# What Are the Primary Fix Message Types Used in a Request for Quote Workflow? ▴ Question

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

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![Abstract layers and metallic components depict institutional digital asset derivatives market microstructure. They symbolize multi-leg spread construction, robust FIX Protocol for high-fidelity execution, and private quotation](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-digital-asset-derivatives-rfq-protocol-high-fidelity-execution.jpg)

![Sleek, abstract system interface with glowing green lines symbolizing RFQ pathways and high-fidelity execution. This visualizes market microstructure for institutional digital asset derivatives, emphasizing private quotation and dark liquidity within a Prime RFQ framework, enabling best execution and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-for-institutional-digital-asset-derivatives.jpg)

## Concept

The Financial Information eXchange (FIX) protocol supplies the foundational language for [institutional trading](https://prime.greeks.live/area/institutional-trading/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), a standardized syntax that allows disparate systems to communicate with precision and speed. Within this framework, the [Request for Quote](https://prime.greeks.live/area/request-for-quote/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (RFQ) workflow represents a critical mechanism for sourcing liquidity, particularly for assets that are illiquid, complex, or traded in substantial size. It is a bilateral conversation, a structured negotiation initiated to discover a firm price for a specific quantity of an asset outside the continuous, anonymous flow of the central limit order book. This process is not a simple broadcast but a targeted inquiry, directed to specific liquidity providers who have the capacity and risk appetite to price and stand behind a significant trade.

At its core, the RFQ model is an operational expression of a fundamental market need ▴ the ability to transfer large blocks of risk with minimal price impact. The public display of a large order on a central exchange can trigger adverse selection, where other market participants adjust their own prices and strategies in anticipation of the order’s market impact, leading to slippage and increased execution costs. The [RFQ workflow](https://prime.greeks.live/area/rfq-workflow/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) mitigates this information leakage by confining the negotiation to a select group of counterparties.

The sequence of [FIX messages](https://prime.greeks.live/area/fix-messages/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) that constitutes this workflow is the digital architecture of that discretion, ensuring that the request, the corresponding quotes, and the final execution are communicated securely and unambiguously. Understanding this message-based dialogue is fundamental to designing and implementing effective execution strategies in modern financial markets.

![Intersecting teal and dark blue planes, with reflective metallic lines, depict structured pathways for institutional digital asset derivatives trading. This symbolizes high-fidelity execution, RFQ protocol orchestration, and multi-venue liquidity aggregation within a Prime RFQ, reflecting precise market microstructure and optimal price discovery](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-digital-asset-rfq-execution-liquidity-microstructure.jpg)

![An intricate, transparent digital asset derivatives engine visualizes market microstructure and liquidity pool dynamics. Its precise components signify high-fidelity execution via FIX Protocol, facilitating RFQ protocols for block trade and multi-leg spread strategies within an institutional-grade Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-digital-asset-derivatives-rfq-liquidity-ecosystem.jpg)

## Strategy

The strategic implementation of a Request for Quote workflow hinges on a precise, sequential exchange of information. Each FIX message in the sequence serves a distinct purpose, moving the negotiation from initial inquiry to final trade confirmation. The process is a carefully choreographed dance between the quote initiator (typically a buy-side institution) and one or more quote responders (sell-side dealers or liquidity providers). The effectiveness of the strategy depends on the clarity of the initial request and the capacity of the responding systems to interpret and act upon it.

> The entire RFQ process is designed to facilitate efficient, private price discovery and trade execution for non-standard orders.

![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)

## The Core Negotiation Sequence

The RFQ workflow can be distilled into a primary sequence of messages that form the backbone of the negotiation. This sequence begins with the initiator’s request and culminates in either a trade or the termination of the inquiry. Each step is codified within a specific FIX message type, ensuring that both parties have a synchronized understanding of the state of the negotiation. The dialogue is initiated with a clear expression of interest and proceeds through a series of responses that add layers of executable data.

The primary path involves a request, a quote, and an execution. However, the protocol provides the necessary tools for responders to reject requests they cannot service or for either party to cancel the negotiation before a trade is struck. This flexibility is crucial for managing risk and operational capacity in dynamic market conditions.

- **Initiation of Inquiry** The process commences when the buy-side trader, seeking to execute a large or complex order, constructs and transmits a **[Quote Request](https://prime.greeks.live/area/quote-request/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (MsgType=R)** message. This message specifies the instrument, the desired quantity, and often the side (buy or sell). It is a formal solicitation for a firm price.

- **Provision of Liquidity** Upon receiving the request, the liquidity provider analyzes its own risk, inventory, and market view to formulate a price. This is communicated back to the initiator via a **Quote (MsgType=S)** message. This message contains the actionable bid or offer price, or both, and is linked directly to the original request via a unique identifier.

- **Execution of the Trade** If the initiator finds the received quote acceptable, they proceed to execute against it. This is typically accomplished by sending a **New Order – Single (MsgType=D)** message that references the Quote ID from the responder’s quote. This action signals the intent to trade at the specified price and quantity.

- **Confirmation of Fill** The final step in a successful workflow is the confirmation of the trade. The liquidity provider, upon filling the order, sends an **[Execution Report](https://prime.greeks.live/area/execution-report/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (MsgType=8)** back to the initiator. This message confirms the details of the executed trade, including the final price, quantity, and a unique execution ID.

![A robust, dark metallic platform, indicative of an institutional-grade execution management system. Its precise, machined components suggest high-fidelity execution for digital asset derivatives via RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-platform-high-fidelity-price-discovery-and-atomic-settlement-infrastructure.jpg)

## Primary Message Types in the RFQ Workflow

The following table outlines the essential FIX messages that govern the RFQ process. Each message type is a container for specific data fields ([FIX tags](https://prime.greeks.live/area/fix-tags/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)) that carry the necessary information for each stage of the negotiation. Understanding the role of each message is fundamental to building or interfacing with institutional trading systems.

| Message Type (MsgType) | Description | Typical Sender | Purpose in Workflow |
| --- | --- | --- | --- |
| Quote Request (R) | Initiates the price discovery process for a specific instrument and quantity. | Buy-side / Initiator | To solicit firm, executable quotes from one or more liquidity providers. |
| Quote (S) | Responds to a Quote Request with a firm bid and/or offer price. | Sell-side / Responder | To provide an actionable price at which the responder is willing to trade. |
| New Order – Single (D) | Sent by the initiator to accept a tradeable quote. | Buy-side / Initiator | To execute a trade against a specific, received quote. |
| Execution Report (8) | Confirms the details of a completed trade. | Sell-side / Responder | To provide final confirmation of the fill, price, and quantity. |

![Two smooth, teal spheres, representing institutional liquidity pools, precisely balance a metallic object, symbolizing a block trade executed via RFQ protocol. This depicts high-fidelity execution, optimizing price discovery and capital efficiency within a Principal's operational framework for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/precision-execution-bridging-institutional-liquidity-pools-via-rfq-protocol-for-optimized-digital-asset-derivatives-price-discovery.jpg)

![Precision instruments, resembling calibration tools, intersect over a central geared mechanism. This metaphor illustrates the intricate market microstructure and price discovery for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-execution-engine-microstructure-analytics.jpg)

## Execution

The operational integrity of the RFQ workflow is maintained through the precise and structured data carried within the FIX messages. Each message is composed of numerous fields, identified by a numeric tag, that convey the specific details of the transaction. For an execution system, parsing these fields correctly is paramount.

The transition from a request for a price to a filled order is a journey through a series of state changes, each triggered by the content of these messages. A deep understanding of the key tags within each message is essential for anyone building, testing, or managing an electronic trading system.

> A successful RFQ execution is a function of system-level precision in message construction and interpretation.

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

## Anatomy of a Quote Request (MsgType=R)

The **Quote Request** is the foundational message of the workflow. Its purpose is to communicate the initiator’s needs with enough specificity for the responder to provide an accurate and firm price. The clarity of this initial message prevents ambiguity and reduces the likelihood of rejection. While dozens of tags can be included, a few are critical to its function.

| Tag | Field Name | Description | Example Value |
| --- | --- | --- | --- |
| 131 | QuoteReqID | A unique identifier for the quote request, assigned by the initiator. This ID is echoed back in subsequent messages to link the entire workflow. | RFQ-12345 |
| 55 | Symbol | The identifier of the financial instrument for which a quote is being requested. | VOD.L |
| 167 | SecurityType | The type of security being requested (e.g. common stock, future, option). | CS |
| 54 | Side | The side of the market for the initiator (Buy, Sell, or Two-Sided for a two-way quote). | 1 (Buy) |
| 38 | OrderQty | The quantity of the instrument the initiator wishes to transact. | 100000 |
| 146 | NoRelatedSym | Indicates the number of instruments in the request, allowing for multi-leg or basket RFQs. | 1 |

![A futuristic apparatus visualizes high-fidelity execution for digital asset derivatives. A transparent sphere represents a private quotation or block trade, balanced on a teal Principal's operational framework, signifying capital efficiency within an RFQ protocol](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-via-prime-os.jpg)

## The Responder’s Commitment the Quote Message (MsgType=S)

The **Quote** message is the responder’s binding offer. It directly answers the Quote Request and provides the price(s) at which the responder is willing to trade. The QuoteID is a crucial field, as it becomes the handle that the initiator uses to execute the trade. This message transforms an inquiry into an actionable opportunity.

- **QuoteID (Tag 117)** ▴ This is a unique identifier for the quote itself, generated by the responder. It is essential for linking a subsequent order to this specific quote.

- **QuoteReqID (Tag 131)** ▴ The responder echoes back the QuoteReqID from the original request to confirm which inquiry this quote is for.

- **BidPx (Tag 132) / OfferPx (Tag 133)** ▴ These fields contain the firm bid and offer prices from the responder. Depending on the request, one or both may be present.

- **BidSize (Tag 134) / OfferSize (Tag 135)** ▴ The quantity the responder is willing to trade at the corresponding bid or offer price.

- **ValidUntilTime (Tag 62)** ▴ A timestamp indicating when the quote expires. This is critical for managing risk in fast-moving markets.

![An abstract composition of intersecting light planes and translucent optical elements illustrates the precision of institutional digital asset derivatives trading. It visualizes RFQ protocol dynamics, market microstructure, and the intelligence layer within a Principal OS for optimal capital efficiency, atomic settlement, and high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-high-fidelity-execution-framework.jpg)

## From Quote to Trade the Execution Report (MsgType=8)

When the initiator accepts a quote by sending a New Order message referencing the QuoteID, the final confirmation comes in the form of an **Execution Report**. This message is the official record of the trade. It confirms that the order was filled and provides the definitive details of the transaction. This message is the system’s “paper trail,” providing the data needed for clearing, settlement, and transaction cost analysis.

Key tags in the Execution Report that finalize the RFQ workflow include:

- **OrderID (Tag 37)** ▴ A unique ID for the order, assigned by the responder’s system.

- **ExecID (Tag 17)** ▴ A unique ID for this specific execution event.

- **OrdStatus (Tag 39)** ▴ The current status of the order. For a successful trade from an RFQ, this would be ‘2’ (Filled).

- **LastPx (Tag 31)** ▴ The price at which the trade was executed.

- **LastQty (Tag 32)** ▴ The quantity of the instrument that was executed in this trade.

- **ClOrdID (Tag 11)** ▴ The client’s original order ID, echoed back for reconciliation.

![A transparent, multi-faceted component, indicative of an RFQ engine's intricate market microstructure logic, emerges from complex FIX Protocol connectivity. Its sharp edges signify high-fidelity execution and price discovery precision for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-optimized-for-best-execution.jpg)

## References

- FIX Trading Community. “FIX Protocol, Version 4.4.” 2003.

- FIX Trading Community. “FIX 5.0 Service Pack 2 (SP2) Specification.” 2009.

- 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, 2013.

- OnixS. “FIX 4.4 Dictionary.” Onix Solutions, 2022.

![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)

## Reflection

![A polished, dark teal institutional-grade mechanism reveals an internal beige interface, precisely deploying a metallic, arrow-etched component. This signifies high-fidelity execution within an RFQ protocol, enabling atomic settlement and optimized price discovery for institutional digital asset derivatives and multi-leg spreads, ensuring minimal slippage and robust capital efficiency](https://options.greeks.live/wp-content/uploads/2025/08/quantitative-finance-driven-rfq-workflow-for-best-execution-in-digital-assets.jpg)

## From Protocol to Performance

Mastering the [FIX protocol](https://prime.greeks.live/area/fix-protocol/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) for RFQ workflows extends beyond memorizing message types and tags. It involves understanding the underlying logic of institutional negotiation and recognizing how this digital dialogue shapes execution outcomes. Each message is a discrete step in a larger strategic process designed to manage risk and discover price with precision. By viewing the RFQ process not as a series of isolated messages, but as an integrated system for [liquidity sourcing](https://prime.greeks.live/area/liquidity-sourcing/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), a firm can begin to architect more intelligent and efficient execution strategies.

The protocol itself is a static tool; the competitive advantage lies in its dynamic application. The ultimate goal is to transform this technical knowledge into a tangible operational edge, ensuring that every request for a quote is an opportunity to achieve superior execution quality.

![A central metallic mechanism, representing a core RFQ Engine, is encircled by four teal translucent panels. These symbolize Structured Liquidity Access across Liquidity Pools, enabling High-Fidelity Execution for Institutional Digital Asset Derivatives](https://options.greeks.live/wp-content/uploads/2025/07/inst-dad-rfq-hifi-ex-prime-os-quant-algo-liquidity.jpg)

## Glossary

<a href="https://prime.greeks.live/area/institutional-trading/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A futuristic system component with a split design and intricate central element, embodying advanced RFQ protocols. This visualizes high-fidelity execution, precise price discovery, and granular market microstructure control for institutional digital asset derivatives, optimizing liquidity provision and minimizing slippage](https://options.greeks.live/wp-content/uploads/2025/07/advanced-rfq-protocols-for-digital-asset-derivatives-price-discovery.jpg)

## Institutional Trading

Meaning ▴ Institutional Trading refers to the execution of large-volume financial transactions by entities such as asset managers, hedge funds, pension funds, and sovereign wealth funds, distinct from retail investor activity. </a><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">
![Sleek, angled structures intersect, reflecting a central convergence. Intersecting light planes illustrate RFQ Protocol pathways for Price Discovery and High-Fidelity Execution in Market Microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-price-discovery-microstructure.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/rfq-workflow/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A dark blue, precision-engineered blade-like instrument, representing a digital asset derivative or multi-leg spread, rests on a light foundational block, symbolizing a private quotation or block trade. This structure intersects robust teal market infrastructure rails, indicating RFQ protocol execution within a Prime RFQ for high-fidelity execution and liquidity aggregation in institutional trading](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-framework-multi-leg-spreads-best-execution-capital-efficiency.jpg)

## Rfq Workflow

Meaning ▴ The RFQ Workflow defines a structured, programmatic process for a principal to solicit actionable price quotations from a pre-defined set of liquidity providers for a specific financial instrument and notional quantity. </a><a href="https://prime.greeks.live/area/fix-messages/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstractly depicting an Institutional Grade Crypto Derivatives OS component. Its robust structure and metallic interface signify precise Market Microstructure for High-Fidelity Execution of RFQ Protocol and Block Trade orders](https://options.greeks.live/wp-content/uploads/2025/07/principals-integrated-crypto-derivatives-rfq-protocol-architecture.jpg)

## Fix Messages

Meaning ▴ FIX Messages represent the Financial Information eXchange protocol, an industry standard for electronic communication of trade-related messages between financial institutions. </a><a href="https://prime.greeks.live/area/quote-request/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A central, bi-sected circular element, symbolizing a liquidity pool within market microstructure, is bisected by a diagonal bar. This represents high-fidelity execution for digital asset derivatives via RFQ protocols, enabling price discovery and bilateral negotiation in a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-crypto-derivatives-execution-rfq-price-discovery-core.jpg)

## Quote Request

Meaning ▴ A Quote Request, within the context of institutional digital asset derivatives, functions as a formal electronic communication protocol initiated by a Principal to solicit bilateral price quotes for a specified financial instrument from a pre-selected group of liquidity providers. </a><a href="https://prime.greeks.live/area/execution-report/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Interconnected, sharp-edged geometric prisms on a dark surface reflect complex light. This embodies the intricate market microstructure of institutional digital asset derivatives, illustrating RFQ protocol aggregation for block trade execution, price discovery, and high-fidelity execution within a Principal's operational framework enabling optimal liquidity](https://options.greeks.live/wp-content/uploads/2025/07/precision-geometric-prisms-reflecting-institutional-digital-asset-derivatives-rfq-price-discovery-and-optimized-execution-market-microstructure.jpg)

## Execution Report

Meaning ▴ An Execution Report is a standardized electronic message, typically transmitted via the FIX protocol, providing real-time status updates and detailed information regarding the fill or partial fill of a financial order submitted to a trading venue or broker. </a><a href="https://prime.greeks.live/area/fix-tags/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A polished glass sphere reflecting diagonal beige, black, and cyan bands, rests on a metallic base against a dark background. This embodies RFQ-driven Price Discovery and High-Fidelity Execution for Digital Asset Derivatives, optimizing Market Microstructure and mitigating Counterparty Risk via Prime RFQ Private Quotation](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-best-execution-protocol.jpg)

## Fix Tags

Meaning ▴ FIX Tags are the standardized numeric identifiers within the Financial Information eXchange (FIX) protocol, each representing a specific data field. </a><a href="https://prime.greeks.live/area/liquidity-sourcing/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A cutaway view reveals the intricate core of an institutional-grade digital asset derivatives execution engine. The central price discovery aperture, flanked by pre-trade analytics layers, represents high-fidelity execution capabilities for multi-leg spread and private quotation via RFQ protocols for Bitcoin options](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-rfq-protocol-engine-for-high-fidelity-execution-and-price-discovery-on-volatility-surface.jpg)

## Liquidity Sourcing

Meaning ▴ Liquidity Sourcing refers to the systematic process of identifying, accessing, and aggregating available trading interest across diverse market venues to facilitate optimal execution of financial transactions. </a><a href="https://prime.greeks.live/area/fix-protocol/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract institutional-grade Crypto Derivatives OS. Metallic trusses depict market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-market-microstructure-optimizing-rfq-protocols-for-high-fidelity-execution-via-prime-os.jpg)

## Fix Protocol

Meaning ▴ The Financial Information eXchange (FIX) Protocol is a global messaging standard developed specifically for the electronic communication of securities transactions and related data. </a>

**Tags:** [FIX Message Types](https://options.greeks.live/area/fix-message-types/), [RFQ Workflow](https://options.greeks.live/area/rfq-workflow/), [Order Management System](https://options.greeks.live/area/order-management-system/), [Quote Request](https://options.greeks.live/area/quote-request/), [Price Discovery](https://options.greeks.live/area/price-discovery/), [Quote Request MsgType R](https://options.greeks.live/area/quote-request-msgtype-r/)	

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- 
### [How Do Institutional Traders Leverage FIX Protocol for High-Fidelity Crypto Options Execution?](https://options.greeks.live/question/how-do-institutional-traders-leverage-fix-protocol-for-high-fidelity-crypto-options-execution/)
![Central polished disc, with contrasting segments, represents Institutional Digital Asset Derivatives Prime RFQ core. A textured rod signifies RFQ Protocol High-Fidelity Execution and Low Latency Market Microstructure data flow to the Quantitative Analysis Engine for Price Discovery.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-core-system-high-fidelity.jpg)

Institutional traders use FIX protocol as a standardized, low-latency language to privately execute large crypto options orders, minimizing market impact.

- 
### [How Does MiFID II’s Best Execution Requirement Influence the Choice of RFQ Protocol?](https://options.greeks.live/question/how-does-mifid-iis-best-execution-requirement-influence-the-choice-of-rfq-protocol/)
![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)

MiFID II mandates a data-driven, auditable RFQ process, transforming protocol choice into a core component of regulatory defense.

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---

**Original URL:** https://options.greeks.live/question/what-are-the-primary-fix-message-types-used-in-a-request-for-quote-workflow/
