# What Are the Key Metrics for a Dealer Performance Scorecard in OTC Markets? ▴ Question

**Published:** 2025-08-03
**Categories:** Question

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## Concept

You are asking about the key metrics for a [dealer performance scorecard](https://prime.greeks.live/area/dealer-performance-scorecard/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) in Over-the-Counter (OTC) markets. This question moves directly to the heart of institutional trading architecture. The central challenge in OTC execution is managing a network of liquidity providers, or dealers, to achieve optimal outcomes. A [performance scorecard](https://prime.greeks.live/area/performance-scorecard/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is the primary mechanism for this control.

It is a quantitative framework designed to replace subjective assessments with objective, data-driven analysis of [execution quality](https://prime.greeks.live/area/execution-quality/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). Your goal is to systematically measure the value each dealer provides to your execution workflow, ensuring that every trade is routed through a system of meritocracy, not just established relationships.

The core purpose of a [dealer scorecard](https://prime.greeks.live/area/dealer-scorecard/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is to create a feedback loop. This system ingests execution data and outputs a clear, multi-dimensional view of each dealer’s performance. This allows you to identify which dealers provide the tightest pricing, the most reliable execution, and the deepest liquidity for your specific trading style and asset classes.

It is the foundational tool for optimizing transaction costs, minimizing information leakage, and building a resilient, high-performance network of counterparties. The architecture of this scorecard must be robust, capturing metrics that reflect the complete lifecycle of a trade, from the initial Request for Quote (RFQ) to post-trade settlement and analysis.

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## What Defines a Dealer in OTC Markets?

In the context of institutional finance, a dealer is a market-making firm that provides liquidity by quoting bid and ask prices for securities and derivatives traded off-exchange. These entities, typically investment banks or specialized trading firms, act as principals in a transaction, taking the other side of a client’s trade. They are the primary sources of liquidity in markets for instruments like swaps, corporate bonds, and exotic options.

Their performance is paramount because their pricing, reliability, and capacity directly determine your own firm’s execution quality and profitability. Evaluating them is a core competency for any sophisticated trading desk.

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## The Imperative for Objective Measurement

Without a structured scorecard, dealer selection can become reliant on qualitative factors, such as the perceived strength of a relationship with a sales trader. While relationships have value, they are insufficient for ensuring [best execution](https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) in a competitive, electronic environment. A quantitative scorecard introduces a necessary layer of discipline.

It forces a systematic evaluation of every counterparty on every trade, providing the data needed to make informed, defensible decisions about where to route order flow. This objectivity is critical for regulatory compliance, internal risk management, and ultimately, for maximizing portfolio returns by minimizing the friction costs of trading.

> A dealer performance scorecard transforms anecdotal feedback into a structured, actionable intelligence system for execution optimization.

The system’s design must be holistic. It measures the explicit costs, such as the bid-ask spread, alongside the implicit costs, such as [market impact](https://prime.greeks.live/area/market-impact/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and opportunity cost from failed or delayed trades. By quantifying these factors, the scorecard provides a total cost perspective on each dealer relationship.

This allows for a more strategic allocation of trades, rewarding high-performing dealers with more flow and identifying underperformers for review and potential off-boarding. The process is dynamic, with the scorecard continuously updated to reflect the evolving capabilities and competitiveness of each dealer in the network.

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## Strategy

Developing a strategic framework for a dealer scorecard requires defining the core performance pillars that align with your firm’s execution policy. The strategy is to move beyond a single metric and build a composite view of [dealer performance](https://prime.greeks.live/area/dealer-performance/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). This involves selecting a balanced set of quantitative and qualitative metrics, assigning appropriate weights to them, and establishing a regular cadence for review and action.

The architecture of this strategy is built on three pillars ▴ [Cost Efficiency](https://prime.greeks.live/area/cost-efficiency/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), Execution Quality, and Liquidity Provision. Each pillar is populated with specific, measurable Key Performance Indicators (KPIs).

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## Pillar One Cost Efficiency

This pillar focuses on the direct financial cost of transacting with a dealer. The objective is to measure how effectively a dealer translates a quote into a favorable execution price for the client. The primary metrics here are designed to capture all facets of pricing, from the initial quote to the final filled price.

- **Spread Analysis** This is the foundational metric. It involves capturing the bid-ask spread quoted by the dealer at the time of the RFQ. This metric should be measured in [basis points](https://prime.greeks.live/area/basis-points/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (bps) to allow for comparison across different assets and price levels. A key part of the analysis is comparing the spread at the time of the quote to the spread at the moment of execution to assess price stability.

- **[Price Improvement](https://prime.greeks.live/area/price-improvement/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (PI)** PI, or [slippage](https://prime.greeks.live/area/slippage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), measures the difference between the execution price and a relevant benchmark, such as the midpoint of the best bid and offer (BBO) at the time of the trade. Positive PI indicates that the dealer provided a price better than the prevailing market, while negative PI (slippage) indicates a worse price. This metric directly quantifies the value added or lost on each trade.

- **Fee and Commission Structure** For certain OTC products, explicit fees or commissions may apply. The scorecard must track these costs to ensure they are competitive and transparent. The goal is to calculate an “all-in” cost for each dealer, combining spread and fees into a single, comparable metric.

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## Pillar Two Execution Quality and Reliability

This pillar assesses the dealer’s operational effectiveness and dependability. A competitive price is meaningless if the dealer cannot reliably execute at that price, especially in volatile market conditions. These metrics focus on the certainty and timeliness of the execution process.

- **Response Rate and Speed** In an RFQ-based market, how quickly and consistently a dealer responds is a critical indicator of their engagement and technological capability. The scorecard should track the percentage of RFQs that receive a response and the average time taken to respond, measured in milliseconds.

- **[Fill Rate](https://prime.greeks.live/area/fill-rate/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)** This metric measures the percentage of orders sent to a dealer that are successfully filled. A high fill rate indicates a reliable counterparty that stands by its quotes. Low fill rates may suggest the dealer is providing indicative quotes that they are unwilling to honor.

- **Rejection and Cancellation Rates** The scorecard must also track the frequency with which a dealer rejects an order after a quote has been accepted or cancels a trade post-execution. These events are highly disruptive and are strong indicators of poor operational performance.

![Precision metallic mechanism with a central translucent sphere, embodying institutional RFQ protocols for digital asset derivatives. This core represents high-fidelity execution within a Prime RFQ, optimizing price discovery and liquidity aggregation for block trades, ensuring capital efficiency and atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-prime-os-execution-hub.jpg)

## Pillar Three Liquidity and Market Impact

This pillar evaluates a dealer’s capacity to handle significant volume without adversely affecting the market price. This is particularly important for institutional clients executing large block trades. The metrics here measure the depth of liquidity and the dealer’s ability to absorb risk discreetly.

- **Large Trade Performance** The scorecard should specifically analyze dealer performance on trades above a certain size threshold. This involves measuring spreads and slippage on [large orders](https://prime.greeks.live/area/large-orders/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) to identify which dealers have the capacity and risk appetite for block liquidity.

- **Market Impact Analysis** This advanced metric assesses the effect of a trade on the market price in the minutes and hours after execution. A dealer with low market impact is skilled at sourcing liquidity discreetly, preventing information leakage that could lead to adverse price movements. This is often measured using post-trade TCA platforms.

- **Provision of Axes and Market Color** A qualitative but important metric is the dealer’s willingness and ability to provide actionable “axes” (indications of a pre-existing interest to buy or sell a specific security). This proactive provision of liquidity can be a significant source of value and should be tracked and rewarded.

> A truly strategic scorecard balances the measurement of price with the equally important qualities of reliability and market stability.

The table below provides a sample framework for how these strategic pillars and their corresponding metrics can be organized within the scorecard system. This structure allows for a clear, comparative view of dealer performance across the key dimensions of execution.

### Dealer Performance Scorecard Strategic Framework

| Performance Pillar | Key Performance Indicator (KPI) | Measurement Unit | Strategic Importance |
| --- | --- | --- | --- |
| Cost Efficiency | Average Execution Spread | Basis Points (bps) | Measures direct transaction cost. |
| Cost Efficiency | Net Price Improvement/Slippage | Basis Points (bps) | Quantifies value added versus a market benchmark. |
| Execution Quality | RFQ Response Rate | Percentage (%) | Indicates dealer engagement and system health. |
| Execution Quality | Average Response Time | Milliseconds (ms) | Assesses technological speed and competitiveness. |
| Execution Quality | Fill Rate | Percentage (%) | Measures the reliability of quoted prices. |
| Liquidity & Impact | Large Order Fill Rate | Percentage (%) | Evaluates capacity to handle institutional size. |
| Liquidity & Impact | Post-Trade Market Impact | Basis Points (bps) | Assesses information leakage and execution discretion. |

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## Execution

The execution phase of a dealer scorecard system involves the practical implementation of the strategic framework. This requires establishing a robust data capture and analysis pipeline, defining a clear scoring and weighting methodology, and creating an operational process for utilizing the scorecard’s outputs to drive performance improvements. This is where the theoretical model is transformed into a functioning, value-generating component of the trading infrastructure.

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## Data Aggregation and Normalization

The foundation of the scorecard is high-quality, granular data. This data must be captured from various sources and aggregated into a centralized database for analysis. The primary data sources include:

- **[Execution Management System](https://prime.greeks.live/area/execution-management-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (EMS)** The EMS is the primary source for trade lifecycle data, including RFQ timestamps, quote details, execution prices, and order sizes. It provides the raw material for most of the quantitative metrics.

- **[Transaction Cost Analysis](https://prime.greeks.live/area/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (TCA) Providers** Third-party TCA providers supply the benchmark data necessary for calculating metrics like price improvement and market impact. They offer an independent, objective baseline for performance evaluation.

- **Internal Qualitative Logs** Qualitative data, such as notes from traders on the helpfulness of a sales desk or the quality of market color provided, should be systematically logged. This can be done through a simple CRM-like interface integrated with the trading blotter.

Once aggregated, the data must be normalized to ensure fair comparisons. For example, spreads must be converted to basis points, and performance should be analyzed within specific asset classes and market volatility regimes. Comparing a dealer’s performance in a calm market for a liquid bond to another’s performance in a volatile market for an exotic derivative is meaningless without proper normalization.

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## Quantitative Scoring and Weighting

With normalized data, a scoring system can be developed. Each metric is typically scored on a relative basis. For example, dealers can be ranked from best to worst on each KPI, and assigned a score based on their percentile ranking. This converts raw data into a standardized performance score for each metric.

The next step is to apply weights to each metric. The weighting should reflect the firm’s specific execution priorities. A quantitative hedge fund might place a very high weight on response speed and spread, while a long-only asset manager might prioritize low market impact and high fill rates for large orders. This customization ensures the final scorecard aligns with the firm’s unique definition of “best execution.”

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## How Are Dealer Scorecard Weights Determined?

The determination of weights is a critical strategic exercise. It typically involves a collaboration between the head of trading, portfolio managers, and compliance officers. The process begins with a clear articulation of the firm’s investment philosophy and trading horizon. For instance, a strategy focused on long-term value may lead to a higher weighting for metrics that measure the ability to execute large orders with minimal market footprint, whereas a high-turnover strategy would naturally prioritize speed and direct cost metrics.

The table below illustrates a sample weighting and scoring calculation for a hypothetical institutional asset manager. This manager prioritizes low-impact execution and reliability for large orders.

### Sample Weighted Scorecard Calculation

| Metric | Dealer A Raw Data | Dealer A Score (1-10) | Metric Weight | Dealer A Weighted Score |
| --- | --- | --- | --- | --- |
| Avg. Execution Spread | 0.8 bps | 7 | 20% | 1.4 |
| Net Price Improvement | +0.2 bps | 8 | 25% | 2.0 |
| Fill Rate | 98% | 9 | 25% | 2.25 |
| Post-Trade Market Impact | -1.5 bps | 6 | 30% | 1.8 |
| Total Score | | | 100% | 7.45 |

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## The Operational Review Process

The scorecard is not a passive report; it is an active management tool. The execution of the system culminates in a structured, recurring dealer review process. This process typically occurs on a quarterly or semi-annual basis and involves the following steps:

- **Internal Review** The trading desk first reviews the scorecard internally to identify key trends, top performers, and dealers whose performance is deteriorating.

- **Dealer Meeting** The firm then meets with each of its key dealers. In these meetings, the scorecard data is presented. This provides a factual basis for the conversation, moving it away from generalities and toward specific, data-backed points.

- **Performance Dialogue** The discussion should focus on areas of underperformance. For example, if a dealer’s response times are slow, the firm can inquire about their technology infrastructure. If fill rates are low, they can discuss the dealer’s risk appetite and quoting methodology.

- **Action Plan** The meeting should conclude with a mutually agreed-upon action plan for improvement. The dealer’s progress against this plan is then tracked in subsequent scorecard reports.

This operational loop ▴ measure, analyze, review, and act ▴ is what makes the dealer scorecard an effective system for driving continuous improvement in execution quality. It professionalizes the dealer relationship, transforming it into a transparent, performance-based partnership.

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## References

- Harris, Larry. _Trading and Exchanges ▴ Market Microstructure for Practitioners_. Oxford University Press, 2003.

- O’Hara, Maureen. _Market Microstructure Theory_. Blackwell Publishers, 1995.

- Johnson, Barry. _Algorithmic Trading and DMA ▴ An introduction to direct access trading strategies_. 4Myeloma Press, 2010.

- Cartea, Álvaro, et al. _Algorithmic and High-Frequency Trading_. Cambridge University Press, 2015.

- Financial Information Forum. “FIX Protocol Specification.” FIX Trading Community, 2022.

- Madhavan, Ananth. “Market Microstructure ▴ A Survey.” _Journal of Financial Markets_, vol. 3, no. 3, 2000, pp. 205-258.

- Bessembinder, Hendrik, and Herbert M. Kaufman. “A Comparison of Execution Costs for NYSE and NASDAQ-Listed Stocks.” _Journal of Financial and Quantitative Analysis_, vol. 32, no. 3, 1997, pp. 287-310.

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## Reflection

You began by asking for a set of metrics. What we have constructed is a system of intelligence. The implementation of a dealer performance scorecard is a declaration that your firm’s execution strategy will be governed by data, not by habit. The framework detailed here provides the architectural blueprint, but the ultimate performance of the system depends on the commitment to its principles.

How will you calibrate the weighting of these metrics to reflect your unique philosophy of risk and cost? Which data points, currently uncaptured in your workflow, represent the most significant blind spots in your understanding of execution quality?

This scorecard is more than a tool for evaluation; it is a lens through which you can view the entirety of your trading operation. It reveals the strengths and weaknesses of your counterparty network, the efficiency of your technology stack, and the true, all-in cost of implementing your investment ideas. The insights generated by this system will inevitably lead to more profound questions about your operational architecture.

The pursuit of optimal execution is a continuous process of measurement, analysis, and adaptation. This framework is your starting point.

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## Glossary

<a href="https://prime.greeks.live/area/dealer-performance-scorecard/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Dealer Performance Scorecard

Meaning ▴ A Dealer Performance Scorecard is a quantitative framework designed for the systematic assessment of counterparty execution quality across specified metrics, enabling a data-driven evaluation of liquidity provision and trade facilitation efficacy. </a><a href="https://prime.greeks.live/area/performance-scorecard/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precise geometric prism reflects on a dark, structured surface, symbolizing institutional digital asset derivatives market microstructure. This visualizes block trade execution and price discovery for multi-leg spreads via RFQ protocols, ensuring high-fidelity execution and capital efficiency within Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-precision-execution.jpg)

## Performance Scorecard

Meaning ▴ A Performance Scorecard represents a structured analytical framework designed to quantify and evaluate the efficacy of trading execution and operational workflows within institutional digital asset derivatives. </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">
![Abstract layers and metallic components depict institutional digital asset derivatives market microstructure. They symbolize multi-leg spread construction, robust FIX Protocol for high-fidelity execution, and private quotation](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-digital-asset-derivatives-rfq-protocol-high-fidelity-execution.jpg)

## Execution Quality

Meaning ▴ Execution Quality quantifies the efficacy of an order's fill, assessing how closely the achieved trade price aligns with the prevailing market price at submission, alongside consideration for speed, cost, and market impact. </a><a href="https://prime.greeks.live/area/dealer-scorecard/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## Dealer Scorecard

Meaning ▴ A Dealer Scorecard is a systematic quantitative framework employed by institutional participants to evaluate the performance and quality of liquidity provision from various market makers or dealers within digital asset derivatives markets. </a><a href="https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![An advanced RFQ protocol engine core, showcasing robust Prime Brokerage infrastructure. Intricate polished components facilitate high-fidelity execution and price discovery for institutional grade digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-core-for-precision-trading.jpg)

## Best Execution

Meaning ▴ Best Execution is the obligation to obtain the most favorable terms reasonably available for a client's order. </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 deconstructed mechanical system with segmented components, revealing intricate gears and polished shafts, symbolizing the transparent, modular architecture of an institutional digital asset derivatives trading platform. This illustrates multi-leg spread execution, RFQ protocols, and atomic settlement processes](https://options.greeks.live/wp-content/uploads/2025/07/deconstructed-principal-trading-system-revealing-core-mechanics-of-digital-asset-derivatives-execution.jpg)

## Market Impact

Meaning ▴ Market Impact refers to the observed change in an asset's price resulting from the execution of a trading order, primarily influenced by the order's size relative to available liquidity and prevailing market conditions. </a><a href="https://prime.greeks.live/area/dealer-performance/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A complex, reflective apparatus with concentric rings and metallic arms supporting two distinct spheres. This embodies RFQ protocols, market microstructure, and high-fidelity execution for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-3.jpg)

## Dealer Performance

Meaning ▴ Dealer Performance quantifies the operational efficacy and market impact of liquidity providers within digital asset derivatives markets, assessing their capacity to execute orders with optimal price, speed, and minimal slippage. </a><a href="https://prime.greeks.live/area/cost-efficiency/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A central glowing blue mechanism with a precision reticle is encased by dark metallic panels. This symbolizes an institutional-grade Principal's operational framework for high-fidelity execution of digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/precision-core-enabling-institutional-digital-asset-derivatives-rfq-execution.jpg)

## Cost Efficiency

Meaning ▴ Cost efficiency defines the optimal ratio of achieved execution value to the aggregate resources expended, encompassing explicit fees, implicit market impact, and capital carrying costs within institutional digital asset derivatives trading. </a><a href="https://prime.greeks.live/area/basis-points/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A transparent, multi-faceted component, indicative of an RFQ engine's intricate market microstructure logic, emerges from complex FIX Protocol connectivity. Its sharp edges signify high-fidelity execution and price discovery precision for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-optimized-for-best-execution.jpg)

## Basis Points

Meaning ▴ Basis Points (bps) constitute a standard unit of measure in finance, representing one one-hundredth of one percentage point, or 0.01%. </a><a href="https://prime.greeks.live/area/price-improvement/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## Price Improvement

Meaning ▴ Price improvement denotes the execution of a trade at a more advantageous price than the prevailing National Best Bid and Offer (NBBO) at the moment of order submission. </a><a href="https://prime.greeks.live/area/slippage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sophisticated teal and black device with gold accents symbolizes a Principal's operational framework for institutional digital asset derivatives. It represents a high-fidelity execution engine, integrating RFQ protocols for atomic settlement](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-core-engine-for-best-execution.jpg)

## Slippage

Meaning ▴ Slippage denotes the variance between an order's expected execution price and its actual execution price. </a><a href="https://prime.greeks.live/area/fill-rate/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A high-fidelity institutional digital asset derivatives execution platform. A central conical hub signifies precise price discovery and aggregated inquiry for RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-high-fidelity-digital-asset-derivatives-execution-1.jpg)

## Fill Rate

Meaning ▴ Fill Rate represents the ratio of the executed quantity of a trading order to its initial submitted quantity, expressed as a percentage. </a><a href="https://prime.greeks.live/area/large-orders/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sophisticated institutional digital asset derivatives platform unveils its core market microstructure. Intricate circuitry powers a central blue spherical RFQ protocol engine on a polished circular surface](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-prime-os-unveiling-rfq-protocol-engine-market-microstructure-for-optimal-price-discovery-and-high-fidelity-execution.jpg)

## Large Orders

Meaning ▴ A Large Order designates a transaction volume for a digital asset that significantly exceeds the prevailing average daily trading volume or the immediate depth available within the order book, requiring specialized execution methodologies to prevent material price dislocation and preserve market integrity. </a><a href="https://prime.greeks.live/area/execution-management-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Central polished disc, with contrasting segments, represents Institutional Digital Asset Derivatives Prime RFQ core. A textured rod signifies RFQ Protocol High-Fidelity Execution and Low Latency Market Microstructure data flow to the Quantitative Analysis Engine for Price Discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-core-system-high-fidelity.jpg)

## Execution Management System

Meaning ▴ An Execution Management System (EMS) is a specialized software application engineered to facilitate and optimize the electronic execution of financial trades across diverse venues and asset classes. </a><a href="https://prime.greeks.live/area/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A symmetrical, intricate digital asset derivatives execution engine. Its metallic and translucent elements visualize a robust RFQ protocol facilitating multi-leg spread execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-best-execution.jpg)

## Transaction Cost Analysis

Meaning ▴ Transaction Cost Analysis (TCA) is the quantitative methodology for assessing the explicit and implicit costs incurred during the execution of financial trades. </a>

**Tags:** [Algorithmic Trading](https://options.greeks.live/area/algorithmic-trading/), [Fill Rate](https://options.greeks.live/area/fill-rate/), [Large Orders](https://options.greeks.live/area/large-orders/), [Performance Scorecard](https://options.greeks.live/area/performance-scorecard/), [Cost Efficiency](https://options.greeks.live/area/cost-efficiency/), [Price Improvement](https://options.greeks.live/area/price-improvement/)	

## Discover More

- 
### [How Can a Firm Strategically Alter Its RFQ Process to Minimize Information Leakage?](https://options.greeks.live/question/how-can-a-firm-strategically-alter-its-rfq-process-to-minimize-information-leakage/)
![Sleek metallic system component with intersecting translucent fins, symbolizing multi-leg spread execution for institutional grade digital asset derivatives. It enables high-fidelity execution and price discovery via RFQ protocols, optimizing market microstructure and gamma exposure for capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-trading-system-rfq-protocols.jpg)

A firm can minimize RFQ information leakage by implementing a data-driven, tiered counterparty system and utilizing dynamic, anonymized protocols.

- 
### [In What Ways Can Buy-Side Traders Analyze RFQ Response Data to Improve Future Execution Quality?](https://options.greeks.live/question/in-what-ways-can-buy-side-traders-analyze-rfq-response-data-to-improve-future-execution-quality/)
![A chrome cross-shaped central processing unit rests on a textured surface, symbolizing a Principal's institutional grade execution engine. It integrates multi-leg options strategies and RFQ protocols, leveraging real-time order book dynamics for optimal price discovery in digital asset derivatives, minimizing slippage and maximizing capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/principals-high-fidelity-rfq-execution-digital-asset-derivatives-hub.jpg)

Analyzing RFQ data builds a proprietary model of the liquidity landscape, converting quote streams into a durable execution advantage.

- 
### [What Is an RFQ Form?](https://options.greeks.live/question/what-is-an-rfq-form/)
![Interlocking transparent and opaque components on a dark base embody a Crypto Derivatives OS facilitating institutional RFQ protocols. This visual metaphor highlights atomic settlement, capital efficiency, and high-fidelity execution within a prime brokerage ecosystem, optimizing market microstructure for block trade liquidity.](https://options.greeks.live/wp-content/uploads/2025/07/modular-framework-for-crypto-derivatives-os-rfq-protocol-aggregation.jpg)

A Request for Quote is a private auction protocol for executing large or complex trades with minimal market impact.

- 
### [How Does a Dealer Scoring System Improve RFQ Execution Quality?](https://options.greeks.live/question/how-does-a-dealer-scoring-system-improve-rfq-execution-quality/)
![Transparent conduits and metallic components abstractly depict institutional digital asset derivatives trading. Symbolizing cross-protocol RFQ execution, multi-leg spreads, and high-fidelity atomic settlement across aggregated liquidity pools, it reflects prime brokerage infrastructure.](https://options.greeks.live/wp-content/uploads/2025/07/cross-protocol-rfq-execution-digital-asset-derivatives-microstructure-system.jpg)

A dealer scoring system improves RFQ execution by transforming counterparty selection into a data-driven, competitive discipline.

- 
### [What Is the Role of Transaction Cost Analysis in Refining Algorithmic Rfq Strategies?](https://options.greeks.live/question/what-is-the-role-of-transaction-cost-analysis-in-refining-algorithmic-rfq-strategies/)
![A polished metallic modular hub with four radiating arms represents an advanced RFQ execution engine. This system aggregates multi-venue liquidity for institutional digital asset derivatives, enabling high-fidelity execution and precise price discovery across diverse counterparty risk profiles, powered by a sophisticated intelligence layer.](https://options.greeks.live/wp-content/uploads/2025/08/principal-rfq-hub-digital-asset-derivatives-liquidity-aggregation.jpg)

TCA provides the quantitative feedback loop to systematically refine algorithmic RFQ strategies for optimal execution.

- 
### [How Can Transaction Cost Analysis Be Systematically Applied to Improve RFQ Counterparty Selection over Time?](https://options.greeks.live/question/how-can-transaction-cost-analysis-be-systematically-applied-to-improve-rfq-counterparty-selection-over-time/)
![Angular metallic structures intersect over a curved teal surface, symbolizing market microstructure for institutional digital asset derivatives. This depicts high-fidelity execution via RFQ protocols, enabling private quotation, atomic settlement, and capital efficiency within a prime brokerage framework.](https://options.greeks.live/wp-content/uploads/2025/07/precision-execution-for-institutional-digital-asset-derivatives-via-rfq-protocol-microstructure-optimization.jpg)

A TCA-driven RFQ process builds a quantitative memory of counterparty behavior to improve future execution quality.

- 
### [Can Hybrid Models Combining CLOB and RFQ Features Offer Superior Execution Quality?](https://options.greeks.live/question/can-hybrid-models-combining-clob-and-rfq-features-offer-superior-execution-quality/)
![A sleek Prime RFQ interface features a luminous teal display, signifying real-time RFQ Protocol data and dynamic Price Discovery within Market Microstructure. A detached sphere represents an optimized Block Trade, illustrating High-Fidelity Execution and Liquidity Aggregation for Institutional Digital Asset Derivatives.](https://options.greeks.live/wp-content/uploads/2025/08/advanced-rfq-protocol-engine-for-institutional-digital-asset-derivatives.jpg)

A hybrid CLOB-RFQ model offers superior execution by providing an adaptive framework to optimize for the trade-off between price discovery and market impact.

- 
### [How Can Firms Quantitatively Measure Counterparty Performance for Illiquid Instruments Traded via Rfq?](https://options.greeks.live/question/how-can-firms-quantitatively-measure-counterparty-performance-for-illiquid-instruments-traded-via-rfq/)
![A sleek, multi-component system, predominantly dark blue, features a cylindrical sensor with a central lens. This precision-engineered module embodies an intelligence layer for real-time market microstructure observation, facilitating high-fidelity execution via RFQ protocol. It's crucial for a crypto derivatives OS, enhancing price discovery within the principal's operational framework.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-rfq-protocol-intelligence-layer-for-digital-asset-derivatives-microstructure.jpg)

Firms measure illiquid RFQ performance by architecting a multi-dimensional data system that quantifies price improvement, response reliability, and information leakage.

- 
### [How Can Post-Trade Data Refine Dealer Selection Models over Time?](https://options.greeks.live/question/how-can-post-trade-data-refine-dealer-selection-models-over-time/)
![Polished metallic disks, resembling data platters, with a precise mechanical arm poised for high-fidelity execution. This embodies an institutional digital asset derivatives platform, optimizing RFQ protocol for efficient price discovery, managing market microstructure, and leveraging a Prime RFQ intelligence layer to minimize execution latency.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-precision-execution-via-advanced-rfq-protocols-and-prime-os-intelligence-layer-for-optimal-market-microstructure.jpg)

Post-trade data refines dealer selection by transforming historical execution records into predictive, actionable intelligence.

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---

**Original URL:** https://options.greeks.live/question/what-are-the-key-metrics-for-a-dealer-performance-scorecard-in-otc-markets/
