.jpg)

## It Rfp

Meaning ▴ An Information Technology Request for Proposal, or IT RFP, represents a formal, structured document issued by an institution to solicit detailed proposals from vendors for specific technology solutions, systems, or services. </a><a href="https://prime.greeks.live/area/moscow/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Sleek, interconnected metallic components with glowing blue accents depict a sophisticated institutional trading platform. A central element and button signify high-fidelity execution via RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-system-microstructure.jpg)

## Moscow

Meaning ▴ MoSCoW functions as a systematic framework for the rigorous classification of requirements within a system development lifecycle, enabling precise prioritization of features and functionalities across institutional digital asset trading platforms. </a>

**Tags:** [Requirements Elicitation](https://options.greeks.live/area/requirements-elicitation/), [Quality Attributes](https://options.greeks.live/area/quality-attributes/), [Acceptance Criteria](https://options.greeks.live/area/acceptance-criteria/), [IT RFP](https://options.greeks.live/area/it-rfp/), [System Performance](https://options.greeks.live/area/system-performance/), [Scalability](https://options.greeks.live/area/scalability/)	

## Discover More

- 
### [What Are the Primary Risks of Improperly Scoping the Initial RFP Phase?](https://options.greeks.live/question/what-are-the-primary-risks-of-improperly-scoping-the-initial-rfp-phase/)
![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)

Improper RFP scoping embeds operational risk and strategic compromise directly into a firm's foundational architecture.

- 
### [What Internal Processes Should Be in Place before Deciding to Decline Any RFP?](https://options.greeks.live/question/what-internal-processes-should-be-in-place-before-deciding-to-decline-any-rfp/)
![An intricate, blue-tinted central mechanism, symbolizing an RFQ engine or matching engine, processes digital asset derivatives within a structured liquidity conduit. Diagonal light beams depict smart order routing and price discovery, ensuring high-fidelity execution and atomic settlement for institutional-grade trading.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-platform-prime-os.jpg)

A firm's RFP decline process is a strategic filter that protects operational capacity and ensures capital is allocated only to high-conviction opportunities.

- 
### [How Can a Firm Quantify the Return on Investment for a Post-Trade Settlement Prediction Model?](https://options.greeks.live/question/how-can-a-firm-quantify-the-return-on-investment-for-a-post-trade-settlement-prediction-model/)
![A modular system with beige and mint green components connected by a central blue cross-shaped element, illustrating an institutional-grade RFQ execution engine. This sophisticated architecture facilitates high-fidelity execution, enabling efficient price discovery for multi-leg spreads and optimizing capital efficiency within a Prime RFQ framework for digital asset derivatives.](https://options.greeks.live/wp-content/uploads/2025/07/principal-prime-os-rfq-engine-for-digital-asset-derivatives.jpg)

Quantifying ROI for a settlement prediction model involves pricing operational certainty by contrasting baseline failure costs with model-driven efficiencies.

- 
### [How Do Latency and Throughput Impact the Efficacy of a Real-Time Quote Capture System?](https://options.greeks.live/question/how-do-latency-and-throughput-impact-the-efficacy-of-a-real-time-quote-capture-system/)
![Abstract RFQ engine, transparent blades symbolize multi-leg spread execution and high-fidelity price discovery. The central hub aggregates deep liquidity pools. Red glows indicate real-time market microstructure dynamics and optimal capital efficiency for institutional digital asset derivatives block trades.](https://options.greeks.live/wp-content/uploads/2025/07/principal-rfq-engine-for-crypto-derivatives-high-fidelity-block-trade.jpg)

Optimal latency and throughput ensure a real-time quote capture system delivers precise market data, securing informational advantage and superior execution.

- 
### [How Should an Organization Weight Evaluation Criteria in a Technology Rfp?](https://options.greeks.live/question/how-should-an-organization-weight-evaluation-criteria-in-a-technology-rfp/)
![Interlocking transparent and opaque geometric planes on a dark surface. This abstract form visually articulates the intricate Market Microstructure of Institutional Digital Asset Derivatives, embodying High-Fidelity Execution through advanced RFQ protocols. It symbolizes Aggregated Inquiry, optimal Liquidity Pool access, and Atomic Settlement within a Principal OS.](https://options.greeks.live/wp-content/uploads/2025/07/geometric-abstraction-of-institutional-digital-asset-derivatives-market-microstructure-driving-high-fidelity-execution-via-principal-rfq-protocols-and-optimal-liquidity-aggregation.jpg)

Weighting RFP criteria translates strategic intent into a defensible, quantitative framework for optimal technology selection.

- 
### [In What Ways Should an RFP Evaluation Committee’s Composition Change When Assessing a Service versus a Product?](https://options.greeks.live/question/in-what-ways-should-an-rfp-evaluation-committees-composition-change-when-assessing-a-service-versus-a-product/)
![Three metallic, circular mechanisms represent a calibrated system for institutional-grade digital asset derivatives trading. The central dial signifies price discovery and algorithmic precision within RFQ protocols. Outer elements reflect liquidity pool dynamics and high-fidelity execution in complex market microstructure, managing counterparty risk.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-and-execution-precision.jpg)

An RFP committee for a product verifies specifications, while a committee for a service assesses the provider's ongoing capability.

- 
### [How Can an Rfp Effectively Measure a System’s Structural Scalability and Extensibility?](https://options.greeks.live/question/how-can-an-rfp-effectively-measure-a-systems-structural-scalability-and-extensibility/)
![Intersecting structural elements form an 'X' around a central pivot, symbolizing dynamic RFQ protocols and multi-leg spread strategies. Luminous quadrants represent price discovery and latent liquidity within an institutional-grade Prime RFQ, enabling high-fidelity execution for digital asset derivatives.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-enabling-high-fidelity-execution-across-disparate-liquidity-pools.jpg)

An RFP effectively measures scalability and extensibility by using weighted, scenario-based questions to quantify a system's architectural limits.

- 
### [How Does the Structure of an RFP Influence the Quality and Comparability of Vendor Proposals?](https://options.greeks.live/question/how-does-the-structure-of-an-rfp-influence-the-quality-and-comparability-of-vendor-proposals/)
![A multifaceted, luminous abstract structure against a dark void, symbolizing institutional digital asset derivatives market microstructure. Its sharp, reflective surfaces embody high-fidelity execution, RFQ protocol efficiency, and precise price discovery. This visual metaphor represents atomic settlement, capital efficiency, and robust counterparty risk management.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-trading-protocol-architecture-optimizing-high-fidelity-rfq-execution-and-latent-liquidity-discovery.jpg)

A well-structured RFP acts as a calibrated system, engineering high-quality, comparable proposals by enforcing disciplined information exchange.

- 
### [What Are the Most Common Pitfalls to Avoid When Drafting an Rfp for a Complex Project?](https://options.greeks.live/question/what-are-the-most-common-pitfalls-to-avoid-when-drafting-an-rfp-for-a-complex-project/)
![Intersecting sleek conduits, one with precise water droplets, a reflective sphere, and a dark blade. This symbolizes institutional RFQ protocol for high-fidelity execution, navigating market microstructure. It represents optimal price discovery, block trade facilitation, and atomic settlement for digital asset derivatives, ensuring capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-framework-optimizing-latent-liquidity-discovery-and-atomic-settlement-protocols.jpg)

Drafting an RFP for a complex project requires engineering a precise data packet that models the desired systemic outcome.

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---

**Original URL:** https://options.greeks.live/question/what-are-the-key-differences-between-functional-and-non-functional-requirements-in-an-it-rfp/
