# What Are the Key Differences in Applying TCA to Illiquid versus Liquid Assets in an RFQ? ▴ Question

**Published:** 2025-08-07
**Categories:** Question

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![A solid object, symbolizing Principal execution via RFQ protocol, intersects a translucent counterpart representing algorithmic price discovery and institutional liquidity. This dynamic within a digital asset derivatives sphere depicts optimized market microstructure, ensuring high-fidelity execution and atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-microstructure-orchestration.jpg)

![A sharp, metallic form with a precise aperture visually represents High-Fidelity Execution for Institutional Digital Asset Derivatives. This signifies optimal Price Discovery and minimal Slippage within RFQ protocols, navigating complex Market Microstructure](https://options.greeks.live/wp-content/uploads/2025/07/precision-execution-institutional-digital-asset-derivatives-rfq.jpg)

## Concept

The application of [Transaction Cost Analysis](https://prime.greeks.live/area/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (TCA) within a Request for Quote (RFQ) protocol presents a bifurcated reality, dictated entirely by the liquidity profile of the underlying asset. For liquid instruments, TCA functions as a high-frequency validation mechanism, a precise audit of [execution quality](https://prime.greeks.live/area/execution-quality/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) against a backdrop of continuous, observable data. Its purpose is to measure and minimize slippage against established benchmarks in a market defined by speed and efficiency. The core challenge is extracting the optimal price from a competitive field of market makers who are themselves operating with near-perfect information.

When the asset is illiquid, the very philosophy of TCA undergoes a profound transformation. It ceases to be a simple audit of cost and becomes a complex exercise in [price discovery](https://prime.greeks.live/area/price-discovery/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and risk evaluation. In these markets, a “price” is not a readily available data point but a negotiated outcome, heavily influenced by dealer inventory, perceived risk, and the information conveyed by the RFQ itself. The analysis shifts from measuring deviations from a known benchmark to constructing a defensible estimate of [fair value](https://prime.greeks.live/area/fair-value/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) where none transparently exists.

The primary function of [TCA for illiquid assets](https://prime.greeks.live/area/tca-for-illiquid-assets/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is to quantify the costs and benefits of a negotiated transaction in an environment of information asymmetry and sparse data. It measures the value of securing liquidity itself, a concept far removed from the simple cost minimization focus in liquid markets.

> For illiquid assets, TCA must quantify the cost of finding a willing counterparty, a dimension that is practically nonexistent for their liquid counterparts.

This fundamental divergence dictates every subsequent aspect of the TCA process. For [liquid assets](https://prime.greeks.live/area/liquid-assets/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), the RFQ is a tool for competitive pricing. For [illiquid assets](https://prime.greeks.live/area/illiquid-assets/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), the bilateral price discovery protocol is a mechanism for signaling, negotiation, and risk transfer. Consequently, a single, monolithic TCA framework is operationally incoherent.

An effective system must operate on two distinct sets of principles, methodologies, and data inputs, each calibrated to the unique market structure it is designed to analyze. The key difference lies in what is being measured ▴ for liquid assets, it is the efficiency of execution against a known price; for illiquid assets, it is the effectiveness of a negotiation in establishing a price.

![Abstract forms on dark, a sphere balanced by intersecting planes. This signifies high-fidelity execution for institutional digital asset derivatives, embodying RFQ protocols and price discovery within a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-platform-microstructure-execution-prime-os.jpg)

![A central illuminated hub with four light beams forming an 'X' against dark geometric planes. This embodies a Prime RFQ orchestrating multi-leg spread execution, aggregating RFQ liquidity across diverse venues for optimal price discovery and high-fidelity execution of institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-orchestrating-high-fidelity-execution-and-optimal-price-discovery.jpg)

## Strategy

![Circular forms symbolize digital asset liquidity pools, precisely intersected by an RFQ execution conduit. Angular planes define algorithmic trading parameters for block trade segmentation, facilitating price discovery](https://options.greeks.live/wp-content/uploads/2025/07/optimized-digital-asset-rfq-execution-latent-liquidity-capture-protocol.jpg)

## Calibrating the Analytical Lens

Developing a coherent TCA strategy for RFQ-driven execution requires a deliberate calibration of the analytical lens based on asset liquidity. A failure to differentiate between the two environments leads to flawed conclusions, where liquid assets are over-analyzed with irrelevant metrics and illiquid trades are judged against impossible standards. The strategic imperative is to build a dual-framework system that recognizes the unique informational and structural properties of each market segment.

For highly liquid instruments, such as on-the-run government bonds or major currency pairs, the strategy centers on precision, speed, and the minimization of [information leakage](https://prime.greeks.live/area/information-leakage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). The TCA framework is designed to answer a specific set of questions ▴ Was the trade executed at a price superior to the concurrent volume-weighted average price (VWAP)? Did the winning quote represent a meaningful improvement over the [arrival price](https://prime.greeks.live/area/arrival-price/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)? How does the execution quality vary across different dealers and at different times of the day?

The strategy is fundamentally about optimizing a well-defined process within a data-rich environment. Information leakage is a primary concern; the act of sending out an RFQ can signal intent to the market, potentially moving prices before the trade is executed. Therefore, TCA must also measure the implicit costs associated with the signaling risk of the RFQ process itself.

![Precision-engineered beige and teal conduits intersect against a dark void, symbolizing a Prime RFQ protocol interface. Transparent structural elements suggest multi-leg spread connectivity and high-fidelity execution pathways for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/insti-grade-digital-asset-derivatives-rfq-protocols-multi-leg-execution-junction.jpg)

## Navigating the Illiquid Frontier

Conversely, for illiquid assets like distressed debt, esoteric derivatives, or off-the-run corporate bonds, the TCA strategy shifts from price optimization to [liquidity sourcing](https://prime.greeks.live/area/liquidity-sourcing/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and fair value assessment. The primary objective is successful execution at a reasonable cost, where “reasonable” is a negotiated concept, not a market-defined one. The search for a counterparty willing to take on the risk of an illiquid position is the dominant factor in the [transaction cost](https://prime.greeks.live/area/transaction-cost/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). The strategic questions here are vastly different ▴ What was the cost of securing liquidity?

How does the final [execution price](https://prime.greeks.live/area/execution-price/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) compare to an evaluated price (a modeled price based on similar, more liquid instruments)? What was the dispersion of quotes among the responding dealers, and what does this reveal about the perceived risk of the asset?

A critical component of this strategy is the analysis of “unhit” quotes. In liquid markets, unhit quotes are data points for measuring the competitiveness of the winning bid. In [illiquid markets](https://prime.greeks.live/area/illiquid-markets/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), they are vital clues to the asset’s perceived value and the risk appetite of the dealer community. A wide dispersion in quotes may indicate high uncertainty or that some dealers are unwilling to hold the asset, making the execution with a willing counterparty inherently valuable, even if the price appears high relative to a theoretical model.

The TCA strategy must incorporate these qualitative and quantitative data points to build a holistic picture of the execution. This involves moving beyond simple price benchmarks to more complex, multi-factor models that account for the difficulty of the trade.

> In illiquid markets, the most important function of TCA is to provide a framework for judging the quality of a negotiated outcome in the absence of continuous pricing.

![A polished glass sphere reflecting diagonal beige, black, and cyan bands, rests on a metallic base against a dark background. This embodies RFQ-driven Price Discovery and High-Fidelity Execution for Digital Asset Derivatives, optimizing Market Microstructure and mitigating Counterparty Risk via Prime RFQ Private Quotation](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-best-execution-protocol.jpg)

## Comparative TCA Frameworks

The table below outlines the strategic divergence in TCA application across the liquidity spectrum within an RFQ context. It highlights how the objectives, primary metrics, and interpretation of data must be fundamentally adapted to the specific market environment.

| Framework Component | Liquid Asset TCA Strategy | Illiquid Asset TCA Strategy |
| --- | --- | --- |
| Primary Objective | Price Improvement & Slippage Minimization | Liquidity Sourcing & Fair Value Determination |
| Core Benchmark | Arrival Price, VWAP/TWAP, Mid-Market Price | Evaluated Pricing (e.g. from vendors), Similar Bond Spread, Quote Dispersion |
| Data Environment | Data-Rich (Continuous Quotes, High Trade Frequency) | Data-Sparse (Infrequent Trades, Indicative Quotes) |
| Analysis of Unhit Quotes | Measures dealer competitiveness and spread compression. | Indicates dealer risk appetite, inventory constraints, and valuation uncertainty. |
| Key Risk Measured | Market Impact & Information Leakage | Execution Risk & Opportunity Cost (Failure to Trade) |
| Successful Outcome Definition | Execution at a price better than the prevailing market benchmark. | Completing a trade at a defensible price within an acceptable timeframe. |

![A polished, light surface interfaces with a darker, contoured form on black. This signifies the RFQ protocol for institutional digital asset derivatives, embodying price discovery and high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-interface.jpg)

## The Role of Pre-Trade Analytics

An advanced TCA strategy integrates robust pre-trade analysis, which also differs significantly across the liquidity divide. For liquid assets, pre-trade TCA uses historical data to predict likely [market impact](https://prime.greeks.live/area/market-impact/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and suggest optimal order slicing or timing. It might recommend breaking a large order into smaller RFQs to avoid signaling, or suggest a specific time of day when spreads are historically tightest. The goal is to fine-tune the execution tactics before engaging the market.

For illiquid assets, pre-trade analysis is about understanding the feasibility of the trade itself. It involves identifying which dealers have shown an axe (interest) in similar securities, estimating a realistic price range based on [evaluated pricing](https://prime.greeks.live/area/evaluated-pricing/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) models, and assessing the potential time it will take to find a counterparty. The pre-trade report for an illiquid bond might not provide a precise execution cost prediction, but it will set realistic expectations and inform the negotiation strategy. It helps the trader answer the question ▴ “Should I even attempt this trade today, and if so, what should my initial price target and walk-away price be?” This process is less about algorithmic optimization and more about strategic planning and intelligence gathering.

- **Liquid Pre-Trade Focus** ▴ This centers on predicting and minimizing market impact. Analysis might involve looking at historical volatility, spread patterns, and the likely cost of executing a certain size at a specific time. The output is a set of tactical recommendations. 

- **Illiquid Pre-Trade Focus** ▴ This is concerned with trade feasibility and strategy. The analysis involves identifying potential counterparties, understanding their recent activity, and establishing a [fair value range](https://prime.greeks.live/area/fair-value-range/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). The output is a negotiation playbook. 

![Intersecting metallic components symbolize an institutional RFQ Protocol framework. This system enables High-Fidelity Execution and Atomic Settlement for Digital Asset Derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-system-specialists.jpg)

![Two semi-transparent, curved elements, one blueish, one greenish, are centrally connected, symbolizing dynamic institutional RFQ protocols. This configuration suggests aggregated liquidity pools and multi-leg spread constructions](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-price-discovery-engine.jpg)

## Execution

![Two intersecting metallic structures form a precise 'X', symbolizing RFQ protocols and algorithmic execution in institutional digital asset derivatives. This represents market microstructure optimization, enabling high-fidelity execution of block trades with atomic settlement for capital efficiency via a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-market-microstructure-execution.jpg)

## A Dichotomous Execution Framework

The operational execution of Transaction [Cost Analysis](https://prime.greeks.live/area/cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) within an RFQ workflow must be as bifurcated as the strategy itself. A single, one-size-fits-all TCA reporting system will invariably fail, producing misleading signals for one asset class or the other. An effective execution framework requires two distinct, purpose-built analytical engines that run in parallel, each fed by different data sources and generating reports that answer fundamentally different questions. The implementation of this framework is a matter of systems architecture, data integration, and a deep understanding of [market microstructure](https://prime.greeks.live/area/market-microstructure/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite).

The first engine is built for the high-velocity, data-rich environment of liquid assets. It is an exercise in precision engineering, designed to process and analyze a continuous stream of [market data](https://prime.greeks.live/area/market-data/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) in near real-time. The second engine is designed for the data-sparse, negotiation-driven world of illiquid assets.

It functions more like a forensic accounting system, piecing together disparate data points to construct a narrative of a complex, negotiated transaction. This is a system built for deep analysis, where qualitative context is as important as any quantitative metric.

![Robust metallic structures, symbolizing institutional grade digital asset derivatives infrastructure, intersect. Transparent blue-green planes represent algorithmic trading and high-fidelity execution for multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-microstructure-1.jpg)

## Executing TCA for Liquid Assets

For liquid assets, the TCA execution process is systematic and highly automated. The goal is to provide the trading desk with immediate, actionable feedback on execution quality. This requires seamless integration between the Order Management System (OMS), the RFQ platform, and a real-time market data feed.

The process unfolds as follows:

- **Order Inception and Snapshot** ▴ The moment a portfolio manager decides to trade, the OMS captures a timestamp and a snapshot of the prevailing market conditions. This is the “Arrival Price” benchmark, typically the mid-point of the bid-ask spread at the time of order creation. This is the foundational data point against which all subsequent costs are measured.

- **RFQ Dissemination and Monitoring** ▴ As the RFQ is sent to a select group of dealers, the TCA system monitors for any market impact. It tracks the movement of the bid-ask spread and the volume on lit venues for the specific instrument or highly correlated proxies. This measures the information leakage cost.

- **Quote Analysis** ▴ The system captures all responding quotes, timestamping them and comparing them to the arrival price and the concurrent market mid-price. The spread of the quotes is analyzed to measure dealer competition.

- **Execution and Post-Trade Analysis** ▴ Upon execution, the final price is compared against multiple benchmarks:

<li>**Arrival Price** ▴ The primary measure of [implementation shortfall](https://prime.greeks.live/area/implementation-shortfall/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite).

- **Interval VWAP/TWAP** ▴ The volume-weighted or time-weighted average price during the RFQ period, providing context on market movement during the trade.

- **Best Quoted Price** ▴ The execution price is compared to the best quote received, ensuring the trader captured the best available price at that moment.

</li>
- **Reporting** ▴ A report is generated, often within minutes of the trade, detailing these metrics. The report is designed for quick interpretation, allowing traders and compliance officers to identify outliers and assess dealer performance systematically.

> The core of liquid asset TCA is the rigorous, automated comparison of the executed price against a cascade of high-fidelity market benchmarks.

The table below provides a granular view of a [TCA report](https://prime.greeks.live/area/tca-report/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) for a hypothetical trade of a liquid government bond. This report is quantitative, precise, and designed for at-a-glance performance assessment.

| TCA Report ▴ Liquid Asset Execution (100M 10Y UST Bond) |
| --- |

![A sleek conduit, embodying an RFQ protocol and smart order routing, connects two distinct, semi-spherical liquidity pools. Its transparent core signifies an intelligence layer for algorithmic trading and high-fidelity execution of digital asset derivatives, ensuring atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-execution-engine-bridging-diverse-liquidity-pools-via-high-fidelity-rfq-protocol-orchestration.jpg)

## Executing TCA for Illiquid Assets

The execution of TCA for illiquid assets is a more deliberative, investigative process. Automation plays a role in data aggregation, but the analysis requires significant human oversight. The focus is on building a defensible case for the execution price, acknowledging the absence of reliable, continuous market data.

The workflow is fundamentally different:

- **Pre-Trade Intelligence Gathering** ▴ Before any RFQ is sent, the trader, supported by the TCA system, gathers intelligence. This includes sourcing evaluated prices from multiple vendors, reviewing historical trades in similar securities (if any exist), and identifying dealers who have recently shown interest in the same sector or credit quality. This phase is about building a “fair value” range.

- **Staged RFQ Process** ▴ Instead of a broad RFQ, the process might be staged. An initial query might go to one or two trusted dealers to gauge interest and get an initial price level before approaching a wider set of counterparties. This minimizes information leakage, which can be extremely costly in illiquid markets.

- **Analysis of [Quote Dispersion](https://prime.greeks.live/area/quote-dispersion/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and Non-Responses** ▴ The system logs all quotes, but crucially, it also logs when dealers decline to quote. A high number of declines is a data point in itself, signaling extreme illiquidity or perceived risk. The dispersion between the quotes received is a primary metric for uncertainty. A wide spread between the best and second-best quote highlights the value of the winning dealer’s willingness to trade.

- **Benchmarking Against Modeled Prices** ▴ The execution price is compared not to a real-time market price, but to the pre-trade “fair value” range. The primary benchmark is often a composite evaluated price, adjusted for market sentiment and recent news. The analysis seeks to explain the deviation from this benchmark. Was the price lower because of a forced sale? Was it higher because the asset has unique, desirable characteristics?

- **Qualitative Data Capture** ▴ The trader’s notes are a critical input. Why was a particular dealer chosen? Was there a negotiation after the initial quote? This qualitative context is integrated into the final TCA report.

- **Forensic Reporting** ▴ The post-trade report is a detailed narrative. It combines the sparse quantitative data with the rich qualitative information to justify the trade. It is less of a scorecard and more of an analytical dossier, designed for review by risk committees and portfolio managers.

The following table illustrates a TCA report for an illiquid corporate bond. The focus is on justification, context, and the measurement of intangible costs and benefits, such as securing liquidity.

| TCA Dossier ▴ Illiquid Asset Execution (10M XYZ Corp 2035 Bond) |
| --- |

![A golden rod, symbolizing RFQ initiation, converges with a teal crystalline matching engine atop a liquidity pool sphere. This illustrates high-fidelity execution within market microstructure, facilitating price discovery for multi-leg spread strategies on a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-systemic-core.jpg)

## References

- Bergault, Philippe, and Olivier Guéant. “Liquidity Dynamics in RFQ Markets and Impact on Pricing.” arXiv preprint arXiv:2309.04216, 2024.

- Bessembinder, Hendrik, et al. “Capital Commitment and Illiquidity in Corporate Bonds.” The Journal of Finance, vol. 71, no. 4, 2016, pp. 1715 ▴ 1760.

- Brunnermeier, Markus K. “Information Leakage and Market Efficiency.” The Review of Financial Studies, vol. 18, no. 2, 2005, pp. 417-457.

- Hendershott, Terrence, and Ananth Madhavan. “Click or Call? The Role of Intermediaries in Over-the-Counter Markets.” The Journal of Finance, vol. 70, no. 2, 2015, pp. 941-979.

- Lehalle, Charles-Albert, and Sophie Laruelle. “Market Microstructure in Practice.” 2nd ed. World Scientific Publishing, 2018.

- O’Hara, Maureen, and Zhuo Zhong. “The Execution Quality of Corporate Bonds.” The Journal of Finance, vol. 75, no. 1, 2020, pp. 389-436.

- Tuchman, Mitch. “Beyond Benchmarks ▴ Finding the Missing Pieces in the Transaction Cost Analysis (TCA) Puzzle.” TS Imagine, 2023.

- Vayanos, Dimitri, and Jiang Wang. “Market Liquidity ▴ Theory and Empirical Evidence.” Handbook of the Economics of Finance, vol. 2, 2013, pp. 1289-1359.

![Abstract intersecting geometric forms, deep blue and light beige, represent advanced RFQ protocols for institutional digital asset derivatives. These forms signify multi-leg execution strategies, principal liquidity aggregation, and high-fidelity algorithmic pricing against a textured global market sphere, reflecting robust market microstructure and intelligence layer](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-multi-leg-execution-algorithmic-pricing-global-liquidity-principal-trading-systemic-integration-high-fidelity-execution.jpg)

## Reflection

![Translucent and opaque geometric planes radiate from a central nexus, symbolizing layered liquidity and multi-leg spread execution via an institutional RFQ protocol. This represents high-fidelity price discovery for digital asset derivatives, showcasing optimal capital efficiency within a robust Prime RFQ framework](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-layer.jpg)

## From Post-Mortem to Predictive Engine

Ultimately, the [TCA framework](https://prime.greeks.live/area/tca-framework/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), in either its liquid or illiquid configuration, must transcend its role as a post-trade auditing tool. Its true strategic value is realized when it becomes a dynamic feedback loop, a predictive engine that informs and refines future execution strategies. The data gathered from each RFQ, whether it is a precise slippage measurement or a qualitative dealer comment, is a piece of intelligence. This intelligence should not reside in static reports but should be systematically integrated into the pre-trade decision-making process.

For liquid assets, this means the system learns which dealers are most competitive for specific instruments at certain times of the day. For illiquid assets, the system builds a rich, evolving map of the liquidity landscape, tracking dealer axes and risk appetite over time. The evolution of TCA is its transformation from a rear-view mirror into a forward-looking guidance system.

It moves from answering “How did we do?” to helping answer “How should we proceed?”. This shift in perspective is what elevates TCA from a compliance necessity to a source of genuine competitive advantage, a core component of an institution’s operational intelligence.

![Interconnected metallic rods and a translucent surface symbolize a sophisticated RFQ engine for digital asset derivatives. This represents the intricate market microstructure enabling high-fidelity execution of block trades and multi-leg spreads, optimizing capital efficiency within a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-microstructure-1.jpg)

## Glossary

<a href="https://prime.greeks.live/area/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## Transaction Cost Analysis

Meaning ▴ Transaction Cost Analysis (TCA), in the context of cryptocurrency trading, is the systematic process of quantifying and evaluating all explicit and implicit costs incurred during the execution of digital asset trades. </a><a href="https://prime.greeks.live/area/execution-quality/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A segmented, teal-hued system component with a dark blue inset, symbolizing an RFQ engine within a Prime RFQ, emerges from darkness. Illuminated by an optimized data flow, its textured surface represents market microstructure intricacies, facilitating high-fidelity execution for institutional digital asset derivatives via private quotation for multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-intelligence-layer-for-institutional-digital-asset-derivatives-rfq.jpg)

## Execution Quality

Meaning ▴ Execution quality, within the framework of crypto investing and institutional options trading, refers to the overall effectiveness and favorability of how a trade order is filled. </a><a href="https://prime.greeks.live/area/price-discovery/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A curved grey surface anchors a translucent blue disk, pierced by a sharp green financial instrument and two silver stylus elements. This visualizes a precise RFQ protocol for institutional digital asset derivatives, enabling liquidity aggregation, high-fidelity execution, price discovery, and algorithmic trading within market microstructure via a Principal's operational framework](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-high-fidelity-execution-via-rfq-protocols-optimizing-market-microstructure-and-price-discovery.jpg)

## Price Discovery

Meaning ▴ Price Discovery, within the context of crypto investing and market microstructure, describes the continuous process by which the equilibrium price of a digital asset is determined through the collective interaction of buyers and sellers across various trading venues. </a><a href="https://prime.greeks.live/area/fair-value/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A slender metallic probe extends between two curved surfaces. This abstractly illustrates high-fidelity execution for institutional digital asset derivatives, driving price discovery within market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/precision-instrument-navigating-institutional-digital-asset-derivatives-rfq-protocols-for-optimal-price-discovery-and-high-fidelity-execution.jpg)

## Fair Value

Meaning ▴ Fair value, in financial contexts, denotes the theoretical price at which an asset or liability would be exchanged between knowledgeable, willing parties in an arm's-length transaction, where neither party is under duress. </a><a href="https://prime.greeks.live/area/tca-for-illiquid-assets/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A multi-faceted crystalline form with sharp, radiating elements centers on a dark sphere, symbolizing complex market microstructure. This represents sophisticated RFQ protocols, aggregated inquiry, and high-fidelity execution across diverse liquidity pools, optimizing capital efficiency for institutional digital asset derivatives within a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/rfq-protocols-for-institutional-digital-asset-derivatives-price-discovery.jpg)

## Tca for Illiquid Assets

Meaning ▴ TCA for Illiquid Assets, or Transaction Cost Analysis for illiquid assets, is a specialized methodology for measuring the execution costs incurred when trading assets that lack readily available market depth and frequent trading activity. </a><a href="https://prime.greeks.live/area/illiquid-assets/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Precisely bisected, layered spheres symbolize a Principal's RFQ operational framework. They reveal institutional market microstructure, deep liquidity pools, and multi-leg spread complexity, enabling high-fidelity execution and atomic settlement for digital asset derivatives via an advanced Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-microstructure-core.jpg)

## Illiquid Assets

Meaning ▴ Illiquid Assets are financial instruments or investments that cannot be readily converted into cash at their fair market value without significant price concession or undue delay, typically due to a limited number of willing buyers or an inefficient market structure. </a><a href="https://prime.greeks.live/area/liquid-assets/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Sharp, intersecting geometric planes in teal, deep blue, and beige form a precise, pointed leading edge against darkness. This signifies High-Fidelity Execution for Institutional Digital Asset Derivatives, reflecting complex Market Microstructure and Price Discovery](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-digital-asset-derivatives-rfq-market-microstructure-2.jpg)

## Liquid Assets

Meaning ▴ Liquid Assets, in the realm of crypto investing, refer to digital assets or financial instruments that can be swiftly and efficiently converted into cash or other readily spendable cryptocurrencies without significantly affecting their market price. </a><a href="https://prime.greeks.live/area/information-leakage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, translucent fin-like structure emerges from a circular base against a dark background. This abstract form represents RFQ protocols and price discovery in digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-protocol.jpg)

## Information Leakage

Meaning ▴ Information leakage, in the realm of crypto investing and institutional options trading, refers to the inadvertent or intentional disclosure of sensitive trading intent or order details to other market participants before or during trade execution. </a><a href="https://prime.greeks.live/area/arrival-price/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Sharp, intersecting metallic silver, teal, blue, and beige planes converge, illustrating complex liquidity pools and order book dynamics in institutional trading. This form embodies high-fidelity execution and atomic settlement for digital asset derivatives via RFQ protocols, optimized by a Principal's operational framework](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-digital-asset-derivatives-market-microstructure-high-fidelity-execution-across-multi-leg-spread-rfq-protocol-orchestration-within-principals-operational-framework.jpg)

## Arrival Price

Meaning ▴ Arrival Price denotes the market price of a cryptocurrency or crypto derivative at the precise moment an institutional trading order is initiated within a firm's order management system, serving as a critical benchmark for evaluating subsequent trade execution performance. </a><a href="https://prime.greeks.live/area/liquidity-sourcing/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Parallel execution layers, light green, interface with a dark teal curved component. This depicts a secure RFQ protocol interface for institutional digital asset derivatives, enabling price discovery and block trade execution within a Prime RFQ framework, reflecting dynamic market microstructure for high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-driven-institutional-digital-asset-derivatives-rfq-execution-framework.jpg)

## Liquidity Sourcing

Meaning ▴ Liquidity sourcing in crypto investing refers to the strategic process of identifying, accessing, and aggregating available trading depth and volume across various fragmented venues to execute large orders efficiently. </a><a href="https://prime.greeks.live/area/transaction-cost/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A teal and white sphere precariously balanced on a light grey bar, itself resting on an angular base, depicts market microstructure at a critical price discovery point. This visualizes high-fidelity execution of digital asset derivatives via RFQ protocols, emphasizing capital efficiency and risk aggregation within a Principal trading desk's operational framework](https://options.greeks.live/wp-content/uploads/2025/07/precision-institutional-digital-asset-derivatives-rfq-execution-strategy.jpg)

## Transaction Cost

Meaning ▴ Transaction Cost, in the context of crypto investing and trading, represents the aggregate expenses incurred when executing a trade, encompassing both explicit fees and implicit market-related costs. </a><a href="https://prime.greeks.live/area/execution-price/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Curved, segmented surfaces in blue, beige, and teal, with a transparent cylindrical element against a dark background. This abstractly depicts volatility surfaces and market microstructure, facilitating high-fidelity execution via RFQ protocols for digital asset derivatives, enabling price discovery and revealing latent liquidity for institutional trading](https://options.greeks.live/wp-content/uploads/2025/07/optimized-rfq-protocol-dynamics-for-institutional-crypto-derivatives.jpg)

## Execution Price

Meaning ▴ Execution Price refers to the definitive price at which a trade, whether involving a spot cryptocurrency or a derivative contract, is actually completed and settled on a trading venue. </a><a href="https://prime.greeks.live/area/illiquid-markets/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Two spheres balance on a fragmented structure against split dark and light backgrounds. This models institutional digital asset derivatives RFQ protocols, depicting market microstructure, price discovery, and liquidity aggregation](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-price-discovery-liquidity-aggregation.jpg)

## Illiquid Markets

Meaning ▴ Illiquid Markets, within the crypto landscape, refer to digital asset trading environments characterized by a dearth of willing buyers and sellers, resulting in wide bid-ask spreads, low trading volumes, and significant price impact for even moderate-sized orders. </a><a href="https://prime.greeks.live/area/market-impact/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, multi-component device in dark blue and beige, symbolizing an advanced institutional digital asset derivatives platform. The central sphere denotes a robust liquidity pool for aggregated inquiry](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-execution-platform-system.jpg)

## Market Impact

Meaning ▴ Market impact, in the context of crypto investing and institutional options trading, quantifies the adverse price movement caused by an investor's own trade execution. </a><a href="https://prime.greeks.live/area/evaluated-pricing/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Translucent, overlapping geometric shapes symbolize dynamic liquidity aggregation within an institutional grade RFQ protocol. Central elements represent the execution management system's focal point for precise price discovery and atomic settlement of multi-leg spread digital asset derivatives, revealing complex market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-driving-optimal-liquidity-aggregation-for-precise-price-discovery-and-atomic-settlement.jpg)

## Evaluated Pricing

Meaning ▴ Evaluated Pricing is the process of determining the fair market value of financial instruments, especially illiquid, complex, or infrequently traded crypto assets and derivatives, using models and observable market data rather than direct exchange quotes. </a><a href="https://prime.greeks.live/area/fair-value-range/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek blue surface with droplets represents a high-fidelity Execution Management System for digital asset derivatives, processing market data. A lighter surface denotes the Principal's Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-execution-for-optimal-price-discovery.jpg)

## Fair Value Range

Meaning ▴ Fair Value Range represents a computed spectrum of prices within which a crypto asset, option, or other financial instrument is considered to be correctly valued, based on fundamental and quantitative analysis. </a><a href="https://prime.greeks.live/area/market-microstructure/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precision-engineered apparatus with a luminous green beam, symbolizing a Prime RFQ for institutional digital asset derivatives. It facilitates high-fidelity execution via optimized RFQ protocols, ensuring precise price discovery and mitigating counterparty risk within market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-high-fidelity-digital-asset-derivatives-execution.jpg)

## Market Microstructure

Meaning ▴ Market Microstructure, within the cryptocurrency domain, refers to the intricate design, operational mechanics, and underlying rules governing the exchange of digital assets across various trading venues. </a><a href="https://prime.greeks.live/area/cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Two sleek, pointed objects intersect centrally, forming an 'X' against a dual-tone black and teal background. This embodies the high-fidelity execution of institutional digital asset derivatives via RFQ protocols, facilitating optimal price discovery and efficient cross-asset trading within a robust Prime RFQ, minimizing slippage and adverse selection](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-prime-os-microstructure.jpg)

## Cost Analysis

Meaning ▴ Cost Analysis is the systematic process of identifying, quantifying, and evaluating all explicit and implicit expenses associated with trading activities, particularly within the complex and often fragmented crypto investing landscape. </a><a href="https://prime.greeks.live/area/market-data/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Smooth, reflective, layered abstract shapes on dark background represent institutional digital asset derivatives market microstructure. This depicts RFQ protocols, facilitating liquidity aggregation, high-fidelity execution for multi-leg spreads, price discovery, and Principal's operational framework efficiency](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-multi-leg-spreads.jpg)

## Market Data

Meaning ▴ Market data in crypto investing refers to the real-time or historical information regarding prices, volumes, order book depth, and other relevant metrics across various digital asset trading venues. </a><a href="https://prime.greeks.live/area/implementation-shortfall/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A translucent, faceted sphere, representing a digital asset derivative block trade, traverses a precision-engineered track. This signifies high-fidelity execution via an RFQ protocol, optimizing liquidity aggregation, price discovery, and capital efficiency within institutional market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-block-trade-high-fidelity-execution-protocol-prime-os-path.jpg)

## Implementation Shortfall

Meaning ▴ Implementation Shortfall is a critical transaction cost metric in crypto investing, representing the difference between the theoretical price at which an investment decision was made and the actual average price achieved for the executed trade. </a><a href="https://prime.greeks.live/area/tca-report/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Metallic rods and translucent, layered panels against a dark backdrop. This abstract visualizes advanced RFQ protocols, enabling high-fidelity execution and price discovery across diverse liquidity pools for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/precision-market-microstructure-for-institutional-digital-asset-derivatives-rfq.jpg)

## Tca Report

Meaning ▴ A TCA Report, or Transaction Cost Analysis Report, in the context of institutional crypto trading, is a meticulously compiled analytical document that quantitatively evaluates and dissects the implicit and explicit costs incurred during the execution of cryptocurrency trades. </a><a href="https://prime.greeks.live/area/quote-dispersion/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Two smooth, teal spheres, representing institutional liquidity pools, precisely balance a metallic object, symbolizing a block trade executed via RFQ protocol. This depicts high-fidelity execution, optimizing price discovery and capital efficiency within a Principal's operational framework for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/precision-execution-bridging-institutional-liquidity-pools-via-rfq-protocol-for-optimized-digital-asset-derivatives-price-discovery.jpg)

## Quote Dispersion

Meaning ▴ Quote Dispersion refers to the variation in prices offered for the same financial instrument across different market participants or venues at a given moment. </a><a href="https://prime.greeks.live/area/tca-framework/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, metallic multi-lens device with glowing blue apertures symbolizes an advanced RFQ protocol engine. Its precision optics enable real-time market microstructure analysis and high-fidelity execution, facilitating automated price discovery and aggregated inquiry within a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-engine-intelligence-layer.jpg)

## Tca Framework

Meaning ▴ A TCA Framework, or Transaction Cost Analysis Framework, within the system architecture of crypto RFQ platforms, institutional options trading, and smart trading systems, is a structured, analytical methodology for meticulously measuring, comprehensively analyzing, and proactively optimizing the explicit and implicit costs incurred throughout the entire lifecycle of trade execution. </a>

**Tags:** [Best Execution](https://options.greeks.live/area/best-execution/), [Market Microstructure](https://options.greeks.live/area/market-microstructure/), [Transaction Cost](https://options.greeks.live/area/transaction-cost/), [Quote Dispersion](https://options.greeks.live/area/quote-dispersion/), [Price Discovery](https://options.greeks.live/area/price-discovery/), [Illiquid Markets](https://options.greeks.live/area/illiquid-markets/)	

## Discover More

- 
### [How Can Transaction Cost Analysis Be Used to Systematically Improve Rfq Execution Outcomes?](https://options.greeks.live/question/how-can-transaction-cost-analysis-be-used-to-systematically-improve-rfq-execution-outcomes/)
![A teal and white sphere precariously balanced on a light grey bar, itself resting on an angular base, depicts market microstructure at a critical price discovery point. This visualizes high-fidelity execution of digital asset derivatives via RFQ protocols, emphasizing capital efficiency and risk aggregation within a Principal trading desk's operational framework.](https://options.greeks.live/wp-content/uploads/2025/07/precision-institutional-digital-asset-derivatives-rfq-execution-strategy.jpg)

TCA transforms the RFQ from a simple price request into a strategic, data-driven execution process to minimize total cost.

- 
### [What Are the Core Components of a Defensible Best Execution Policy for Illiquid Assets?](https://options.greeks.live/question/what-are-the-core-components-of-a-defensible-best-execution-policy-for-illiquid-assets/)
![Stacked, distinct components, subtly tilted, symbolize the multi-tiered institutional digital asset derivatives architecture. Layers represent RFQ protocols, private quotation aggregation, core liquidity pools, and atomic settlement. This design optimizes market microstructure for high-fidelity execution and capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/layered-institutional-digital-asset-derivatives-rfq-protocols-optimizing-principal-execution-management-systems-for-best-execution.jpg)

A defensible best execution policy for illiquid assets is a system for demonstrating a rigorous, repeatable process of price discovery.

- 
### [How Can Transaction Cost Analysis Be Used to Evaluate the Effectiveness of Different Auction Protocols?](https://options.greeks.live/question/how-can-transaction-cost-analysis-be-used-to-evaluate-the-effectiveness-of-different-auction-protocols/)
![Two dark, circular, precision-engineered components, stacked and reflecting, symbolize a Principal's Operational Framework. This layered architecture facilitates High-Fidelity Execution for Block Trades via RFQ Protocols, ensuring Atomic Settlement and Capital Efficiency within Market Microstructure for Digital Asset Derivatives.](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-prime-os-execution-protocol.jpg)

Transaction Cost Analysis provides the empirical framework to quantify the efficiency and implicit costs of different auction protocols.

- 
### [How Does Liquidity Fragmentation in Crypto Affect Best Execution?](https://options.greeks.live/question/how-does-liquidity-fragmentation-in-crypto-affect-best-execution/)
![A central, metallic cross-shaped RFQ protocol engine orchestrates principal liquidity aggregation between two distinct institutional liquidity pools. Its intricate design suggests high-fidelity execution and atomic settlement within digital asset options trading, forming a core Crypto Derivatives OS for algorithmic price discovery.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-architecture-optimizing-liquidity-aggregation-and-high-fidelity-execution.jpg)

Liquidity fragmentation in crypto transforms best execution into a multi-dimensional challenge of strategic aggregation and intelligent order routing.

- 
### [How Does TCA Differ between Equity and FX Markets?](https://options.greeks.live/question/how-does-tca-differ-between-equity-and-fx-markets/)
![Abstract geometric design illustrating a central RFQ aggregation hub for institutional digital asset derivatives. Radiating lines symbolize high-fidelity execution via smart order routing across dark pools. Modular elements represent atomic settlement and capital efficiency within a Principal's operational framework.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-high-fidelity-execution-architecture.jpg)

TCA diverges as equity analysis measures performance against a public record, while FX TCA first builds that record from fragmented data.

- 
### [What Role Does Pre-Trade Data Play in the Best Execution Analysis for Illiquid Securities?](https://options.greeks.live/question/what-role-does-pre-trade-data-play-in-the-best-execution-analysis-for-illiquid-securities/)
![Institutional-grade infrastructure supports a translucent circular interface, displaying real-time market microstructure for digital asset derivatives price discovery. Geometric forms symbolize precise RFQ protocol execution, enabling high-fidelity multi-leg spread trading, optimizing capital efficiency and mitigating systemic risk.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-request-for-quote-protocol-high-fidelity-execution-market-microstructure-intelligence-layer.jpg)

Pre-trade data is the foundational layer for constructing a bespoke valuation and liquidity map in opaque markets.

- 
### [What Are the Primary Transaction Cost Analysis Benchmarks for RFQ Execution Quality?](https://options.greeks.live/question/what-are-the-primary-transaction-cost-analysis-benchmarks-for-rfq-execution-quality/)
![Two spheres balance on a fragmented structure against split dark and light backgrounds. This models institutional digital asset derivatives RFQ protocols, depicting market microstructure, price discovery, and liquidity aggregation. It highlights high-fidelity execution and counterparty risk within a Prime RFQ.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-price-discovery-liquidity-aggregation.jpg)

Primary RFQ TCA benchmarks quantify the economic outcomes of bilateral price discovery against the continuous market state.

- 
### [How Can Transaction Cost Analysis Be Used to Validate the Effectiveness of an RFQ-Based Execution Strategy?](https://options.greeks.live/question/how-can-transaction-cost-analysis-be-used-to-validate-the-effectiveness-of-an-rfq-based-execution-strategy/)
![A sleek cream-colored device with a dark blue optical sensor embodies Price Discovery for Digital Asset Derivatives. It signifies High-Fidelity Execution via RFQ Protocols, driven by an Intelligence Layer optimizing Market Microstructure for Algorithmic Trading on a Prime RFQ.](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-high-fidelity-execution-engine-optimized-rfq-protocols-prime-os-intelligence-layer.jpg)

TCA provides the quantitative validation layer to measure and optimize an RFQ strategy's execution quality and capital efficiency.

- 
### [How Does the Use of a Hybrid Rfq Protocol Affect a Firm’s Tca and Best Execution Reporting?](https://options.greeks.live/question/how-does-the-use-of-a-hybrid-rfq-protocol-affect-a-firms-tca-and-best-execution-reporting/)
![A refined object, dark blue and beige, symbolizes an institutional-grade RFQ platform. Its metallic base with a central sensor embodies the Prime RFQ Intelligence Layer, enabling High-Fidelity Execution, Price Discovery, and efficient Liquidity Pool access for Digital Asset Derivatives within Market Microstructure.](https://options.greeks.live/wp-content/uploads/2025/08/prime-os-rfq-protocols-for-digital-asset-derivatives-execution.jpg)

A hybrid RFQ protocol enhances TCA and best execution reporting by creating a competitive, auditable trail of quotes for off-book trades.

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---

**Original URL:** https://options.greeks.live/question/what-are-the-key-differences-in-applying-tca-to-illiquid-versus-liquid-assets-in-an-rfq/
