# What Are the Primary Differences between Firm Quotes and Last Look Quotes in Rfq Systems? ▴ Question

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

---

![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)

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

## Concept

The distinction between firm and last look quotation protocols within a [Request for Quote](https://prime.greeks.live/area/request-for-quote/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (RFQ) system represents a fundamental bifurcation in risk allocation and execution philosophy. An institutional trader’s selection between these two mechanisms is a high-stakes decision that directly shapes the certainty and cost of a transaction. The query for a price is the start of a process, one where the counterparty’s response establishes the very nature of the engagement. A [firm quote](https://prime.greeks.live/area/firm-quote/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is an irrevocable commitment; a last look quote is a conditional indication.

A firm quote constitutes a binding offer from a [liquidity provider](https://prime.greeks.live/area/liquidity-provider/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) to transact a specific quantity of an asset at a stated price, valid for a defined, often brief, period. Once the [market maker](https://prime.greeks.live/area/market-maker/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) provides this quote, they transfer the immediate market risk to themselves. If the market moves against the provider’s quoted price during the quote’s lifespan, they are still obligated to honor it if the taker accepts the terms.

This mechanism provides the [price taker](https://prime.greeks.live/area/price-taker/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) with absolute [execution certainty](https://prime.greeks.live/area/execution-certainty/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), a critical attribute when managing large orders or executing trades in volatile conditions where slippage is a primary concern. The violation of this principle, known as “backing away,” is a serious regulatory infraction.

> A firm quote is a binding commitment to trade at a specific price, while a last look quote is a non-binding indication that includes a final option to reject the trade.

Conversely, a [last look](https://prime.greeks.live/area/last-look/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) quote introduces a pivotal extra step in the execution workflow. In this protocol, after a trader agrees to a provided price, the liquidity provider retains a final, momentary option ▴ the “last look” ▴ to either accept or reject the trade. This mechanism functions as a risk mitigation tool for the market maker, protecting them from being traded on a stale price or by predatory, high-frequency strategies.

The period for this final check, known as the ‘hold time,’ is a critical parameter. While this protocol may result in more competitive initial pricing due to the reduced risk for the provider, it fundamentally shifts the execution risk back to the price taker, who faces the possibility of a trade rejection.

![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)

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

## Strategy

![Sleek metallic structures with glowing apertures symbolize institutional RFQ protocols. These represent high-fidelity execution and price discovery across aggregated liquidity pools](https://options.greeks.live/wp-content/uploads/2025/07/precision-digital-asset-derivatives-trading-systems-optimizing-rfq-protocols-for-institutional-block-trade-execution.jpg)

## The Strategic Calculus of Quotation Protocols

Choosing between firm and last look protocols is a strategic decision governed by the specific objectives of the trade. An institution’s execution policy must weigh the trade-off between the certainty of execution and the potential for price improvement. This decision is influenced by factors such as the size of the order, the liquidity of the asset, prevailing market volatility, and the established relationship with the counterparty.

For large institutional orders, particularly in less liquid instruments like certain bonds or derivatives, minimizing market impact is a paramount concern. In these scenarios, the certainty afforded by a firm quote is highly valuable. The ability to execute a significant block at a known price without signaling intent to the broader market prevents adverse price movements. While the quoted spread on a firm quote might be wider to compensate the market maker for the risk they are assuming, this explicit cost is often preferable to the implicit and unpredictable cost of [slippage](https://prime.greeks.live/area/slippage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) that can occur with a failed execution on a last look quote.

![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)

## Counterparty and Protocol Selection

The strategic deployment of RFQs involves careful counterparty selection. An institution will direct its requests to a curated set of liquidity providers based on their historical performance. Key metrics for evaluating last look providers include their rejection rates (how often they decline trades) and the symmetry of their price adjustments. A provider who frequently rejects trades when the market moves in their favor, or only passes on negative price slippage to the client, exhibits ‘asymmetric slippage’ and damages the trust-based relationship.

Consequently, many institutions maintain detailed analytics on their counterparties to inform their [RFQ](https://prime.greeks.live/area/rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) routing decisions. Anonymity can also be a strategic tool, with some RFQ systems allowing traders to request quotes without revealing their identity, further reducing information leakage.

> The choice between firm and last look is a direct trade-off between paying a premium for certainty versus accepting execution risk for a potentially tighter spread.

The table below outlines the strategic considerations inherent in each protocol from the perspective of the price taker.

| Attribute | Firm Quote Protocol | Last Look Protocol |
| --- | --- | --- |

![A precision-engineered metallic cross-structure, embodying an RFQ engine's market microstructure, showcases diverse elements. One granular arm signifies aggregated liquidity pools and latent liquidity](https://options.greeks.live/wp-content/uploads/2025/07/institutional-rfq-engine-microstructure-for-atomic-settlement.jpg)

![Intricate metallic mechanisms portray a proprietary matching engine or execution management system. Its robust structure enables algorithmic trading and high-fidelity execution for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-market-microstructure.jpg)

## Execution

![A teal-blue disk, symbolizing a liquidity pool for digital asset derivatives, is intersected by a bar. This represents an RFQ protocol or block trade, detailing high-fidelity execution pathways](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocols-high-fidelity-digital-asset-execution.jpg)

## Operational Mechanics and System Architecture

The execution workflow for firm and last look quotes within an RFQ system is procedurally distinct, with significant implications for the underlying technology and operational oversight. Understanding these procedural differences is essential for building a resilient and efficient trading infrastructure.

![A metallic, circular mechanism, a precision control interface, rests on a dark circuit board. This symbolizes the core intelligence layer of a Prime RFQ, enabling low-latency, high-fidelity execution for institutional digital asset derivatives via optimized RFQ protocols, refining market microstructure](https://options.greeks.live/wp-content/uploads/2025/08/precision-rfq-protocol-engine-for-institutional-digital-asset-derivatives.jpg)

## The Firm Quote Execution Lifecycle

The firm quote process is a straightforward, two-step interaction. It is built for speed and certainty, minimizing points of failure.

- **Request Initiation** ▴ The price taker’s system sends a request for a quote message to selected liquidity providers. This message specifies the instrument, quantity, and direction (buy or sell).

- **Quote and Execution** ▴ The liquidity provider responds with a firm, executable price. Upon acceptance by the taker, the trade is considered final and binding. A trade confirmation is returned, and the system moves directly to post-trade settlement and clearing. 

![A multifaceted, luminous abstract structure against a dark void, symbolizing institutional digital asset derivatives market microstructure. Its sharp, reflective surfaces embody high-fidelity execution, RFQ protocol efficiency, and precise price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-trading-protocol-architecture-optimizing-high-fidelity-rfq-execution-and-latent-liquidity-discovery.jpg)

## The Last Look Execution Lifecycle

The last look process introduces additional stages and conditions, demanding more sophisticated monitoring and logic from the trading system.

- **Request and Indication** ▴ The initial request is identical, but the provider’s response is a conditional quote.

- **Taker’s Acceptance** ▴ The price taker accepts the quote, sending an order to the provider.

- **The “Last Look” Hold** ▴ This triggers a ‘hold time’ on the provider’s side, a period typically measured in milliseconds. During this window, the provider’s system performs a final check. This check compares the quoted price against the current market price and may involve other risk assessments.

- **Final Decision – Fill or Reject** ▴ 

<li>**Fill** ▴ If the price is still valid within the provider’s tolerance, they accept the trade, and a fill confirmation is sent.

- **Reject** ▴ If the price has moved beyond their tolerance, they reject the trade. A rejection message is sent back to the taker, who must then decide whether to re-quote or abandon the trade.

</li>

The table below provides a hypothetical quantitative analysis of outcomes for a $10 million EUR/USD trade under both protocols in different market conditions. This illustrates the financial impact of the execution protocol choice.

| Scenario | Protocol | Initial Quote | Market Movement During Execution | Final Execution Price | Outcome Analysis |
| --- | --- | --- | --- | --- | --- |

> An institution’s trading system must be architected to handle not just the request and response, but also the potential for trade rejection and the subsequent decision logic.

From a technological standpoint, this requires robust handling of different Financial Information eXchange (FIX) protocol messages. A successful execution might be confirmed with an ExecutionReport message with ExecType=FILL, whereas a rejection in a last look system would be communicated with an ExecutionReport where ExecType=REJECTED. An effective trading system must parse these messages in real-time and have automated logic to handle the rejection scenario, such as immediately re-initiating the RFQ process. This operational resilience is a hallmark of a mature institutional trading desk.

![Abstract RFQ engine, transparent blades symbolize multi-leg spread execution and high-fidelity price discovery. The central hub aggregates deep liquidity pools](https://options.greeks.live/wp-content/uploads/2025/07/principal-rfq-engine-for-crypto-derivatives-high-fidelity-block-trade.jpg)

## References

- Bollenbacher, George. “Through a Glass Darkly ▴ Transparency for Non-Equities Under MiFID II/MIFIR.” _OTC Space_.

- Finery Markets. “RFQ | Helpdesk.” _Finery Markets Helpdesk_, 2024.

- FinchTrade. “Understanding Request For Quote Trading ▴ How It Works and Why It Matters.” _FinchTrade Blog_, 2 October 2024.

- “Firm Quote ▴ What It Is, How It Works, Example.” _Investopedia_, 28 May 2022.

- “Request for quote.” _Wikipedia_.

- “Request for quote in equities ▴ Under the hood.” _The TRADE_, 7 January 2019.

- “Service and Technical Description – Request for Quote (RFQ).” _London Stock Exchange_, Version 1.1, 23 October 2018.

- “Commission Delegated Regulation (EU) 2017/583.” _Official Journal of the European Union_, 14 July 2016.

![A sophisticated system's core component, representing an Execution Management System, drives a precise, luminous RFQ protocol beam. This beam navigates between balanced spheres symbolizing counterparties and intricate market microstructure, facilitating institutional digital asset derivatives trading, optimizing price discovery, and ensuring high-fidelity execution within a prime brokerage framework](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-10.jpg)

## Reflection

![A sophisticated modular component of a Crypto Derivatives OS, featuring an intelligence layer for real-time market microstructure analysis. Its precision engineering facilitates high-fidelity execution of digital asset derivatives via RFQ protocols, ensuring optimal price discovery and capital efficiency for institutional participants](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-module.jpg)

## From Protocol to Performance

The examination of firm and last look quotes moves beyond a simple comparison of two protocols. It leads to a deeper introspection about an institution’s entire trading philosophy. The choice is not merely tactical; it is a reflection of the firm’s appetite for risk, its confidence in its technological infrastructure, and the nature of its relationships with its liquidity partners. A truly effective operational framework does not declare one protocol superior to the other.

Instead, it builds the intelligence to deploy each one with precision, matching the tool to the specific trading objective and market environment. The ultimate advantage lies in this ability to dynamically navigate the complex interplay of certainty, cost, and risk, transforming a simple quote request into a consistent and measurable execution edge.

![A segmented rod traverses a multi-layered spherical structure, depicting a streamlined Institutional RFQ Protocol. This visual metaphor illustrates optimal Digital Asset Derivatives price discovery, high-fidelity execution, and robust liquidity pool integration, minimizing slippage and ensuring atomic settlement for multi-leg spreads within a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-flow-1.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">
![A transparent sphere, representing a digital asset option, rests on an aqua geometric RFQ execution venue. This proprietary liquidity pool integrates with an opaque institutional grade infrastructure, depicting high-fidelity execution and atomic settlement within a Principal's operational framework for Crypto Derivatives OS](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-system-prime-os.jpg)

## Request for Quote

Meaning ▴ A Request for Quote (RFQ), in the context of institutional crypto trading, is a formal process where a prospective buyer or seller of digital assets solicits price quotes from multiple liquidity providers or market makers simultaneously. </a><a href="https://prime.greeks.live/area/firm-quote/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A large, smooth sphere, a textured metallic sphere, and a smaller, swirling sphere rest on an angular, dark, reflective surface. This visualizes a principal liquidity pool, complex structured product, and dynamic volatility surface, representing high-fidelity execution within an institutional digital asset derivatives market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-optimized-market-microstructure-precision.jpg)

## Firm Quote

Meaning ▴ A Firm Quote is a binding price at which a market maker or liquidity provider guarantees to buy or sell a specified quantity of a financial instrument, including cryptocurrencies or their derivatives, for a defined period. </a><a href="https://prime.greeks.live/area/liquidity-provider/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precise mechanical instrument with intersecting transparent and opaque hands, representing the intricate market microstructure of institutional digital asset derivatives. This visual metaphor highlights dynamic price discovery and bid-ask spread dynamics within RFQ protocols, emphasizing high-fidelity execution and latent liquidity through a robust Prime RFQ for atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineering-driving-institutional-digital-asset-derivatives-execution-across-advanced-rfq-protocols-and-prime-brokerage-frameworks.jpg)

## Liquidity Provider

Meaning ▴ A Liquidity Provider (LP), within the crypto investing and trading ecosystem, is an entity or individual that facilitates market efficiency by continuously quoting both bid and ask prices for a specific cryptocurrency pair, thereby offering to buy and sell the asset. </a><a href="https://prime.greeks.live/area/market-maker/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A multi-faceted digital asset derivative, precisely calibrated on a sophisticated circular mechanism. This represents a Prime Brokerage's robust RFQ protocol for high-fidelity execution of multi-leg spreads, ensuring optimal price discovery and minimal slippage within complex market microstructure, critical for alpha generation](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-precision-2.jpg)

## Market Maker

Meaning ▴ A Market Maker, in the context of crypto financial markets, is an entity that continuously provides liquidity by simultaneously offering to buy (bid) and sell (ask) a particular cryptocurrency or derivative. </a><a href="https://prime.greeks.live/area/execution-certainty/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## Execution Certainty

Meaning ▴ Execution Certainty, in the context of crypto institutional options trading and smart trading, signifies the assurance that a specific trade order will be completed at or very near its quoted price and volume, minimizing adverse price slippage or partial fills. </a><a href="https://prime.greeks.live/area/price-taker/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precision-engineered, multi-layered system visually representing institutional digital asset derivatives trading. Its interlocking components symbolize robust market microstructure, RFQ protocol integration, and high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-high-fidelity-execution-4.jpg)

## Price Taker

Meaning ▴ A Price Taker, within the context of crypto markets and institutional trading, is a market participant who accepts the prevailing market price for an asset without significantly influencing it. </a><a href="https://prime.greeks.live/area/last-look/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A proprietary Prime RFQ platform featuring extending blue/teal components, representing a multi-leg options strategy or complex RFQ spread. The labeled band 'F331 46 1' denotes a specific strike price or option series within an aggregated inquiry for high-fidelity execution, showcasing granular market microstructure data points](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-protocol-1.jpg)

## Last Look

Meaning ▴ Last Look is a contentious practice predominantly found in electronic over-the-counter (OTC) trading, particularly within foreign exchange and certain crypto markets, where a liquidity provider retains a brief, unilateral option to accept or reject a client's trade request after the client has committed to the quoted price. </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 sleek green probe, symbolizing a precise RFQ protocol, engages a dark, textured execution venue, representing a digital asset derivatives liquidity pool. This signifies institutional-grade price discovery and high-fidelity execution through an advanced Prime RFQ, minimizing slippage and optimizing capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-protocol-integration-for-high-fidelity-execution-and-institutional-liquidity-aggregation-on-prime-os.jpg)

## Slippage

Meaning ▴ Slippage, in the context of crypto trading and systems architecture, defines the difference between an order's expected execution price and the actual price at which the trade is ultimately filled. </a><a href="https://prime.greeks.live/area/rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A diagonal composition contrasts a blue intelligence layer, symbolizing market microstructure and volatility surface, with a metallic, precision-engineered execution engine. This depicts high-fidelity execution for institutional digital asset derivatives via RFQ protocols, ensuring atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-for-institutional-digital-asset-derivatives-execution.jpg)

## Rfq

Meaning ▴ A Request for Quote (RFQ), in the domain of institutional crypto trading, is a structured communication protocol enabling a prospective buyer or seller to solicit firm, executable price proposals for a specific quantity of a digital asset or derivative from one or more liquidity providers. </a>

**Tags:** [Execution Certainty](https://options.greeks.live/area/execution-certainty/), [Liquidity Provider](https://options.greeks.live/area/liquidity-provider/), [RFQ](https://options.greeks.live/area/rfq/), [Market Microstructure](https://options.greeks.live/area/market-microstructure/), [Price Discovery](https://options.greeks.live/area/price-discovery/), [Last Look](https://options.greeks.live/area/last-look/)	

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---

**Original URL:** https://options.greeks.live/question/what-are-the-primary-differences-between-firm-quotes-and-last-look-quotes-in-rfq-systems/
