# What Are the Primary Challenges in Sourcing RFQ Data for CAT Reporting? ▴ Question

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

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

![Translucent circular elements represent distinct institutional liquidity pools and digital asset derivatives. A central arm signifies the Prime RFQ facilitating RFQ-driven price discovery, enabling high-fidelity execution via algorithmic trading, optimizing capital efficiency within complex market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-best-execution-framework.jpg)

## Concept

Sourcing [Request for Quote](https://prime.greeks.live/area/request-for-quote/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (RFQ) data for Consolidated Audit Trail (CAT) reporting presents a fundamental architectural conflict. The core of the issue resides in the collision of two distinct financial paradigms. On one side, you have the RFQ protocol, a mechanism rooted in bilateral, often bespoke, negotiation for sourcing liquidity, particularly for complex or large-scale trades. Its nature is conversational and context-dependent.

On the other side, there is the [CAT reporting](https://prime.greeks.live/area/cat-reporting/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) framework, an industrial-scale surveillance system built on the principles of absolute standardization, atomic data points, and unambiguous event sequencing. The primary challenge is the translation of nuanced, multi-stage negotiation workflows into the rigid, machine-readable syntax demanded by regulators.

The difficulty begins with the very definition of a reportable event within an [RFQ lifecycle](https://prime.greeks.live/area/rfq-lifecycle/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). The distinction between a [non-immediately actionable](https://prime.greeks.live/area/non-immediately-actionable/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (NIA) indication of interest and an actionable quote that constitutes a reportable “order” under Rule 613 is a significant point of friction. Many RFQ responses are part of a price discovery process and are not executable until further action is taken by the responding party. However, the CAT NMS Plan requires the reporting of all bids and offers communicated in a standard electronic format, creating a gray area that complicates compliance efforts.

This ambiguity forces firms to build complex logic to parse the intent and actionability of each electronic message, a task made more difficult by the diversity of [RFQ platforms](https://prime.greeks.live/area/rfq-platforms/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and communication protocols (e.g. FIX, proprietary APIs) used across the industry.

This translation is far from a simple data mapping exercise. It represents a deep operational and technological hurdle. Firms must capture a fragmented and varied set of data points from disparate systems, including Order Management Systems (OMS), Execution Management Systems (EMS), and the RFQ platforms themselves. These systems were often designed for trading efficiency, not for the granular audit trail requirements of CAT.

Consequently, the necessary data ▴ such as precise timestamps for every stage of the RFQ, unique identifiers for all parties, and the full content of each quote response, selected or not ▴ is often scattered, inconsistent, or altogether missing. The challenge is therefore one of system integration, data remediation, and the creation of a coherent, auditable narrative from a series of disconnected electronic conversations.

![Abstract visualization of institutional digital asset RFQ protocols. Intersecting elements symbolize high-fidelity execution slicing dark liquidity pools, facilitating precise price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-protocol-execution-intelligence-layer.jpg)

![A robust circular Prime RFQ component with horizontal data channels, radiating a turquoise glow signifying price discovery. This institutional-grade RFQ system facilitates high-fidelity execution for digital asset derivatives, optimizing market microstructure and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-rfq-engine-for-digital-asset-derivatives-execution.jpg)

## Strategy

A robust strategy for managing [RFQ data](https://prime.greeks.live/area/rfq-data/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) for CAT reporting is built upon a foundational principle of creating a single, coherent data architecture. The goal is to bridge the gap between the unstructured nature of RFQ negotiations and the highly structured demands of CAT. This requires a multi-pronged approach that addresses data capture, workflow interpretation, and technological integration. Firms must decide whether to build an in-house system, leverage a third-party vendor solution, or implement a hybrid model that combines internal expertise with specialized external technology.

> A successful CAT reporting strategy transforms compliance from a reactive data-gathering exercise into a proactive, architecturally sound process.

![A sophisticated digital asset derivatives execution platform showcases its core market microstructure. A speckled surface depicts real-time market data streams](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-core-microstructure.jpg)

## Architectural Approaches to RFQ Data Aggregation

The choice of architectural model is a critical strategic decision with long-term implications for cost, control, and compliance resilience. Each approach presents a different set of trade-offs that must be aligned with the firm’s operational capabilities and risk appetite.

- **In-House Development** This strategy involves building a proprietary system to aggregate RFQ data from all sources, normalize it, apply the necessary CAT reporting logic, and generate the final submission files. This provides maximum control over the data and logic but requires significant and ongoing investment in development, maintenance, and expertise to keep pace with evolving CAT requirements.

- **Vendor-Based Solutions** Engaging a specialized RegTech vendor can accelerate implementation and reduce the internal development burden. These vendors offer dedicated CAT reporting platforms that are pre-configured to handle various data sources, including RFQ platforms. The primary trade-off is a potential reduction in control and the need to rely on the vendor’s interpretation of complex reporting rules.

- **Hybrid Model** This approach combines the strengths of the other two. A firm might use a vendor solution for the heavy lifting of data ingestion and formatting while retaining an in-house team of subject matter experts to manage data quality, oversee the application of reporting logic, and handle exceptions and error remediation. This balanced strategy often provides a good mix of efficiency and control.

The table below compares these strategic approaches across key decision-making criteria, offering a framework for evaluating the optimal path for a given institution.

| Criterion | In-House Development | Vendor-Based Solution | Hybrid Model |
| --- | --- | --- | --- |
| Initial Cost | Very High | Moderate to High | High |
| Ongoing Cost | High (Maintenance, Staffing) | Moderate (Subscription Fees) | Moderate to High |
| Implementation Speed | Slow | Fast | Moderate |
| Control & Customization | Maximum | Limited | High |
| Compliance Risk | High (Dependent on internal expertise) | Lower (Leverages vendor expertise) | Moderate (Shared responsibility) |
| Resource Requirement | High (IT, Compliance, SMEs) | Low to Moderate | Moderate |

![Reflective planes and intersecting elements depict institutional digital asset derivatives market microstructure. A central Principal-driven RFQ protocol ensures high-fidelity execution and atomic settlement across diverse liquidity pools, optimizing multi-leg spread strategies on a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-precision.jpg)

## How Does Data Fragmentation Impede Reporting?

A core strategic challenge is overcoming [data fragmentation](https://prime.greeks.live/area/data-fragmentation/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). RFQ data resides in multiple systems that are not natively designed to communicate with each other for reporting purposes. An RFQ may be initiated in an EMS, with responses received via a third-party platform or directly into an OMS through FIX messages.

Each system captures a piece of the overall event, creating data silos. Without a unified data strategy, firms are forced into inefficient and error-prone manual processes to stitch together the required information for a single RFQ lifecycle.

The strategic solution is the establishment of a “golden source” for CAT-related data. This involves creating a central repository or a data lake architecture where all relevant events from the OMS, EMS, and RFQ platforms are ingested and time-synchronized. This centralized data source then becomes the foundation for the CAT reporting engine, which can apply consistent logic and enrichment rules. This strategy directly addresses the lack of standardization and integration challenges highlighted by industry analyses.

![A modular system with beige and mint green components connected by a central blue cross-shaped element, illustrating an institutional-grade RFQ execution engine. This sophisticated architecture facilitates high-fidelity execution, enabling efficient price discovery for multi-leg spreads and optimizing capital efficiency within a Prime RFQ framework for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/principal-prime-os-rfq-engine-for-digital-asset-derivatives.jpg)

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

## Execution

The execution of a CAT reporting framework for RFQ workflows is an exercise in precision engineering. It demands a granular understanding of the data elements, a meticulously designed workflow for data transformation, and a resilient technological architecture to ensure completeness, accuracy, and timeliness. The process must be auditable at every step, from the initial sourcing of a quote to the final acceptance of the reported data by the [FINRA CAT](https://prime.greeks.live/area/finra-cat/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) system.

> Effective execution hinges on the ability to translate every step of a complex negotiation into a discrete, reportable event with verifiable data.

![A sleek, institutional-grade system processes a dynamic stream of market microstructure data, projecting a high-fidelity execution pathway for digital asset derivatives. This represents a private quotation RFQ protocol, optimizing price discovery and capital efficiency through an intelligence layer](https://options.greeks.live/wp-content/uploads/2025/07/institutional-rfq-digital-asset-derivatives-execution-microstructure-prime-os.jpg)

## The RFQ-To-CAT Reporting Lifecycle

Executing the reporting process requires a systematic, multi-stage approach. Each stage addresses a specific part of the data journey, ensuring that raw, fragmented information is progressively refined into a compliant submission.

- **Data Ingestion and Synchronization** The initial step is to capture all relevant messages and events from the source systems. This includes the RFQ initiation from the EMS, all responses (both selected and unselected) from the RFQ platform or FIX gateway, and the final execution or order placement in the OMS. Critically, all timestamps must be synchronized to a common clock source (e.g. NIST) and converted to Coordinated Universal Time (UTC) as required by CAT.

- **Event Interpretation and Sequencing** Once ingested, the raw data must be interpreted to identify the specific reportable CAT events. This is where the logic to differentiate between a non-actionable indication and a reportable quote is applied. The system must reconstruct the entire lifecycle of the RFQ, linking each response back to the initial solicitation to create a complete audit trail.

- **Data Enrichment and Validation** The interpreted events are then enriched with required CAT data fields that may not be present in the source systems. This includes assigning a unique firmDesignatedId to the RFQ lifecycle, mapping internal trader identifiers to CAT-required IDs, and adding context-specific details. The enriched data must be validated against CAT’s technical specifications to catch formatting errors or missing information before submission.

- **Submission and Error Reconciliation** The validated and formatted data is compiled into files and submitted to the FINRA CAT portal. The execution process does not end here. The firm must have a robust mechanism to ingest feedback files from CAT, identify any rejections or linkage errors, and manage a timely and accurate correction and resubmission process. This reconciliation loop is a critical component of ongoing compliance.

![A central precision-engineered RFQ engine orchestrates high-fidelity execution across interconnected market microstructure. This Prime RFQ node facilitates multi-leg spread pricing and liquidity aggregation for institutional digital asset derivatives, minimizing slippage](https://options.greeks.live/wp-content/uploads/2025/08/high-fidelity-rfq-execution-for-institutional-crypto-derivatives.jpg)

## What Data Must Be Captured and Transformed?

The core of the execution challenge lies in mapping the disparate data elements from RFQ systems to the precise fields required by the CAT technical specifications. The temporary exemption for Non-Immediately Actionable (NIA) Electronic RFQ Responses until July 31, 2026, gives firms time to build these systems, but the underlying data requirements remain. The table below provides a simplified example of this mapping for a reportable RFQ response, illustrating the transformation required.

| Source RFQ Data Element | Description | CAT Report Field | Transformed Value/Comment |
| --- | --- | --- | --- |
| QuoteID | Proprietary ID from RFQ platform | firmDesignatedId | A globally unique ID must be generated to track the entire RFQ lifecycle. |
| Timestamp | Timestamp of quote response | eventTimestamp | Converted to UTC format with microsecond precision. |
| Symbol | Ticker symbol of the instrument | symbol | Direct mapping, validated against security master. |
| Side | Buy/Sell indicator | side | Direct mapping (e.g. ‘Buy’ maps to ‘B’). |
| Price | Quoted price | price | Direct mapping, formatted to required decimal precision. |
| Quantity | Quoted quantity | quantity | Direct mapping. |
| RespondingFirmID | Internal ID of the responding dealer | sender.firmId | Enriched with the dealer’s CRD number. |
| ActionabilityFlag | Internal flag indicating if quote is actionable | quoteType | Logic applied to map to ‘Actionable’ or other relevant CAT type. |

This mapping process highlights the need for a sophisticated data transformation engine. The system must handle variations in data formats from different RFQ sources, apply complex business rules to determine reportability, and enrich the data with external information like regulatory identifiers. The complexity multiplies for multi-leg option strategies, where each leg of the RFQ must be reported with appropriate linkages, a phase of reporting that presents its own significant challenges.

![An advanced digital asset derivatives system features a central liquidity pool aperture, integrated with a high-fidelity execution engine. This Prime RFQ architecture supports RFQ protocols, enabling block trade processing and price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-protocol-execution-system-architecture.jpg)

## References

- Financial Information Forum. “FIF Letter to the CAT Plan Participants and FINRA CAT on CAT Reporting for Non-Executable RFQ Responses.” 1 June 2023.

- Financial Information Forum. “Reporting of non-executable RFQ responses to CAT.” 1 June 2023.

- Texas Department of Transportation. “What are the Challenges of CAT Data?” 2023.

- CAT NMS Plan. “Are electronic responses to a Request for Quote (RFQ) or other forms of solicitation responses reportable to CAT in Phase 2c (equities) and Phase 2d (options)?” 25 March 2025.

- Oyster Consulting. “CAT Reporting Exemption ▴ Relief for Electronic Quote Responses.” 2024.

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

- Lehalle, Charles-Albert, and Sophie Laruelle, editors. Market Microstructure in Practice. World Scientific Publishing, 2018.

![A sleek, precision-engineered device with a split-screen interface displaying implied volatility and price discovery data for digital asset derivatives. This institutional grade module optimizes RFQ protocols, ensuring high-fidelity execution and capital efficiency within market microstructure for multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-module.jpg)

## Reflection

The architectural undertakings required to meet CAT reporting obligations for RFQ workflows compel a deeper examination of a firm’s entire data infrastructure. The process of sourcing, translating, and reporting this specific data stream reveals the true state of system integration and [data governance](https://prime.greeks.live/area/data-governance/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) within an organization. Viewing this challenge through the lens of regulatory compliance alone is insufficient. Instead, it should be seen as a catalyst for building a more resilient, transparent, and efficient operational framework.

The systems architected to solve this problem can yield benefits far beyond compliance, providing clearer insights into execution quality, counterparty performance, and liquidity sourcing. The ultimate question for any institution is how it can transform the mandated transparency of CAT into a strategic asset for superior market navigation.

![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)

## Glossary

<a href="https://prime.greeks.live/area/request-for-quote/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Smooth, layered surfaces represent a Prime RFQ Protocol architecture for Institutional Digital Asset Derivatives. They symbolize integrated Liquidity Pool aggregation and optimized Market Microstructure](https://options.greeks.live/wp-content/uploads/2025/07/market-microstructure-rfq-protocols-for-digital-asset-derivatives.jpg)

## Request for Quote

Meaning ▴ A Request for Quote, or RFQ, constitutes a formal communication initiated by a potential buyer or seller to solicit price quotations for a specified financial instrument or block of instruments from one or more liquidity providers. </a><a href="https://prime.greeks.live/area/cat-reporting/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A beige spool feeds dark, reflective material into an advanced processing unit, illuminated by a vibrant blue light. This depicts high-fidelity execution of institutional digital asset derivatives through a Prime RFQ, enabling precise price discovery for aggregated RFQ inquiries within complex market microstructure, ensuring atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-engine-prime-os-3.jpg)

## Cat Reporting

Meaning ▴ CAT Reporting, or Consolidated Audit Trail Reporting, mandates the comprehensive capture and reporting of all order and trade events across US equity and and options markets. </a><a href="https://prime.greeks.live/area/non-immediately-actionable/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A stylized RFQ protocol engine, featuring a central price discovery mechanism and a high-fidelity execution blade. Translucent blue conduits symbolize atomic settlement pathways for institutional block trades within a Crypto Derivatives OS, ensuring capital efficiency and best execution](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-rfq-execution-for-digital-asset-derivatives.jpg)

## Non-Immediately Actionable

Meaning ▴ This refers to data, insights, or system states that, while relevant and valuable, do not necessitate or permit an instantaneous, automated response within the typical latency constraints of high-frequency trading or real-time market operations. </a><a href="https://prime.greeks.live/area/rfq-lifecycle/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Two abstract, segmented forms intersect, representing dynamic RFQ protocol interactions and price discovery mechanisms. The layered structures symbolize liquidity aggregation across multi-leg spreads within complex market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-microstructure.jpg)

## Rfq Lifecycle

Meaning ▴ The RFQ Lifecycle precisely defines the complete sequence of states and transitions a Request for Quote undergoes from its initiation by a buy-side principal to its ultimate settlement or cancellation within a robust electronic trading system. </a><a href="https://prime.greeks.live/area/rfq-platforms/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A gleaming, translucent sphere with intricate internal mechanisms, flanked by precision metallic probes, symbolizes a sophisticated Principal's RFQ engine. This represents the atomic settlement of multi-leg spread strategies, enabling high-fidelity execution and robust price discovery within institutional digital asset derivatives markets, minimizing latency and slippage for optimal alpha generation and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/inst-digital-asset-deriv-rfq-os-for-optimal-high-fidelity-trade-exec.jpg)

## Rfq Platforms

Meaning ▴ RFQ Platforms are specialized electronic systems engineered to facilitate the price discovery and execution of financial instruments through a request-for-quote protocol. </a><a href="https://prime.greeks.live/area/rfq-data/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precise central mechanism, representing an institutional RFQ engine, is bisected by a luminous teal liquidity pipeline. This visualizes high-fidelity execution for digital asset derivatives, enabling precise price discovery and atomic settlement within an optimized market microstructure for multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-core-execution-system-1.jpg)

## Rfq Data

Meaning ▴ RFQ Data constitutes the comprehensive record of information generated during a Request for Quote process, encompassing all details exchanged between an initiating Principal and responding liquidity providers. </a><a href="https://prime.greeks.live/area/data-fragmentation/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract bisected spheres, reflective grey and textured teal, forming an infinity, symbolize institutional digital asset derivatives. Grey represents high-fidelity execution and market microstructure teal, deep liquidity pools and volatility surface data](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocols-for-digital-asset-derivatives-execution.jpg)

## Data Fragmentation

Meaning ▴ Data Fragmentation refers to the dispersal of logically related data across physically separated storage locations or distinct, uncoordinated information systems, hindering unified access and processing for critical financial operations. </a><a href="https://prime.greeks.live/area/finra-cat/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precise RFQ engine extends into an institutional digital asset liquidity pool, symbolizing high-fidelity execution and advanced price discovery within complex market microstructure. This embodies a Principal's operational framework for multi-leg spread strategies and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-engine-interfacing-core-liquidity-system.jpg)

## Finra Cat

Meaning ▴ FINRA CAT, or the Consolidated Audit Trail, represents a comprehensive, centralized repository designed to track the lifecycle of orders and trades in U.S. </a><a href="https://prime.greeks.live/area/data-governance/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A futuristic, metallic structure with reflective surfaces and a central optical mechanism, symbolizing a robust Prime RFQ for institutional digital asset derivatives. It enables high-fidelity execution of RFQ protocols, optimizing price discovery and liquidity aggregation across diverse liquidity pools with minimal slippage](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-platform-for-institutional-digital-asset-derivatives-rfq-protocol-optimized-execution-management-system-with-robust-liquidity-sourcing.jpg)

## Data Governance

Meaning ▴ Data Governance establishes a comprehensive framework of policies, processes, and standards designed to manage an organization's data assets effectively. </a>

**Tags:** [Request for Quote](https://options.greeks.live/area/request-for-quote/), [Order Management System](https://options.greeks.live/area/order-management-system/), [RFQ Lifecycle](https://options.greeks.live/area/rfq-lifecycle/), [Non-Immediately Actionable](https://options.greeks.live/area/non-immediately-actionable/), [CAT Reporting](https://options.greeks.live/area/cat-reporting/), [Trade Surveillance](https://options.greeks.live/area/trade-surveillance/)	

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- 
### [How Should a Firm’s Internal Compliance Framework Govern the Use of External RFQ Platforms?](https://options.greeks.live/question/how-should-a-firms-internal-compliance-framework-govern-the-use-of-external-rfq-platforms/)
![Close-up reveals robust metallic components of an institutional-grade execution management system. Precision-engineered surfaces and central pivot signify high-fidelity execution for digital asset derivatives. This represents the market microstructure supporting RFQ protocols, ensuring best execution and capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-digital-asset-derivatives-rfq-execution-precision-optimizing-market-microstructure-for-best-execution-and-prime-os.jpg)

A firm's RFQ compliance framework is a dynamic governance system for optimizing execution and controlling information risk.

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---

**Original URL:** https://options.greeks.live/question/what-are-the-primary-challenges-in-sourcing-rfq-data-for-cat-reporting/
