# What Are the Primary Differences in Information Leakage between an Anonymous and a Disclosed RFQ? ▴ Question

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

---

![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)

![A macro view reveals a robust metallic component, signifying a critical interface within a Prime RFQ. This secure mechanism facilitates precise RFQ protocol execution, enabling atomic settlement for institutional-grade digital asset derivatives, embodying high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/core-secure-institutional-digital-asset-derivatives-rfq-trade-system-element.jpg)

## Concept

The selection between a disclosed and an anonymous Request for Quote (RFQ) protocol is a foundational decision in the architecture of a trading strategy, directly governing the flow of information and, consequently, the quality of execution. A disclosed RFQ, where the identity of the initiator is known to the solicited [liquidity providers](https://prime.greeks.live/area/liquidity-providers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), operates on a principle of relational capital. Market makers can tailor their quotes based on past interactions and their assessment of the initiator’s trading style. This environment can foster tighter spreads from trusted counterparties who value the relationship and are less concerned about [adverse selection](https://prime.greeks.live/area/adverse-selection/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) from that specific institution.

Conversely, the very act of disclosure is a form of [information leakage](https://prime.greeks.live/area/information-leakage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). The initiator’s identity, combined with the instrument and size of the request, provides significant signaling to the market.

An [anonymous RFQ](https://prime.greeks.live/area/anonymous-rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), by contrast, severs this direct link between identity and intent. It is a structural attempt to mitigate the signaling risk inherent in the disclosed model. By masking the initiator’s identity, the protocol compels liquidity providers to price the request on its intrinsic merits ▴ the instrument, its size, and prevailing market conditions ▴ rather than on the perceived strategy or urgency of the counterparty.

This can be particularly advantageous when executing large orders or trading in less liquid instruments where the initiator’s identity alone could trigger pre-emptive market movements by those who receive the request but do not win the trade. The trade-off, however, is the potential for wider spreads, as liquidity providers must price in the uncertainty of the unknown counterparty, who could be anyone from a passive manager to a highly informed, aggressive fund.

The primary distinction, therefore, is the nature of the information that is deliberately leaked versus the information that is structurally contained. In a [disclosed RFQ](https://prime.greeks.live/area/disclosed-rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), the initiator is betting that the value of their reputation and relationships will outweigh the cost of signaling their intent. In an anonymous [RFQ](https://prime.greeks.live/area/rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), the initiator prioritizes the containment of their identity, accepting that this may come at the cost of the preferential pricing that relationships can provide.

The choice is a calculated one, weighing the benefits of relational pricing against the risks of [market impact](https://prime.greeks.live/area/market-impact/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and information decay. It is a decision that hinges on the specific context of the trade ▴ the liquidity of the asset, the size of the order, the institution’s market footprint, and its strategic objectives at that moment in time.

![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)

![Prime RFQ visualizes institutional digital asset derivatives RFQ protocol and high-fidelity execution. Glowing liquidity streams converge at intelligent routing nodes, aggregating market microstructure for atomic settlement, mitigating counterparty risk within dark liquidity](https://options.greeks.live/wp-content/uploads/2025/08/prime-os-high-fidelity-digital-asset-derivatives-rfq-protocol.jpg)

## Strategy

![Engineered components in beige, blue, and metallic tones form a complex, layered structure. This embodies the intricate market microstructure of institutional digital asset derivatives, illustrating a sophisticated RFQ protocol framework for optimizing price discovery, high-fidelity execution, and managing counterparty risk within multi-leg spreads on a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-stack-optimization.jpg)

## Calibrating Anonymity as a Strategic Variable

The strategic deployment of RFQ protocols requires treating anonymity as a dynamic variable, not a static choice. The decision to use a disclosed or anonymous RFQ is a critical component of [pre-trade analytics](https://prime.greeks.live/area/pre-trade-analytics/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and hinges on a multi-faceted assessment of market conditions, order characteristics, and the institution’s own information signature. A disclosed RFQ is often optimal for smaller, less impactful trades in liquid markets, where the initiator’s identity is unlikely to cause significant market ripples and where relationship pricing can provide a competitive edge. In this context, the information leakage is minimal and the benefits of leveraging established counterparty relationships are maximized.

Conversely, for large block trades or trades in illiquid assets, the strategic calculus shifts dramatically in favor of anonymity. The potential for information leakage in a disclosed RFQ for a large, illiquid position is substantial. Even the losing bidders on the RFQ become aware of a significant trading interest, and this knowledge can be used to their advantage, either by trading ahead of the anticipated order flow or by adjusting their own market-making activity.

An anonymous RFQ structurally mitigates this risk by preventing the losing counterparties from associating the trade request with a specific institution. This containment of information is paramount to minimizing market impact and preventing the adverse price movements that can result from signaling large institutional flow.

> The choice between disclosed and anonymous RFQs is a strategic calibration of the trade-off between relationship-based pricing advantages and the containment of market-moving information.

The strategic application of these protocols can also be sequential. A sophisticated trading desk might initiate a large order by first using an anonymous RFQ to gauge liquidity and price levels without revealing its hand. Based on the responses, the trader could then break the order into smaller pieces, perhaps executing some via a disclosed RFQ with trusted counterparties who are likely to provide favorable pricing on smaller clips. This hybrid approach allows the institution to benefit from both the information containment of anonymous protocols and the relational advantages of disclosed ones, optimizing [execution quality](https://prime.greeks.live/area/execution-quality/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) across the entire order.

![Sleek, metallic components with reflective blue surfaces depict an advanced institutional RFQ protocol. Its central pivot and radiating arms symbolize aggregated inquiry for multi-leg spread execution, optimizing order book dynamics](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-microstructure-for-institutional-digital-asset-derivatives.jpg)

## Adverse Selection and the Winner’s Curse

From the perspective of the [liquidity provider](https://prime.greeks.live/area/liquidity-provider/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), the choice between responding to a disclosed versus an anonymous RFQ is a calculation of risk, specifically the risk of adverse selection and the “winner’s curse.” In a disclosed RFQ, the liquidity provider can use the initiator’s identity to model the probability that the request is coming from a highly informed trader. If the initiator has a history of executing trades that precede significant price movements in their favor, the liquidity provider will widen their spread to compensate for the risk of trading with a better-informed counterparty. Conversely, if the initiator is known to be a passive, less-informed institution, the spread may be tighter.

[Anonymous RFQs](https://prime.greeks.live/area/anonymous-rfqs/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) introduce a different dynamic. The liquidity provider has no information about the initiator’s identity and must therefore price the quote based on the average information content of all anonymous flow on that platform. This can lead to better pricing for informed traders, who can effectively hide in the crowd, and potentially worse pricing for uninformed traders, who lose the ability to signal their passive nature. The strategic implication for a liquidity provider is the need for sophisticated models to analyze the characteristics of anonymous flow and to dynamically adjust their pricing to mitigate the risk of consistently losing to better-informed, anonymous counterparties.

### Table 1 ▴ Comparative Analysis of RFQ Protocols

| Feature | Disclosed RFQ | Anonymous RFQ |
| --- | --- | --- |
| Primary Advantage | Leverages counterparty relationships for potentially tighter spreads. | Minimizes information leakage and signaling risk. |
| Primary Disadvantage | High potential for information leakage to losing bidders. | Potential for wider spreads due to counterparty uncertainty. |
| Optimal Use Case | Smaller trades in liquid markets with trusted counterparties. | Large block trades or trades in illiquid assets. |
| Risk for Liquidity Provider | Adverse selection based on known counterparty behavior. | Adverse selection based on the average information of anonymous flow. |

- **Disclosed RFQ** ▴ This protocol is built on the foundation of bilateral relationships. The initiator reveals their identity to a select group of liquidity providers, anticipating that their reputation and the potential for future business will result in more competitive quotes. This approach is most effective when the initiator is confident that their trading intentions will not be misinterpreted or front-run by the market.

- **Anonymous RFQ** ▴ Here, the initiator’s identity is masked, forcing liquidity providers to quote based solely on the characteristics of the order and the state of the market. This is a defensive strategy, designed to protect the initiator from the market impact that can be triggered by the revelation of a large trading interest from a known institutional player.

- **Hybrid Strategies** ▴ Sophisticated traders do not view the choice as a binary one. They may use anonymous RFQs to test liquidity and then execute smaller pieces of the order through disclosed RFQs, or vice versa, depending on their real-time assessment of market conditions and counterparty behavior.

![Institutional-grade infrastructure supports a translucent circular interface, displaying real-time market microstructure for digital asset derivatives price discovery. Geometric forms symbolize precise RFQ protocol execution, enabling high-fidelity multi-leg spread trading, optimizing capital efficiency and mitigating systemic risk](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-request-for-quote-protocol-high-fidelity-execution-market-microstructure-intelligence-layer.jpg)

![A sophisticated digital asset derivatives trading mechanism features a central processing hub with luminous blue accents, symbolizing an intelligence layer driving high fidelity execution. Transparent circular elements represent dynamic liquidity pools and a complex volatility surface, revealing market microstructure and atomic settlement via an advanced RFQ protocol](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-high-fidelity-execution-framework-optimizing-market-microstructure-price-discovery-intelligence-layer.jpg)

## Execution

![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)

## Operationalizing RFQ Selection for Optimal Execution

The execution of a trading strategy that effectively manages information leakage requires a disciplined, data-driven approach to [RFQ protocol](https://prime.greeks.live/area/rfq-protocol/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) selection. This moves beyond theoretical advantages and into the realm of quantifiable metrics and systematic decision-making. A key component of this is the development of a pre-trade analytics framework that scores potential trades based on their sensitivity to information leakage. This framework should incorporate variables such as the liquidity of the instrument, the size of the order relative to the average daily volume, the prevailing market volatility, and the known behavior of potential liquidity providers.

For example, a large order in an illiquid corporate bond would receive a high information leakage sensitivity score, strongly indicating the use of an anonymous RFQ protocol. Conversely, a small order in a highly liquid government bond would receive a low score, suggesting that a disclosed RFQ to a group of trusted dealers is the optimal execution path. The goal of this framework is to remove subjective judgment from the protocol selection process and replace it with a systematic, repeatable methodology that is aligned with the institution’s overarching goal of minimizing transaction costs.

> Effective execution is achieved by embedding the choice of RFQ protocol within a quantitative, pre-trade analytics framework that systematically assesses information leakage risk.

Post-trade analysis, or [Transaction Cost Analysis](https://prime.greeks.live/area/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (TCA), is equally critical. By analyzing the execution quality of trades conducted through both disclosed and anonymous RFQs, the institution can refine its pre-trade models. Key metrics to track include price slippage (the difference between the expected price and the execution price), market impact (the movement in the asset’s price during and after the trade), and the reversion of the price post-trade.

A high degree of negative price reversion after a buy order, for instance, could indicate that the trade had a significant temporary market impact, a sign of information leakage. Systematically tracking these metrics allows for the continuous improvement of the execution process.

![Abstract geometric forms depict a sophisticated RFQ protocol engine. A central mechanism, representing price discovery and atomic settlement, integrates horizontal liquidity streams](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-2.jpg)

## A Quantitative Approach to Protocol Selection

To illustrate the practical application of this, consider a hypothetical scenario where a portfolio manager needs to execute a large block trade in a mid-cap stock. The pre-trade analysis would proceed as follows:

- **Order Characterization** ▴ The order size is equivalent to 25% of the stock’s average daily volume. The stock has a wide bid-ask spread and is held by a limited number of institutions. These factors result in a high information leakage sensitivity score.

- **Protocol Simulation** ▴ The trader uses a simulation tool to model the expected transaction costs of executing the order via both disclosed and anonymous RFQs. The model for the disclosed RFQ incorporates the likely signaling effect to the losing bidders, projecting a higher market impact cost. The model for the anonymous RFQ projects a wider initial spread but a lower overall market impact.

- **Execution Strategy** ▴ Based on the simulation, the trader opts for a hybrid execution strategy. They begin by sending out a series of smaller, anonymous RFQs to build a position without revealing their full size. Once a portion of the order is complete, they may approach a trusted [block trading](https://prime.greeks.live/area/block-trading/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) desk via a disclosed RFQ to execute the remainder of the order, leveraging the relationship to secure a final, large fill.

### Table 2 ▴ Hypothetical TCA for a $10M Block Trade

| Execution Protocol | Arrival Price | Execution Price | Slippage (bps) | Post-Trade Reversion (bps) | Implied Information Leakage |
| --- | --- | --- | --- | --- | --- |
| Disclosed RFQ | $50.00 | $50.15 | 30 | -10 | High |
| Anonymous RFQ | $50.00 | $50.10 | 20 | -2 | Low |
| Hybrid Strategy | $50.00 | $50.08 | 16 | -1.5 | Optimized |

This data-driven feedback loop, from pre-trade analysis to execution and post-trade review, is the hallmark of a sophisticated trading operation. It transforms the choice between disclosed and anonymous RFQs from a simple binary decision into a nuanced, strategic component of the overall pursuit of best execution. The ultimate goal is to build a system that learns from every trade, continuously refining its approach to information management and [transaction cost](https://prime.greeks.live/area/transaction-cost/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) minimization.

![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)

## References

- Bessembinder, Hendrik, and Kumar, Praveen. “Price Discovery and the Competition for Order Flow in Electronic Securities Markets.” The Journal of Financial and Quantitative Analysis, vol. 44, no. 2, 2009, pp. 397-427.

- Booth, G. Geoffrey, et al. “Trading and Pricing in the Upstairs and Downstairs Markets.” The Review of Financial Studies, vol. 15, no. 4, 2002, pp. 1111-1142.

- Chordia, Tarun, et al. “An Empirical Analysis of the Price, Liquidity, and Risk of Corporate Bonds.” The Journal of Finance, vol. 60, no. 2, 2005, pp. 911-942.

- Di Maggio, Marco, et al. “The Value of Relationships ▴ Evidence from the Corporate Bond Market.” The Journal of Finance, vol. 72, no. 2, 2017, pp. 699-738.

- Grossman, Sanford J. and Miller, Merton H. “Liquidity and Market Structure.” The Journal of Finance, vol. 43, no. 3, 1988, pp. 617-633.

- Hollifield, Burton, et al. “An Empirical Analysis of the Effect of Electronic Trading on the Market for Corporate Bonds.” The Review of Financial Studies, vol. 30, no. 3, 2017, pp. 824-858.

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

- O’Hara, Maureen. “Market Microstructure Theory.” Blackwell Publishers, 1995.

- Schonbucher, Philipp J. “A Market Model for Order-Driven Markets.” Quantitative Finance, vol. 11, no. 1, 2011, pp. 1-20.

- Zhu, Haoxiang. “Information Leakage and Optimal Market-Making.” The Review of Financial Studies, vol. 27, no. 12, 2014, pp. 3456-3505.

![A sleek Principal's Operational Framework connects to a glowing, intricate teal ring structure. This depicts an institutional-grade RFQ protocol engine, facilitating high-fidelity execution for digital asset derivatives, enabling private quotation and optimal price discovery within market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-execution-engine-for-digital-asset-derivatives-rfq.jpg)

## Reflection

![A precision optical component on an institutional-grade chassis, vital for high-fidelity execution. It supports advanced RFQ protocols, optimizing multi-leg spread trading, rapid price discovery, and mitigating slippage within the Principal's digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-optical-component-prime-os.jpg)

## Information Control as an Operational Asset

The dissection of disclosed and anonymous RFQ protocols reveals a fundamental truth of modern market structure ▴ information control is a tangible operational asset. The decision to reveal or conceal identity is not a passive choice but an active deployment of this asset. An institution’s ability to strategically manage its information signature, calibrating its level of disclosure to the specific context of each trade, is a core competency that directly impacts capital efficiency and execution quality. The frameworks and protocols are merely the tools; the real differentiator is the institutional capacity to wield them with precision.

This perspective reframes the challenge from simply selecting the “right” protocol to building an operational system that makes the optimal choice consistently and dynamically. It necessitates an integrated approach where pre-trade analytics, real-time market data, and post-trade analysis converge to create a constantly learning feedback loop. How does your current operational framework measure, control, and value the information you disseminate into the market with every order? The answer to that question determines whether information is a source of unintended cost or a component of your strategic advantage.

![A metallic rod, symbolizing a high-fidelity execution pipeline, traverses transparent elements representing atomic settlement nodes and real-time price discovery. It rests upon distinct institutional liquidity pools, reflecting optimized RFQ protocols for crypto derivatives trading across a complex volatility surface within Prime RFQ market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-trade-execution-pipeline-optimizing-rfq-protocols-for-best-execution-and-capital-efficiency.jpg)

## Glossary

<a href="https://prime.greeks.live/area/liquidity-providers/?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 Providers

Meaning ▴ Liquidity Providers (LPs) are critical market participants in the crypto ecosystem, particularly for institutional options trading and RFQ crypto, who facilitate seamless trading by continuously offering to buy and sell digital assets or derivatives. </a><a href="https://prime.greeks.live/area/adverse-selection/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Translucent teal panel with droplets signifies granular market microstructure and latent liquidity in digital asset derivatives. Abstract beige and grey planes symbolize diverse institutional counterparties and multi-venue RFQ protocols, enabling high-fidelity execution and price discovery for block trades via aggregated inquiry](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-protocols-liquidity-aggregation.jpg)

## Adverse Selection

Meaning ▴ Adverse selection in the context of crypto RFQ and institutional options trading describes a market inefficiency where one party to a transaction possesses superior, private information, leading to the uninformed party accepting a less favorable price or assuming disproportionate risk. </a><a href="https://prime.greeks.live/area/information-leakage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A metallic, modular trading interface with black and grey circular elements, signifying distinct market microstructure components and liquidity pools. A precise, blue-cored probe diagonally integrates, representing an advanced RFQ engine for granular price discovery and atomic settlement of multi-leg spread strategies in institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-system-facilitating-high-fidelity-execution-price-discovery.jpg)

## Information Leakage

Meaning ▴ Information leakage, in the realm of crypto investing and institutional options trading, refers to the inadvertent or intentional disclosure of sensitive trading intent or order details to other market participants before or during trade execution. </a><a href="https://prime.greeks.live/area/anonymous-rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A stylized spherical system, symbolizing an institutional digital asset derivative, rests on a robust Prime RFQ base. Its dark core represents a deep liquidity pool for algorithmic trading](https://options.greeks.live/wp-content/uploads/2025/08/institutional-grade-rfq-protocol-engine-facilitating-best-execution-and-liquidity-aggregation-for-digital-asset-derivatives.jpg)

## Anonymous Rfq

Meaning ▴ An Anonymous RFQ, or Request for Quote, represents a critical trading protocol where the identity of the party seeking a price for a financial instrument is concealed from the liquidity providers submitting quotes. </a><a href="https://prime.greeks.live/area/disclosed-rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A conceptual image illustrates a sophisticated RFQ protocol engine, depicting the market microstructure of institutional digital asset derivatives. Two semi-spheres, one light grey and one teal, represent distinct liquidity pools or counterparties within a Prime RFQ, connected by a complex execution management system for high-fidelity execution and atomic settlement of Bitcoin options or Ethereum futures](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-market-microstructure-2.jpg)

## Disclosed Rfq

Meaning ▴ A Disclosed RFQ (Request for Quote) in the crypto institutional trading context refers to a negotiation protocol where the identity of the party requesting a quote is revealed to potential liquidity providers. </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 sleek, angled object, featuring a dark blue sphere, cream disc, and multi-part base, embodies a Principal's operational framework. This represents an institutional-grade RFQ protocol for digital asset derivatives, facilitating high-fidelity execution and price discovery within market microstructure, optimizing capital efficiency](https://options.greeks.live/wp-content/uploads/2025/08/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><a href="https://prime.greeks.live/area/market-impact/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Intersecting digital architecture with glowing conduits symbolizes Principal's operational framework. An RFQ engine ensures high-fidelity execution of Institutional Digital Asset Derivatives, facilitating block trades, multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/principal-digital-asset-derivatives-rfq-engine-high-fidelity-execution.jpg)

## Market Impact

Meaning ▴ Market impact, in the context of crypto investing and institutional options trading, quantifies the adverse price movement caused by an investor's own trade execution. </a><a href="https://prime.greeks.live/area/pre-trade-analytics/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, multi-layered system representing an institutional-grade digital asset derivatives platform. Its precise components symbolize high-fidelity RFQ execution, optimized market microstructure, and a secure intelligence layer for private quotation, ensuring efficient price discovery and robust liquidity pool management](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-rfq-execution-digital-asset-derivatives-platform-prime-os.jpg)

## Pre-Trade Analytics

Meaning ▴ Pre-Trade Analytics, in the context of institutional crypto trading and systems architecture, refers to the comprehensive suite of quantitative and qualitative analyses performed before initiating a trade to assess potential market impact, liquidity availability, expected costs, and optimal execution strategies. </a><a href="https://prime.greeks.live/area/execution-quality/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, illuminated control knob emerges from a robust, metallic base, representing a Prime RFQ interface for institutional digital asset derivatives. Its glowing bands signify real-time analytics and high-fidelity execution of RFQ protocols, enabling optimal price discovery and capital efficiency in dark pools for block trades](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-system-for-optimal-execution.jpg)

## Execution Quality

Meaning ▴ Execution quality, within the framework of crypto investing and institutional options trading, refers to the overall effectiveness and favorability of how a trade order is filled. </a><a href="https://prime.greeks.live/area/liquidity-provider/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, bimodal digital asset derivatives execution interface, partially open, revealing a dark, secure internal structure. This symbolizes high-fidelity execution and strategic price discovery via institutional RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocols-price-discovery.jpg)

## 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/anonymous-rfqs/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A luminous teal sphere, representing a digital asset derivative private quotation, rests on an RFQ protocol channel. A metallic element signifies the algorithmic trading engine and robust portfolio margin](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-microstructure-optimizing-prime-os.jpg)

## Anonymous Rfqs

Meaning ▴ Anonymous RFQs denote Requests for Quotes where the identity of the inquiring party remains concealed from prospective liquidity providers. </a><a href="https://prime.greeks.live/area/rfq-protocol/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Sleek, dark components with a bright turquoise data stream symbolize a Principal OS enabling high-fidelity execution for institutional digital asset derivatives. This infrastructure leverages secure RFQ protocols, ensuring precise price discovery and minimal slippage across aggregated liquidity pools, vital for multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-protocol-systemic-execution-interface.jpg)

## Rfq Protocol

Meaning ▴ An RFQ Protocol, or Request for Quote Protocol, defines a standardized set of rules and communication procedures governing the electronic exchange of price inquiries and subsequent responses between market participants in a trading environment. </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">
![Abstract system interface with translucent, layered funnels channels RFQ inquiries for liquidity aggregation. A precise metallic rod signifies high-fidelity execution and price discovery within market microstructure, representing Prime RFQ for digital asset derivatives with atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-protocol-optimized-high-fidelity-execution-interface.jpg)

## Transaction Cost Analysis

Meaning ▴ Transaction Cost Analysis (TCA), in the context of cryptocurrency trading, is the systematic process of quantifying and evaluating all explicit and implicit costs incurred during the execution of digital asset trades. </a><a href="https://prime.greeks.live/area/block-trading/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A translucent digital asset derivative, like a multi-leg spread, precisely penetrates a bisected institutional trading platform. This reveals intricate market microstructure, symbolizing high-fidelity execution and aggregated liquidity, crucial for optimal RFQ price discovery within a Principal's Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-execution-platform-microstructure.jpg)

## Block Trading

Meaning ▴ Block Trading, within the cryptocurrency domain, refers to the execution of exceptionally large-volume transactions of digital assets, typically involving institutional-sized orders that could significantly impact the market if executed on standard public exchanges. </a><a href="https://prime.greeks.live/area/transaction-cost/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, metallic, X-shaped object with a central circular core floats above mountains at dusk. It signifies an institutional-grade Prime RFQ for digital asset derivatives, enabling high-fidelity execution via RFQ protocols, optimizing price discovery and capital efficiency across dark pools for best execution](https://options.greeks.live/wp-content/uploads/2025/07/advanced-principal-rfq-protocol-architecture-for-institutional-digital-asset-derivatives-optimal-price-discovery-and-execution.jpg)

## Transaction Cost

Meaning ▴ Transaction Cost, in the context of crypto investing and trading, represents the aggregate expenses incurred when executing a trade, encompassing both explicit fees and implicit market-related costs. </a>

**Tags:** [Price Discovery](https://options.greeks.live/area/price-discovery/), [Anonymous RFQs](https://options.greeks.live/area/anonymous-rfqs/), [Liquidity Sourcing](https://options.greeks.live/area/liquidity-sourcing/), [Anonymous RFQ](https://options.greeks.live/area/anonymous-rfq/), [RFQ](https://options.greeks.live/area/rfq/), [Information Leakage](https://options.greeks.live/area/information-leakage/)	

## Discover More

- 
### [What Are the Primary Drivers for a Portfolio Manager to Choose an Anonymous versus a Disclosed RFQ?](https://options.greeks.live/question/what-are-the-primary-drivers-for-a-portfolio-manager-to-choose-an-anonymous-versus-a-disclosed-rfq/)
![A sleek, multi-layered device, possibly a control knob, with cream, navy, and metallic accents, against a dark background. This represents a Prime RFQ interface for Institutional Digital Asset Derivatives. Its refined design signifies High-Fidelity Execution, Private Quotation capabilities, and Algorithmic Trading precision within Market Microstructure for Best Execution via RFQ protocols, minimizing Slippage.](https://options.greeks.live/wp-content/uploads/2025/07/precision-control-interface-for-institutional-digital-asset-derivatives-rfq-protocols-and-prime-os.jpg)

The choice between anonymous and disclosed RFQs is a calculated trade-off between information control and relationship capital.

- 
### [What Are the Primary Systemic Differences between Anonymous and Transparent RFQ Protocols?](https://options.greeks.live/question/what-are-the-primary-systemic-differences-between-anonymous-and-transparent-rfq-protocols/)
![Curved, segmented surfaces in blue, beige, and teal, with a transparent cylindrical element against a dark background. This abstractly depicts volatility surfaces and market microstructure, facilitating high-fidelity execution via RFQ protocols for digital asset derivatives, enabling price discovery and revealing latent liquidity for institutional trading.](https://options.greeks.live/wp-content/uploads/2025/07/optimized-rfq-protocol-dynamics-for-institutional-crypto-derivatives.jpg)

Anonymous RFQs shield intent to minimize market impact; transparent RFQs leverage relationships for preferential pricing.

- 
### [What Are the Primary Drivers of Adverse Selection in Disclosed Rfq Systems?](https://options.greeks.live/question/what-are-the-primary-drivers-of-adverse-selection-in-disclosed-rfq-systems/)
![A dark blue sphere, representing a deep institutional liquidity pool, integrates a central RFQ engine. This system processes aggregated inquiries for Digital Asset Derivatives, including Bitcoin Options and Ethereum Futures, enabling high-fidelity execution. Two fins symbolize advanced multi-leg spread strategies and dynamic delta hedging, enhancing capital efficiency within a Prime RFQ.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-for-optimized-liquidity-aggregation.jpg)

Information asymmetry in disclosed RFQs drives adverse selection, requiring strategic counterparty curation and protocol design.

- 
### [How Can Anonymous RFQ Protocols Mitigate the Risk of Information Leakage?](https://options.greeks.live/question/how-can-anonymous-rfq-protocols-mitigate-the-risk-of-information-leakage/)
![A dark, articulated multi-leg spread structure crosses a simpler underlying asset bar on a teal Prime RFQ platform. This visualizes institutional digital asset derivatives execution, leveraging high-fidelity RFQ protocols for optimal capital efficiency and precise price discovery.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-prime-os-execution.jpg)

Anonymous RFQ protocols mitigate information leakage by isolating price discovery within a private, competitive, double-blind auction.

- 
### [What Are the Main Differences between an Rfq and a Dark Pool for Block Trading?](https://options.greeks.live/question/what-are-the-main-differences-between-an-rfq-and-a-dark-pool-for-block-trading/)
![Precision mechanics illustrating institutional RFQ protocol dynamics. Metallic and blue blades symbolize principal's bids and counterparty responses, pivoting on a central matching engine. This visualizes high-fidelity execution and price discovery for digital asset derivatives, emphasizing low latency and capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/precision-institutional-digital-asset-derivatives-rfq-execution-engine-microstructure.jpg)

RFQ is a disclosed, competitive auction for a block trade, while a dark pool is an anonymous, passive matching engine.

- 
### [What Is the Role of Anonymous Rfq Systems in Reducing Information Leakage for Block Trades?](https://options.greeks.live/question/what-is-the-role-of-anonymous-rfq-systems-in-reducing-information-leakage-for-block-trades/)
![A luminous teal sphere, representing a digital asset derivative private quotation, rests on an RFQ protocol channel. A metallic element signifies the algorithmic trading engine and robust portfolio margin. A dark execution interface meets a Prime RFQ foundation, optimizing market microstructure.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-microstructure-optimizing-prime-os.jpg)

Anonymous RFQ systems provide a secure architecture for sourcing block liquidity while minimizing the information leakage that erodes execution quality.

- 
### [How Does Information Leakage in the RFQ Process Impact Overall Portfolio Performance?](https://options.greeks.live/question/how-does-information-leakage-in-the-rfq-process-impact-overall-portfolio-performance/)
![A split spherical mechanism reveals intricate internal components. This symbolizes an Institutional Digital Asset Derivatives Prime RFQ, enabling high-fidelity RFQ protocol execution, optimal price discovery, and atomic settlement for block trades and multi-leg spreads.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-revealing-rfq-execution-core-mechanics.jpg)

Information leakage in the RFQ process directly erodes portfolio returns by systematically increasing transaction costs and revealing strategic intent.

- 
### [How Does Anonymity Affect Pricing in an Rfq Auction?](https://options.greeks.live/question/how-does-anonymity-affect-pricing-in-an-rfq-auction/)
![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. This represents a robust crypto derivatives OS.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-crypto-derivatives-rfq-engine-intelligence-layer.jpg)

Anonymity in an RFQ auction modulates pricing by trading the cost of information leakage for a premium against adverse selection.

- 
### [What Are the Key Differences in Strategy between an RFQ and a Block Trade?](https://options.greeks.live/question/what-are-the-key-differences-in-strategy-between-an-rfq-and-a-block-trade/)
![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. The opposing perforated arm represents high-fidelity execution and algorithmic trading parameters. Its central pivot symbolizes atomic settlement within institutional digital asset derivatives.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-rfq-engine-microstructure-for-atomic-settlement.jpg)

An RFQ sources liquidity via competitive auction; a block trade via private negotiation to minimize market impact.

---

## Raw Schema Data

```json
{
    "@context": "https://schema.org",
    "@type": "BreadcrumbList",
    "itemListElement": [
        {
            "@type": "ListItem",
            "position": 1,
            "name": "Home",
            "item": "https://options.greeks.live"
        },
        {
            "@type": "ListItem",
            "position": 2,
            "name": "Question",
            "item": "https://options.greeks.live/question/"
        },
        {
            "@type": "ListItem",
            "position": 3,
            "name": "What Are the Primary Differences in Information Leakage between an Anonymous and a Disclosed RFQ?",
            "item": "https://options.greeks.live/question/what-are-the-primary-differences-in-information-leakage-between-an-anonymous-and-a-disclosed-rfq/"
        }
    ]
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "Organization",
    "@id": "https://greeks.live/#organization",
    "name": "Greeks.Live",
    "url": "https://greeks.live/",
    "description": "Greeks.live is the definitive toolkit for the professional options trader, dedicated to empowering our users with institutional-grade data, advanced analytics, and a comprehensive suite of trading tools designed to provide a decisive edge in the market. Every article and guide published under the Greeks.live name is a product of our deep commitment to data-driven analysis and our mission to support the global trading community.",
    "email": "support@greeks.live",
    "logo": {
        "@type": "ImageObject",
        "url": "https://options.greeks.live/wp-content/uploads/2025/07/Greeks.Live-Logo-Icon.svg"
    },
    "hasPart": [
        {
            "@type": "WebSite",
            "name": "About Us",
            "url": "https://about.greeks.live"
        },
        {
            "@type": "WebSite",
            "name": "App Download Page",
            "url": "https://about.greeks.live/#/download/basic_trade"
        },
        {
            "@type": "WebSite",
            "name": "Newcomers' Guide",
            "url": "https://twisty-sign-c8b.notion.site/Guide-for-Greeks-live-X-Deribit-Newbies-5a08a3052822427d800af6eaf3704c8d"
        },
        {
            "@type": "WebSite",
            "name": "Knowledge Base",
            "url": "https://linktr.ee/greeks.live"
        },
        {
            "@type": "WebSite",
            "name": "Option Terminology",
            "url": "https://greekslive.notion.site/88dfc00e7c584d4d8969b6302a79a12f?pvs=4"
        },
        {
            "@type": "WebSite",
            "name": "Terms of Service",
            "url": "https://greeks.live/#/tos"
        },
        {
            "@type": "WebSite",
            "name": "Disclaimer",
            "url": "https://greeks.live/#/disclaimer"
        }
    ],
    "sameAs": [
        "https://x.com/greekslive",
        "https://youtube.com/@greeks_live?si=-KjT0Lkw4WUCI0tD",
        "https://t.me/greekslive_notifications",
        "https://t.me/greekslive",
        "https://pinterest.com/greekslive/"
    ],
    "makesOffer": [
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "RFQ Platform",
                "url": "https://rfq.greeks.live",
                "description": "Execute institutional-grade block trades for crypto options and futures. This platform provides deep, over-the-counter (OTC) liquidity via a professional Request for Quote system.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Lending Tools",
                "url": "https://lend.greeks.live",
                "description": "Manage crypto lending and borrowing activities to earn yield or secure loans. This suite of tools helps users analyze interest rates and manage collateralized debt positions.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Data Lab",
                "url": "https://greeks.live/#/deribit/tools/datalab/BTC",
                "description": "Analyze historical and real-time options data with advanced metrics. This tool is designed for backtesting strategies and identifying market trends through comprehensive data visualization.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Profit & Loss Analysis (PnL)",
                "url": "https://greeks.live/#/deribit/tools/pnl_analysis",
                "description": "Track and analyze the Profit and Loss (PnL) of your options portfolio. This tool provides detailed performance metrics to help traders evaluate and refine their strategies.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Position Visualization",
                "url": "https://greeks.live/#/deribit/tools/pv/BTC",
                "description": "Visualize complex options positions and their corresponding risk profiles. This tool generates payoff diagrams to help traders intuitively understand potential profit, loss, and exposure.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Options Calculator",
                "url": "https://greeks.live/#/deribit/tools/calculator",
                "description": "Calculate the theoretical price and risk parameters ('the Greeks') of crypto options. An essential tool for pricing new trades and analyzing the sensitivity of existing positions.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Greeks.live Main Platform",
                "url": "https://greeks.live/",
                "description": "The central hub for the Greeks.live suite of professional cryptocurrency options and derivatives trading tools. Access analytics, manage positions, and explore the ecosystem.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Community Forum",
                "url": "https://t.greeks.live",
                "description": "Join the official Greeks.live community. Connect with other traders, share insights, and receive the latest updates directly from the team.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Greeks.live for Deribit",
                "url": "http://deribit.greeks.live",
                "description": "A dedicated interface for trading on the Deribit exchange. This platform leverages Greeks.live's advanced analytics and tools specifically for users of Deribit's options and futures markets.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Greeks.live for OKX",
                "url": "http://okx.greeks.live",
                "description": "A dedicated interface for trading on the OKX exchange. This platform integrates Greeks.live's powerful analytics with the OKX marketplace, focusing on its options and derivatives products.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "GLVS.AI Trading Platform",
                "url": "https://www.glvs.ai/",
                "description": "An AI-powered platform for automated crypto options trading. Leverage advanced algorithms and data-driven signals to develop and deploy sophisticated, hands-free trading strategies.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "API Testnet & Sandbox",
                "url": "https://test.greeks.live",
                "description": "A dedicated testnet environment for developers to test their API integrations and automated trading strategies. This sandbox allows for full functionality testing without risking real funds.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        }
    ],
    "subOrganization": [
        {
            "@type": "Organization",
            "name": "GreeksLive HK Co., Limited",
            "email": "support@greeks.live",
            "telephone": "+852-56418949",
            "address": {
                "@type": "PostalAddress",
                "streetAddress": "Unit 11, 27/F, K. Wah Centre, 191 Java Road",
                "addressLocality": "Hong Kong",
                "addressRegion": "North Point",
                "addressCountry": "CN",
                "postalCode": "0000"
            },
            "geo": {
                "@type": "GeoCoordinates",
                "latitude": "22.2932357",
                "longitude": "114.2022026"
            },
            "image": "https://options.greeks.live/wp-content/uploads/2025/08/Wah-Centre-Hong-Kong.jpg"
        }
    ]
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "Article",
    "mainEntityOfPage": {
        "@type": "WebPage",
        "@id": "https://options.greeks.live/question/what-are-the-primary-differences-in-information-leakage-between-an-anonymous-and-a-disclosed-rfq/"
    },
    "headline": "What Are the Primary Differences in Information Leakage between an Anonymous and a Disclosed RFQ? \u25b4 Question",
    "description": "Disclosed RFQs leverage relationships at the cost of signaling, while anonymous RFQs contain signals at the cost of relational pricing. \u25b4 Question",
    "url": "https://options.greeks.live/question/what-are-the-primary-differences-in-information-leakage-between-an-anonymous-and-a-disclosed-rfq/",
    "datePublished": "2025-08-07T19:58:07+00:00",
    "dateModified": "2025-10-28T07:11:57+00:00",
    "articleSection": [
        "Question"
    ],
    "author": {
        "@id": "https://greeks.live/#organization"
    },
    "publisher": {
        "@id": "https://greeks.live/#organization"
    },
    "image": {
        "@type": "ImageObject",
        "url": "https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-module.jpg",
        "caption": "This image highlights a critical modular component of an advanced institutional-grade Prime RFQ for digital asset derivatives. Designed for high-frequency trading and atomic settlement, it integrates pre-trade analytics and smart order routing capabilities. The system optimizes RFQ protocols for block trades, minimizing slippage and information leakage, while ensuring best execution and regulatory compliance in complex volatility surface environments. It enables robust portfolio margin management."
    },
    "keywords": [
        "Adverse Selection",
        "Algorithmic Trading",
        "Anonymous RFQ",
        "Anonymous RFQs",
        "Block Trading",
        "Disclosed RFQ",
        "Execution Quality",
        "Information Leakage",
        "Institutional Trading",
        "Liquidity Provider",
        "Liquidity Providers",
        "Liquidity Sourcing",
        "Market Impact",
        "Market Microstructure",
        "Pre-Trade Analytics",
        "Price Discovery",
        "Request for Quote",
        "RFQ",
        "RFQ Protocol",
        "Transaction Cost",
        "Transaction Cost Analysis"
    ]
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "WebSite",
    "url": "https://options.greeks.live/",
    "potentialAction": {
        "@type": "SearchAction",
        "target": "https://options.greeks.live/?s=search_term_string",
        "query-input": "required name=search_term_string"
    }
}
```


---

**Original URL:** https://options.greeks.live/question/what-are-the-primary-differences-in-information-leakage-between-an-anonymous-and-a-disclosed-rfq/
