# What Are the Primary Risks Associated with Information Leakage in RFQ Systems? ▴ Question

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

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![The abstract metallic sculpture represents an advanced RFQ protocol for institutional digital asset derivatives. Its intersecting planes symbolize high-fidelity execution and price discovery across complex multi-leg spread strategies](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-execution-microstructure-optimization.jpg)

![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)

## Concept

The Request for Quote (RFQ) protocol is an architectural solution for sourcing liquidity for large or complex orders, a system designed to facilitate discreet, bilateral price discovery. Yet, within this architecture lies a fundamental paradox ▴ the act of seeking a price inherently transmits data. [Information leakage](https://prime.greeks.live/area/information-leakage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) in this context is the unintentional broadcast of trading intent to a wider audience than the designated counterparty.

This leakage is a systemic vulnerability, a flaw in the data transmission process, which can degrade execution quality before a trade is ever consummated. The very inquiry for a price becomes a signal, and the core risk is that this signal is intercepted and acted upon by other market participants.

Understanding this begins with acknowledging the nature of institutional order flow. A large order represents a significant, temporary imbalance in supply and demand. The objective of an RFQ system is to resolve this imbalance with minimal market disturbance by selectively revealing the order to potential liquidity providers. Leakage occurs when the knowledge of this impending order escapes the intended RFQ channel.

This can happen through various vectors ▴ a responding dealer may use the information to pre-hedge their own position, other market participants may infer the order’s existence from the dealer’s activity, or the information may be explicitly shared. The result is that the market begins to adjust to the order’s presence before the initiator has secured a price, leading to adverse price movement and diminished execution quality.

> Information leakage within RFQ systems is the unintended signaling of trading intent, which can alert the broader market and cause adverse price movements before the order is filled.

This phenomenon is rooted in the game theory of market interactions. Each participant in the [RFQ process](https://prime.greeks.live/area/rfq-process/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) acts in their own self-interest. The initiator wants the best possible price. The responding dealers want to win the auction at a profitable level, and losing dealers possess valuable information about market flow.

A losing dealer, now aware of a large institutional order, can trade on that information in the open market, an action often termed “front-running.” This dynamic transforms the RFQ from a simple price request into a complex strategic game where the control of information is the primary determinant of success. The primary risks associated with this leakage are therefore not isolated incidents but systemic outcomes of a protocol that must balance the need for competitive pricing against the imperative of informational control.

![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)

![Two sharp, teal, blade-like forms crossed, featuring circular inserts, resting on stacked, darker, elongated elements. This represents intersecting RFQ protocols for institutional digital asset derivatives, illustrating multi-leg spread construction and high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-best-execution.jpg)

## Strategy

A strategic framework for mitigating information leakage in RFQ systems is built upon a deep understanding of its primary manifestations ▴ [price impact](https://prime.greeks.live/area/price-impact/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), [adverse selection](https://prime.greeks.live/area/adverse-selection/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), and counterparty degradation. Each risk represents a different facet of the same core problem ▴ the loss of informational control over a trade. Developing a robust strategy requires dissecting these risks and deploying specific architectural and procedural countermeasures.

![Abstract intersecting geometric forms, deep blue and light beige, represent advanced RFQ protocols for institutional digital asset derivatives. These forms signify multi-leg execution strategies, principal liquidity aggregation, and high-fidelity algorithmic pricing against a textured global market sphere, reflecting robust market microstructure and intelligence layer](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-multi-leg-execution-algorithmic-pricing-global-liquidity-principal-trading-systemic-integration-high-fidelity-execution.jpg)

## The Core Risks Deconstructed

The consequences of information leakage are tangible and quantifiable. They directly affect the profitability and efficiency of the execution process. An effective strategy begins with a clear-eyed assessment of these threats.

- **Price Impact** This is the most direct cost of leakage. When information about a large buy order leaks, other market participants can buy the instrument in anticipation of the institutional demand, driving the price up. The initiator of the RFQ returns to a market that has already moved against them, resulting in a higher execution cost or “slippage.” The magnitude of this impact is a function of the order’s size relative to the instrument’s liquidity and the breadth of the information leakage.

- **Adverse Selection** This is a more subtle, yet equally corrosive, risk. It occurs when a dealer’s decision to quote, or the price they quote, is informed by leaked information. For example, if a dealer suspects they are one of many being asked for a price on an illiquid instrument, they may widen their spread to compensate for the increased risk that they are being “shopped” for a price that will then be used against them, or they may decline to quote altogether. This leads to less competitive quotes and a higher likelihood of trading only with counterparties who have priced the leaked information most aggressively.

- **Counterparty and Reputational Risk** The way an institution manages its order flow sends a signal to the market. Consistently leaking information can damage relationships with key liquidity providers. Dealers may become reluctant to provide tight pricing to an institution whose orders regularly result in post-trade information leakage, as it exposes them to losses. This can lead to a long-term degradation of the institution’s access to liquidity and its standing in the marketplace.

![A marbled sphere symbolizes a complex institutional block trade, resting on segmented platforms representing diverse liquidity pools and execution venues. This visualizes sophisticated RFQ protocols, ensuring high-fidelity execution and optimal price discovery within dynamic market microstructure for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/principal-rfq-aggregation-digital-asset-derivative-execution-optimization.jpg)

## Architectural Choices for Leakage Control

How can an execution framework be designed to minimize these risks? The strategy revolves around making deliberate architectural choices in how the RFQ process is structured. The goal is to calibrate the trade-off between achieving competitive tension by querying multiple dealers and minimizing the informational footprint of the inquiry.

The table below outlines several strategic frameworks for structuring RFQ auctions, comparing their characteristics in the context of leakage mitigation.

| Framework | Mechanism of Action | Leakage Potential | Competitive Tension |
| --- | --- | --- | --- |
| Simultaneous All-to-All | The RFQ is sent to all available dealers at the same time. | High | High |
| Staggered Sequential | The RFQ is sent to dealers one by one, or in small batches, with a delay between each request. | Low-Medium | Medium |
| Intelligent Tiering | Dealers are grouped into tiers based on historical performance (win rate, price quality, post-trade information leakage). The RFQ is sent to the top tier first, cascading to lower tiers only if necessary. | Low | High (within tier) |
| Anonymous Auction | The initiator’s identity is masked from the responding dealers, who quote into a central, anonymous environment. | Very Low | Variable |

> A successful strategy involves treating the RFQ process as a dynamic system, where the number of dealers and the method of inquiry are adjusted based on the specific characteristics of the order and market conditions.

![Abstract geometric design illustrating a central RFQ aggregation hub for institutional digital asset derivatives. Radiating lines symbolize high-fidelity execution via smart order routing across dark pools](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-high-fidelity-execution-architecture.jpg)

## What Is the Optimal Number of Dealers to Query?

A central strategic question is determining the optimal number of dealers to include in an RFQ. Contacting more dealers should, in theory, increase competitive tension and lead to a better price. However, each additional dealer is another potential point of information leakage.

The relationship is nonlinear; the marginal benefit of a better price from an additional dealer diminishes rapidly, while the marginal cost of information leakage may increase. The optimal number is therefore a dynamic calculation, taking into account:

- **Order Characteristics** The size, complexity, and liquidity profile of the instrument being traded. Larger, more illiquid trades have a higher potential for price impact from leakage, suggesting a smaller, more targeted dealer list.

- **Market Conditions** In volatile markets, the risk of leakage is amplified. A more constrained RFQ process is often warranted.

- **Dealer Performance** Historical data on which dealers provide the best pricing and demonstrate the lowest levels of information leakage is critical for optimizing the dealer selection process.

The most advanced execution frameworks move beyond a static dealer list and employ a dynamic, data-driven approach to RFQ construction. This represents a shift from viewing the RFQ as a simple procurement tool to seeing it as a precision instrument for managing information and accessing liquidity.

![Intricate internal machinery reveals a high-fidelity execution engine for institutional digital asset derivatives. Precision components, including a multi-leg spread mechanism and data flow conduits, symbolize a sophisticated RFQ protocol facilitating atomic settlement and robust price discovery within a principal's Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-microstructure.jpg)

![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)

## Execution

The execution of a low-leakage RFQ strategy requires a disciplined, data-driven operational playbook. It moves from the strategic “what” to the procedural “how,” focusing on the precise mechanics of constructing and managing the price discovery process. This involves a combination of quantitative modeling, protocol-level controls, and a commitment to post-trade analysis.

![A sophisticated metallic mechanism with integrated translucent teal pathways on a dark background. This abstract visualizes the intricate market microstructure of an institutional digital asset derivatives platform, specifically the RFQ engine facilitating private quotation and block trade execution](https://options.greeks.live/wp-content/uploads/2025/07/systemic-framework-for-institutional-digital-asset-derivatives-rfq-price-discovery-and-atomic-settlement.jpg)

## The Operational Playbook for Low-Leakage Execution

A systematic approach to minimizing information leakage can be broken down into a multi-stage process. Each step is designed to embed informational control into the trading workflow.

- **Pre-Trade Analysis** Before initiating an RFQ, a thorough analysis of the order and market is required. This includes assessing the instrument’s liquidity profile, the current market volatility, and the likely price impact of the order size. This analysis informs the selection of the appropriate RFQ strategy (e.g. staggered vs. simultaneous) and the initial list of potential counterparties.

- **Dynamic Dealer Selection** A static, one-size-fits-all dealer list is a primary source of leakage. An execution system must maintain a dynamic database of dealer performance, tracking metrics such as quote competitiveness, win ratio, and, most importantly, inferred leakage. This allows for the construction of a bespoke dealer list for each RFQ, tailored to the specific order.

- **Structured RFQ Release** The method of releasing the RFQ is a critical control point. A staggered release, where the request is sent to a small, primary group of dealers first, allows the initiator to gauge market appetite and pricing without revealing the full extent of their interest. If the initial quotes are unsatisfactory, the RFQ can be expanded to a secondary tier of dealers.

- **Enforcement of Quoting Standards** The system should enforce minimum quoting standards. This includes setting parameters for minimum quote size and maximum spread. This discourages dealers from providing speculative, low-quality quotes simply to gain information about market flow.

- **Post-Trade Leakage Analysis (TCA+)** After the trade is executed, a detailed analysis is necessary to measure performance. This goes beyond traditional [Transaction Cost Analysis](https://prime.greeks.live/area/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (TCA). A “TCA+” framework should attempt to quantify information leakage by analyzing market price action in the moments after the RFQ was sent to each dealer but before the trade was executed. Anomalous price movement correlated with the timing of an RFQ release is a strong indicator of leakage.

![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)

## Quantitative Modeling of Leakage Costs

To make informed decisions, it is essential to quantify the potential costs of information leakage. The following table provides a simplified model of how leakage can impact the execution cost of a large block trade, such as a 500 BTC Notional Value BTC-PERPETUAL trade. The model assumes that as the number of dealers in the RFQ increases, the probability of leakage rises, leading to greater adverse price movement (slippage).

| Number of Dealers | Assumed Leakage Probability (%) | Resulting Price Impact (bps) | Total Slippage Cost (USD) |
| --- | --- | --- | --- |
| 3 | 5% | 2.5 | $1,250 |
| 5 | 15% | 7.5 | $3,750 |
| 10 | 35% | 17.5 | $8,750 |
| 15 | 60% | 30.0 | $15,000 |

This model, while illustrative, demonstrates a critical principle ▴ the pursuit of marginal price improvement by adding more dealers can lead to exponentially higher costs from information leakage. An execution system should be able to run similar, more sophisticated models in real-time to guide the RFQ construction process.

> Effective execution relies on a system that can quantify the trade-off between competitive pricing and information leakage, providing the trader with actionable data to optimize their strategy.

![A central teal sphere, secured by four metallic arms on a circular base, symbolizes an RFQ protocol for institutional digital asset derivatives. It represents a controlled liquidity pool within market microstructure, enabling high-fidelity execution of block trades and managing counterparty risk through a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-hub-1.jpg)

## How Can Technology Enforce a Low Leakage Policy?

Technology is the primary means of executing a low-leakage strategy at scale. Sophisticated [RFQ systems](https://prime.greeks.live/area/rfq-systems/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) provide a suite of protocol-level controls that allow institutions to hard-wire their leakage mitigation policies into their trading workflow. The table below details some of these key technological safeguards.

- **System Integration** The RFQ platform must be tightly integrated with the institution’s Order Management System (OMS) or Execution Management System (EMS). This allows for seamless pre-trade analysis and post-trade data capture, creating a closed-loop system for continuous improvement.

- **Data Encryption and Secure Channels** All communication within the RFQ system must be encrypted end-to-end. The protocol should ensure that only the intended recipients can view the RFQ details, eliminating the risk of interception.

- **Audit Trails** The system must maintain immutable, time-stamped audit trails of every action taken within the RFQ process. This includes who initiated the RFQ, which dealers were contacted and when, the quotes received, and the final execution details. This data is the foundation for post-trade leakage analysis and dealer performance evaluation.

Ultimately, the execution of a low-leakage RFQ strategy is an exercise in system design. It requires building an operational architecture that prioritizes the control of information, quantifies the risks, and provides the tools to manage the inherent trade-offs of the price discovery process. This transforms the RFQ from a potential liability into a strategic asset for achieving high-fidelity execution.

![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)

## References

- SearchInform. “Consequences of information leakage.” 2020.

- ZeroFox. “Information Leakage.” 2023.

- Sangfor Technologies. “What is Data Leakage ▴ Causes, Prevention, and Best Practices.” 2024.

- BlueVoyant. “Data Leakage ▴ Common Causes, Examples & Tips for Prevention.” 2023.

- The Microstructure Exchange. “Principal Trading Procurement ▴ Competition and Information Leakage.” 2021.

![A sophisticated modular apparatus, likely a Prime RFQ component, showcases high-fidelity execution capabilities. Its interconnected sections, featuring a central glowing intelligence layer, suggest a robust RFQ protocol engine](https://options.greeks.live/wp-content/uploads/2025/07/institutional-rfq-engine-core-for-digital-asset-derivatives-high-fidelity-execution-protocols.jpg)

## Reflection

The technical frameworks and operational playbooks detailed here provide a systematic approach to managing information leakage. They are the architectural components of a superior execution system. Yet, the implementation of these systems requires a foundational shift in perspective. It demands that an institution views its order flow not as a series of discrete trades, but as a continuous stream of proprietary data.

The central question then becomes one of data governance. How is this data protected? How is it selectively disclosed to achieve a specific objective? Who is accountable for its performance?

Viewing the challenge through this lens transforms the role of the trader from a simple price-taker to a manager of informational assets. The RFQ platform becomes more than a communication tool; it becomes a core part of the firm’s data security and strategic infrastructure. The ultimate edge in the market is derived from an operational architecture that integrates technology, strategy, and a profound respect for the value of information. The final step is to turn this understanding inward and ask ▴ is our current execution framework designed to control information as its most valuable asset?

![Precisely balanced blue spheres on a beam and angular fulcrum, atop a white dome. This signifies RFQ protocol optimization for institutional digital asset derivatives, ensuring high-fidelity execution, price discovery, capital efficiency, and systemic equilibrium in multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/systemic-equilibrium-in-digital-asset-derivatives-rfq-protocols.jpg)

## Glossary

<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 precise digital asset derivatives trading mechanism, featuring transparent data conduits symbolizing RFQ protocol execution and multi-leg spread strategies. Intricate gears visualize market microstructure, ensuring high-fidelity execution and robust price discovery](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-institutional-digital-asset-derivatives-rfq-execution-framework.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/rfq-process/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract forms representing a Principal-to-Principal negotiation within an RFQ protocol. The precision of high-fidelity execution is evident in the seamless interaction of components, symbolizing liquidity aggregation and market microstructure optimization for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-execution-engine.jpg)

## Rfq Process

Meaning ▴ The RFQ Process, or Request for Quote process, is a formalized method of obtaining bespoke price quotes for a specific financial instrument, wherein a potential buyer or seller solicits bids from multiple liquidity providers before committing to a trade. </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">
![A sleek, futuristic apparatus featuring a central spherical processing unit flanked by dual reflective surfaces and illuminated data conduits. This system visually represents an advanced RFQ protocol engine facilitating high-fidelity execution and liquidity aggregation for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-digital-asset-options-rfq-liquidity-aggregation-interface.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/price-impact/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A centralized RFQ engine drives multi-venue execution for digital asset derivatives. Radial segments delineate diverse liquidity pools and market microstructure, optimizing price discovery and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-rfq-execution-for-institutional-digital-asset-derivatives.jpg)

## Price Impact

Meaning ▴ Price Impact, within the context of crypto trading and institutional RFQ systems, signifies the adverse shift in an asset's market price directly attributable to the execution of a trade, especially a large block order. </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">
![Intersecting multi-asset liquidity channels with an embedded intelligence layer define this precision-engineered framework. It symbolizes advanced institutional digital asset RFQ protocols, visualizing sophisticated market microstructure for high-fidelity execution, mitigating counterparty risk and enabling atomic settlement across crypto derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-execution-system-microstructure-dynamics.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/rfq-systems/?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)

## Rfq Systems

Meaning ▴ RFQ Systems, in the context of institutional crypto trading, represent the technological infrastructure and formalized protocols designed to facilitate the structured solicitation and aggregation of price quotes for digital assets and derivatives from multiple liquidity providers. </a>

**Tags:** [RFQ Process](https://options.greeks.live/area/rfq-process/), [Block Trading](https://options.greeks.live/area/block-trading/), [Financial Regulation](https://options.greeks.live/area/financial-regulation/), [Market Microstructure](https://options.greeks.live/area/market-microstructure/), [Price Impact](https://options.greeks.live/area/price-impact/), [OTC Derivatives](https://options.greeks.live/area/otc-derivatives/)	

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        "caption": "The abstract composition of intersecting blue and beige angular structures against a textured grey sphere visualizes the intricate architecture of institutional-grade RFQ protocols. This represents sophisticated multi-leg options strategies and high-fidelity algorithmic execution for digital asset derivatives. It highlights principal liquidity management, optimized market microstructure, and atomic settlement within a secure trading environment, demonstrating a robust intelligence layer for systemic risk management and superior capital efficiency in digital asset prime brokerage."
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                "text": "A central strategic question is determining the optimal number of dealers to include in an RFQ. Contacting more dealers should, in theory, increase competitive tension and lead to a better price. However, each additional dealer is another potential point of information leakage. The relationship is nonlinear; the marginal benefit of a better price from an additional dealer diminishes rapidly, while the marginal cost of information leakage may increase. The optimal number is therefore a dynamic calculation, taking into account:"
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                "text": "Technology is the primary means of executing a low-leakage strategy at scale. Sophisticated RFQ systems provide a suite of protocol-level controls that allow institutions to hard-wire their leakage mitigation policies into their trading workflow. The table below details some of these key technological safeguards."
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---

**Original URL:** https://options.greeks.live/question/what-are-the-primary-risks-associated-with-information-leakage-in-rfq-systems/
