# What Are the Primary Transaction Cost Analysis Metrics for Evaluating RFQ Performance? ▴ Question

**Published:** 2025-08-06
**Categories:** Question

---

![A high-precision, dark metallic circular mechanism, representing an institutional-grade RFQ engine. Illuminated segments denote dynamic price discovery and multi-leg spread execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-7.jpg)

![A precision engineered system for institutional digital asset derivatives. Intricate components symbolize RFQ protocol execution, enabling high-fidelity price discovery and liquidity aggregation](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-precision-4.jpg)

## Concept

The evaluation of a Request for Quote (RFQ) protocol’s performance is an exercise in systemic mapping. It requires a perspective that moves beyond the surface-level accounting of basis points saved or lost. At its core, [transaction cost analysis](https://prime.greeks.live/area/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (TCA) for a bilateral price discovery mechanism is the process of quantifying the total economic impact of an execution, an impact that extends into the domains of [information leakage](https://prime.greeks.live/area/information-leakage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), counterparty behavior, and the preservation of alpha.

The central challenge is decoding the quality of an execution that occurs away from the continuous visibility of a central limit order book. A successful framework provides a precise, data-driven language to describe not only the price achieved but the manner in which it was achieved and its subsequent effect on the market.

An institutional trader initiating a quote solicitation protocol is engaging in a strategic signaling process. Each request reveals intent, and each response from a liquidity provider is a piece of information about their positioning and appetite. Therefore, the primary metrics for evaluating this process must account for this delicate exchange. The analysis begins with the fundamental acknowledgment that every interaction within the RFQ lifecycle, from the moment of inquiry to post-trade settlement, generates data.

This data, when structured correctly, forms the blueprint of your execution architecture’s efficiency. The goal is to build a system that captures these signals and translates them into a coherent, actionable intelligence layer for the trading desk.

> Effective RFQ performance evaluation quantifies not just the execution price but the total strategic impact, including information control and counterparty dynamics.

This perspective transforms TCA from a retrospective reporting tool into a forward-looking risk management system. It provides the quantitative foundation to answer critical operational questions. Which counterparties provide the most competitive pricing for a given asset class and size? Which are quickest to respond?

More importantly, which counterparties’ participation is correlated with adverse post-trade price reversion, signaling potential information leakage? A robust TCA framework makes these dynamics visible, measurable, and manageable. It is the operating system for optimizing [off-book liquidity](https://prime.greeks.live/area/off-book-liquidity/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) sourcing, ensuring that the quest for a better price does not inadvertently compromise the strategic integrity of the portfolio’s larger objectives.

![A multi-faceted crystalline form with sharp, radiating elements centers on a dark sphere, symbolizing complex market microstructure. This represents sophisticated RFQ protocols, aggregated inquiry, and high-fidelity execution across diverse liquidity pools, optimizing capital efficiency for institutional digital asset derivatives within a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/rfq-protocols-for-institutional-digital-asset-derivatives-price-discovery.jpg)

![Two distinct components, beige and green, are securely joined by a polished blue metallic element. This embodies a high-fidelity RFQ protocol for institutional digital asset derivatives, ensuring atomic settlement and optimal liquidity](https://options.greeks.live/wp-content/uploads/2025/07/institutional-rfq-protocol-for-digital-asset-derivatives-high-fidelity-link.jpg)

## Strategy

A strategic framework for RFQ transaction cost analysis is built upon a multi-layered system of metrics. These metrics work in concert to provide a holistic view of [execution quality](https://prime.greeks.live/area/execution-quality/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). The architecture of this framework can be segmented into three distinct but interconnected domains ▴ Execution Price Benchmarking, [Counterparty Performance Analytics](https://prime.greeks.live/area/counterparty-performance-analytics/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), and Post-Trade Impact Assessment. Each domain answers a different set of questions about the efficiency and integrity of the trade lifecycle.

![Precisely bisected, layered spheres symbolize a Principal's RFQ operational framework. They reveal institutional market microstructure, deep liquidity pools, and multi-leg spread complexity, enabling high-fidelity execution and atomic settlement for digital asset derivatives via an advanced Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-microstructure-core.jpg)

## Execution Price Benchmarking

The cornerstone of any TCA program is the measurement of the executed price against a set of objective benchmarks. For RFQ protocols, the most critical benchmark is the state of the market at the moment the inquiry is initiated. This is the principle of [Implementation Shortfall](https://prime.greeks.live/area/implementation-shortfall/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite).

- **[Arrival Price](https://prime.greeks.live/area/arrival-price/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)** This is the definitive pre-trade benchmark. It is typically defined as the mid-point of the best bid and offer (BBO) at the instant the RFQ is sent to the dealer network (t0). The deviation from this price represents the total cost of implementation. A positive deviation indicates price improvement, while a negative deviation represents slippage or cost.

- **Spread Capture** This metric evaluates the [execution price](https://prime.greeks.live/area/execution-price/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) relative to the prevailing bid-ask spread at the time of execution. It is calculated as the percentage of the spread that was “captured” by the trader. For a buy order, it measures how close the execution price was to the bid price. For a sell order, it measures the proximity to the ask. It provides a clear view of the liquidity provider’s pricing power.

- **Best Quoted Price** Within a competitive RFQ, the execution is benchmarked against the best price quoted by any participating dealer. The difference between the winning quote and the next-best quote can quantify the value of having a diverse and competitive dealer panel.

![Abstract forms on dark, a sphere balanced by intersecting planes. This signifies high-fidelity execution for institutional digital asset derivatives, embodying RFQ protocols and price discovery within a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-platform-microstructure-execution-prime-os.jpg)

## Counterparty Performance Analytics

Evaluating [RFQ performance](https://prime.greeks.live/area/rfq-performance/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) requires a deep understanding of the behavior of the liquidity providers on the other side of the trade. A quantitative scoring system for counterparties is essential for optimizing the dealer list and ensuring reliable access to liquidity. This involves tracking metrics beyond pure price competitiveness.

> A comprehensive counterparty scorecard moves beyond price alone, incorporating response speed, reliability, and win rates to build a complete picture of dealer performance.

This analysis allows a trading desk to dynamically manage its counterparty relationships, rewarding high-performing dealers with more flow and identifying those who may be consistently uncompetitive or unresponsive. The goal is to build a resilient and efficient liquidity network.

The following table outlines the key metrics used in constructing a [dealer scorecard](https://prime.greeks.live/area/dealer-scorecard/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite).

| Metric | Description | Strategic Implication |
| --- | --- | --- |
| Response Rate | The percentage of RFQs to which a dealer provides a quote. | Indicates dealer engagement and reliability. A low response rate may signal a lack of interest in a particular asset or trade size. |
| Quoted Spread | The width of the bid-ask spread on the quotes provided by a dealer. | Measures the competitiveness of the dealer’s pricing. Wider spreads indicate higher costs for the liquidity taker. |
| Win Rate | The percentage of times a dealer’s quote is selected for execution when they respond. | Highlights which dealers are consistently providing the most competitive prices for the flow they see. |
| Time to Quote | The average time it takes for a dealer to respond to an RFQ with a valid quote. | A critical metric for fast-moving markets, indicating the technological sophistication and attentiveness of the dealer. |

![Metallic rods and translucent, layered panels against a dark backdrop. This abstract visualizes advanced RFQ protocols, enabling high-fidelity execution and price discovery across diverse liquidity pools for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/precision-market-microstructure-for-institutional-digital-asset-derivatives-rfq.jpg)

## Post-Trade Impact Assessment

The analysis does not conclude when the trade is filled. The behavior of the market immediately following the execution provides critical insight into the hidden costs of the trade, particularly information leakage. The primary metric for this assessment is price reversion.

**[Market Reversion](https://prime.greeks.live/area/market-reversion/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)** measures the tendency of a price to move back towards its pre-trade level in the minutes and hours after a large trade is executed. For instance, if a large buy order is executed and the market price subsequently falls, this reversion suggests the initial price was pushed artificially high by the trade’s impact. It is a strong indicator that the trader’s intent was detected by the broader market, leading to a temporary price dislocation. Analyzing reversion patterns by counterparty can reveal which dealers may be less discreet with their handling of client orders, providing an invaluable data point for optimizing future RFQ routing decisions.

![A dark, circular metallic platform features a central, polished spherical hub, bisected by a taut green band. This embodies a robust Prime RFQ for institutional digital asset derivatives, enabling high-fidelity execution via RFQ protocols, optimizing market microstructure for best execution, and mitigating counterparty risk through atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-optimizing-high-fidelity-execution-across-diverse-market-microstructures.jpg)

![Diagonal composition of sleek metallic infrastructure with a bright green data stream alongside a multi-toned teal geometric block. This visualizes High-Fidelity Execution for Digital Asset Derivatives, facilitating RFQ Price Discovery within deep Liquidity Pools, critical for institutional Block Trades and Multi-Leg Spreads on a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-digital-asset-derivatives-rfq-execution-optimization-leveraging-proprietary-institutional-prime-os-for-optimal-price-discovery-and-latency-reduction.jpg)

## Execution

The operational execution of an RFQ TCA framework requires a disciplined process of data capture, calculation, and review. It is a quantitative endeavor that transforms raw trade data into a strategic asset. The objective is to create a closed-loop system where the results of today’s analysis inform the execution strategy for tomorrow. This process hinges on high-fidelity data logging and the application of precise analytical models.

![A precision-engineered device with a blue lens. It symbolizes a Prime RFQ module for institutional digital asset derivatives, enabling high-fidelity execution via RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-high-fidelity-engine.jpg)

## The Operational Playbook for RFQ Analysis

Implementing a robust TCA system for your quotation protocol involves a clear, multi-step process. This operational playbook ensures consistency and allows for the systematic improvement of execution quality over time.

- **Data Architecture and Capture** The foundation of all analysis is the quality of the data. Your system must log every critical event in the RFQ lifecycle with high-precision timestamps. This includes the moment of RFQ creation (t0), the time each dealer quote is received, the price and size of each quote, and the final execution details. This data should be captured programmatically via API integration with your execution management system (EMS) or order management system (OMS).

- **Benchmark Construction** Establish a consistent source for your benchmark prices. This typically involves subscribing to a real-time market data feed that provides the consolidated best bid and offer (BBO). The [Arrival Price benchmark](https://prime.greeks.live/area/arrival-price-benchmark/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (mid-price at t0) must be calculated and stored immutably with the RFQ record at the moment of initiation.

- **Metric Calculation Engine** Develop or implement a calculation engine that processes the raw trade logs. This engine will systematically compute the key TCA metrics for every RFQ. The calculations should be automated to run at the end of each trading day, populating a dedicated analytics database.

- **Dealer Scorecard Generation** The system should aggregate the performance metrics for each counterparty across all trades within a given period (e.g. weekly or monthly). This aggregation forms the basis of the dealer scorecard, which ranks liquidity providers across multiple dimensions of performance.

- **Review and Calibration Cycle** Schedule regular reviews of the TCA results and dealer scorecards. This review process, often conducted by a trading or [best execution](https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) committee, should analyze trends, identify outliers, and make concrete decisions about the composition of dealer lists and routing strategies.

![Two semi-transparent, curved elements, one blueish, one greenish, are centrally connected, symbolizing dynamic institutional RFQ protocols. This configuration suggests aggregated liquidity pools and multi-leg spread constructions](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-price-discovery-engine.jpg)

## Quantitative Modeling and Data Analysis

The core of the execution process is the quantitative analysis of the trade data. Let us consider a hypothetical RFQ for a block of 100,000 shares of a specific stock. The system captures the following data points.

The table below presents a sample RFQ trade log, which serves as the raw input for our analysis.

| RFQ ID | Dealer | Timestamp (Quote) | Quote (Bid/Ask) | Executed | Execution Price | Arrival BBO (at t0) |
| --- | --- | --- | --- | --- | --- | --- |
| RFQ-721 | Dealer A | t0 + 2.1s | 100.01 / 100.05 | No | N/A | 100.02 / 100.04 |
| RFQ-721 | Dealer B | t0 + 1.5s | 100.02 / 100.06 | Yes | 100.02 | 100.02 / 100.04 |
| RFQ-721 | Dealer C | t0 + 3.5s | 100.00 / 100.04 | No | N/A | 100.02 / 100.04 |
| RFQ-721 | Dealer D | t0 + 2.8s | No Quote | No | N/A | 100.02 / 100.04 |

From this raw data, we can calculate the performance metrics. The Arrival Price Mid is $100.03. The trade was a sell order, so we are benchmarking against the bid side.

The execution at $100.02 with Dealer B represents a slippage of $0.01 per share against the arrival mid-price. However, it represents a fill at the best bid price available in the market at that time, indicating zero spread capture cost relative to the BBO.

> Transforming raw trade logs into a structured dealer scorecard is the mechanism that converts data into execution intelligence.

![A transparent glass bar, representing high-fidelity execution and precise RFQ protocols, extends over a white sphere symbolizing a deep liquidity pool for institutional digital asset derivatives. A small glass bead signifies atomic settlement within the granular market microstructure, supported by robust Prime RFQ infrastructure ensuring optimal price discovery and minimal slippage](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-digital-asset-derivatives-rfq-execution-prime-os-intelligence-layer-facilitating-optimal-price-discovery-and-best-execution.jpg)

## How Can We Quantify Dealer Performance?

Using these calculations, we can construct a performance summary. The primary metric here is Price Improvement (PI) , which we will define as the difference between the execution price and the Arrival Price Mid, measured in basis points (bps). A positive value indicates improvement, a negative value indicates slippage.

PI (bps) = ((Execution Price – Arrival Mid) / Arrival Mid) 10,000

For our example (a sell order) ▴ PI = (($100.02 – $100.03) / $100.03) 10,000 = -0.999 bps. This is a negative price improvement, or slippage, of approximately 1 basis point. This single data point, when aggregated over hundreds or thousands of trades, provides a powerful quantitative measure for comparing the pricing quality of different counterparties and refining the institutional execution strategy.

![Parallel marked channels depict granular market microstructure across diverse institutional liquidity pools. A glowing cyan ring highlights an active Request for Quote RFQ for precise price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-high-fidelity-execution-3.jpg)

## References

- Kissell, Robert. “Transaction Cost Analysis ▴ A Practical Framework to Measure Costs and Evaluate Performance.” _The Journal of Trading_, vol. 3, no. 2, 2008, pp. 29-37.

- Harris, Larry. _Trading and Exchanges ▴ Market Microstructure for Practitioners_. Oxford University Press, 2003.

- Johnson, Barry. “Best Execution in Fixed Income ▴ A Practitioner’s Guide.” _Journal of Fixed Income_, vol. 25, no. 4, 2016, pp. 6-18.

- Cont, Rama, and Adrien de Larrard. “Price Dynamics in a Markovian Limit Order Market.” _SIAM Journal on Financial Mathematics_, vol. 4, no. 1, 2013, pp. 1-25.

- O’Hara, Maureen. _Market Microstructure Theory_. Blackwell Publishers, 1995.

- Tradeweb Markets Inc. “Transaction Cost Analysis (TCA) Solutions for Institutional Investors.” White Paper, 2022.

- Financial Conduct Authority. “Best Execution and Payment for Order Flow.” _Markets in Financial Instruments Directive II Implementation_, Policy Statement PS17/5, 2017.

![A sleek, metallic multi-lens device with glowing blue apertures symbolizes an advanced RFQ protocol engine. Its precision optics enable real-time market microstructure analysis and high-fidelity execution, facilitating automated price discovery and aggregated inquiry within a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-engine-intelligence-layer.jpg)

## Reflection

The architecture of a [transaction cost](https://prime.greeks.live/area/transaction-cost/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) analysis system is a reflection of an institution’s commitment to operational excellence. The metrics and models discussed provide a vocabulary for understanding execution quality, but the true strategic advantage is realized when this vocabulary becomes ingrained in the daily workflow of the trading desk. The framework is not a static report card; it is a dynamic, adaptive intelligence system. It should prompt a continuous cycle of inquiry into the firm’s own execution processes.

![A precision-engineered apparatus with a luminous green beam, symbolizing a Prime RFQ for institutional digital asset derivatives. It facilitates high-fidelity execution via optimized RFQ protocols, ensuring precise price discovery and mitigating counterparty risk within market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-high-fidelity-digital-asset-derivatives-execution.jpg)

## What Does Your Data Reveal about Your Counterparties?

Consider the patterns that emerge from your dealer scorecards over time. Are certain counterparties consistently better in specific market conditions? Does the performance of a dealer change after a major market event? The data holds these answers.

The challenge is to build a system and a culture that are designed to listen to it. Ultimately, a superior RFQ evaluation framework does more than measure cost; it provides a blueprint for constructing a more resilient, efficient, and intelligent execution process, securing a durable operational edge in the market.

![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)

## Glossary

<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">
![Angular metallic structures precisely intersect translucent teal planes against a dark backdrop. This embodies an institutional-grade Digital Asset Derivatives platform's market microstructure, signifying high-fidelity execution via RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-high-fidelity-execution-system-architecture.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/information-leakage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## 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/off-book-liquidity/?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)

## Off-Book Liquidity

Meaning ▴ Off-Book Liquidity refers to trading volume in digital assets that is executed outside of a public exchange's central, transparent order book. </a><a href="https://prime.greeks.live/area/counterparty-performance-analytics/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Visualizes the core mechanism of an institutional-grade RFQ protocol engine, highlighting its market microstructure precision. Metallic components suggest high-fidelity execution for digital asset derivatives, enabling private quotation and block trade processing](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-engine-core-1.jpg)

## Counterparty Performance Analytics

Meaning ▴ Counterparty Performance Analytics in crypto trading involves the systematic collection, measurement, and assessment of data related to the execution quality, reliability, and risk profile of trading partners in digital asset transactions. </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 dynamic central nexus of concentric rings visualizes Prime RFQ aggregation for digital asset derivatives. Four intersecting light beams delineate distinct liquidity pools and execution venues, emphasizing high-fidelity execution and precise price discovery](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-hub-for-digital-asset-derivatives-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/implementation-shortfall/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Translucent, overlapping geometric shapes symbolize dynamic liquidity aggregation within an institutional grade RFQ protocol. Central elements represent the execution management system's focal point for precise price discovery and atomic settlement of multi-leg spread digital asset derivatives, revealing complex market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-driving-optimal-liquidity-aggregation-for-precise-price-discovery-and-atomic-settlement.jpg)

## Implementation Shortfall

Meaning ▴ Implementation Shortfall is a critical transaction cost metric in crypto investing, representing the difference between the theoretical price at which an investment decision was made and the actual average price achieved for the executed trade. </a><a href="https://prime.greeks.live/area/arrival-price/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek device showcases a rotating translucent teal disc, symbolizing dynamic price discovery and volatility surface visualization within an RFQ protocol. Its numerical display suggests a quantitative pricing engine facilitating algorithmic execution for digital asset derivatives, optimizing market microstructure through an intelligence layer](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-for-digital-asset-rfq-execution-system-with-smart-liquidity-routing.jpg)

## Arrival Price

Meaning ▴ Arrival Price denotes the market price of a cryptocurrency or crypto derivative at the precise moment an institutional trading order is initiated within a firm's order management system, serving as a critical benchmark for evaluating subsequent trade execution performance. </a><a href="https://prime.greeks.live/area/execution-price/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Central mechanical pivot with a green linear element diagonally traversing, depicting a robust RFQ protocol engine for institutional digital asset derivatives. This signifies high-fidelity execution of aggregated inquiry and price discovery, ensuring capital efficiency within complex market microstructure and order book dynamics](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-best-execution.jpg)

## Execution Price

Meaning ▴ Execution Price refers to the definitive price at which a trade, whether involving a spot cryptocurrency or a derivative contract, is actually completed and settled on a trading venue. </a><a href="https://prime.greeks.live/area/rfq-performance/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A complex, multi-faceted crystalline object rests on a dark, reflective base against a black background. This abstract visual represents the intricate market microstructure of institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-execution-architecture.jpg)

## Rfq Performance

Meaning ▴ RFQ Performance refers to the quantifiable effectiveness and efficiency of a Request for Quote (RFQ) system in facilitating institutional trades, particularly within crypto options and block trading. </a><a href="https://prime.greeks.live/area/dealer-scorecard/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precision-engineered metallic institutional trading platform, bisected by an execution pathway, features a central blue RFQ protocol engine. This Crypto Derivatives OS core facilitates high-fidelity execution, optimal price discovery, and multi-leg spread trading, reflecting advanced market microstructure](https://options.greeks.live/wp-content/uploads/2025/08/precision-engineered-institutional-digital-asset-derivatives-execution-core-facilitating-rfq-protocol-driven-optimal-price-discovery-and-multi-leg-spread-trading-for-capital-efficiency.jpg)

## Dealer Scorecard

Meaning ▴ A Dealer Scorecard is an analytical tool employed by institutional traders and RFQ platforms to systematically evaluate and rank the performance of market makers or liquidity providers. </a><a href="https://prime.greeks.live/area/market-reversion/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Central reflective hub with radiating metallic rods and layered translucent blades. This visualizes an RFQ protocol engine, symbolizing the Prime RFQ orchestrating multi-dealer liquidity for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-digital-asset-rfq-execution-and-liquidity-management.jpg)

## Market Reversion

Meaning ▴ Market Reversion, also known as mean reversion, is a financial hypothesis suggesting that asset prices and historical returns will eventually revert to their long-term averages or trends. </a><a href="https://prime.greeks.live/area/arrival-price-benchmark/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## Arrival Price Benchmark

Meaning ▴ The Arrival Price Benchmark in crypto trading represents the price of an asset at the precise moment an institutional order is initiated or submitted to the market. </a><a href="https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Sharp, intersecting metallic silver, teal, blue, and beige planes converge, illustrating complex liquidity pools and order book dynamics in institutional trading. This form embodies high-fidelity execution and atomic settlement for digital asset derivatives via RFQ protocols, optimized by a Principal's operational framework](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-digital-asset-derivatives-market-microstructure-high-fidelity-execution-across-multi-leg-spread-rfq-protocol-orchestration-within-principals-operational-framework.jpg)

## Best Execution

Meaning ▴ Best Execution, in the context of cryptocurrency trading, signifies the obligation for a trading firm or platform to take all reasonable steps to obtain the most favorable terms for its clients' orders, considering a holistic range of factors beyond merely the quoted price. </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, pointed object, merging light and dark modular components, embodies advanced market microstructure for digital asset derivatives. Its precise form represents high-fidelity execution, price discovery via RFQ protocols, emphasizing capital efficiency, institutional grade alpha generation](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-digital-asset-rfq-execution-system-microstructure.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:** [Best Execution](https://options.greeks.live/area/best-execution/), [Counterparty Performance Analytics](https://options.greeks.live/area/counterparty-performance-analytics/), [Price Slippage](https://options.greeks.live/area/price-slippage/), [Transaction Cost](https://options.greeks.live/area/transaction-cost/), [Market Microstructure](https://options.greeks.live/area/market-microstructure/), [Cost Analysis](https://options.greeks.live/area/cost-analysis/)	

## Discover More

- 
### [How Does the Choice of Venue Impact Best Execution Documentation for Electronic Orders?](https://options.greeks.live/question/how-does-the-choice-of-venue-impact-best-execution-documentation-for-electronic-orders/)
![An abstract, symmetrical four-pointed design embodies a Principal's advanced Crypto Derivatives OS. Its intricate core signifies the Intelligence Layer, enabling high-fidelity execution and precise price discovery across diverse liquidity pools. Radiating arms depict optimized RFQ protocols for multi-leg spread strategies, minimizing slippage.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine.jpg)

Venue choice dictates the data available to construct the best execution file, transforming a compliance duty into a strategic data asset.

- 
### [How Does Liquidity Fragmentation in Crypto Affect Best Execution?](https://options.greeks.live/question/how-does-liquidity-fragmentation-in-crypto-affect-best-execution/)
![A central, metallic cross-shaped RFQ protocol engine orchestrates principal liquidity aggregation between two distinct institutional liquidity pools. Its intricate design suggests high-fidelity execution and atomic settlement within digital asset options trading, forming a core Crypto Derivatives OS for algorithmic price discovery.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-architecture-optimizing-liquidity-aggregation-and-high-fidelity-execution.jpg)

Liquidity fragmentation in crypto transforms best execution into a multi-dimensional challenge of strategic aggregation and intelligent order routing.

- 
### [What Are the Primary Metrics for Comparing Anonymous versus Disclosed RFQ Performance?](https://options.greeks.live/question/what-are-the-primary-metrics-for-comparing-anonymous-versus-disclosed-rfq-performance/)
![Stacked, distinct components, subtly tilted, symbolize the multi-tiered institutional digital asset derivatives architecture. Layers represent RFQ protocols, private quotation aggregation, core liquidity pools, and atomic settlement. This design optimizes market microstructure for high-fidelity execution and capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/layered-institutional-digital-asset-derivatives-rfq-protocols-optimizing-principal-execution-management-systems-for-best-execution.jpg)

Comparing RFQ protocols requires a TCA framework that deconstructs execution cost into price efficiency and information leakage components.

- 
### [How Has Institutional Adoption Changed the Nature of Crypto Block Trading?](https://options.greeks.live/question/how-has-institutional-adoption-changed-the-nature-of-crypto-block-trading/)
![Abstract structure combines opaque curved components with translucent blue blades, a Prime RFQ for institutional digital asset derivatives. It represents market microstructure optimization, high-fidelity execution of multi-leg spreads via RFQ protocols, ensuring best execution and capital efficiency across liquidity pools.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-optimizing-market-microstructure-for-high-fidelity-execution-best-execution-price-discovery-across-liquidity-pools-and-prime-os.jpg)

Institutional adoption has industrialized crypto block trading, replacing opaque deals with auditable, protocol-driven execution to ensure best price and minimize information leakage.

- 
### [How Does a Consolidated Tape Impact Best Execution Obligations?](https://options.greeks.live/question/how-does-a-consolidated-tape-impact-best-execution-obligations/)
![A transparent sphere, bisected by dark rods, symbolizes an RFQ protocol's core. This represents multi-leg spread execution within a high-fidelity market microstructure for institutional grade digital asset derivatives, ensuring optimal price discovery and capital efficiency via Prime RFQ.](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-digital-asset-derivatives-rfq-protocols-high-fidelity-execution.jpg)

A consolidated tape provides the objective, market-wide data benchmark essential for validating best execution obligations.

- 
### [How Do Systematic Internalisers Retain a Competitive Edge after the Tick Size Harmonization?](https://options.greeks.live/question/how-do-systematic-internalisers-retain-a-competitive-edge-after-the-tick-size-harmonization/)
![Sharp, transparent, teal structures and a golden line intersect a dark void. This symbolizes market microstructure for institutional digital asset derivatives. Angles represent high-fidelity execution via RFQ protocols. Granular specks depict tick data informing price discovery within liquidity pools for alpha generation.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-precision-execution-leveraging-granular-market-microstructure-intelligence.jpg)

Systematic Internalisers retain their edge by shifting from price to quality, leveraging technology to minimize market impact for large trades.

- 
### [What Is the Role of Transaction Cost Analysis in Evaluating RFQ Protocol Effectiveness?](https://options.greeks.live/question/what-is-the-role-of-transaction-cost-analysis-in-evaluating-rfq-protocol-effectiveness/)
![Translucent, multi-layered forms evoke an institutional RFQ engine, its propeller-like elements symbolizing high-fidelity execution and algorithmic trading. This depicts precise price discovery, deep liquidity pool dynamics, and capital efficiency within a Prime RFQ for digital asset derivatives block trades.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-14.jpg)

TCA provides the empirical data to quantify RFQ protocol efficiency, transforming execution from an art into a data-driven science.

- 
### [How Do RFQ-Specific Benchmarks Differ from Traditional TCA Metrics like VWAP?](https://options.greeks.live/question/how-do-rfq-specific-benchmarks-differ-from-traditional-tca-metrics-like-vwap/)
![Robust metallic beam depicts institutional digital asset derivatives execution platform. Two spherical RFQ protocol nodes, one engaged, one dislodged, symbolize high-fidelity execution, dynamic price discovery. Water droplets signify granular market microstructure, Prime RFQ liquidity.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-prime-os-node.jpg)

RFQ benchmarks measure execution quality within a discrete auction; traditional TCA metrics compare it to a continuous public market average.

- 
### [How Can Transaction Cost Analysis Be Used to Refine the Dealer Selection Process in an RFQ?](https://options.greeks.live/question/how-can-transaction-cost-analysis-be-used-to-refine-the-dealer-selection-process-in-an-rfq/)
![Intricate metallic mechanisms portray a proprietary matching engine or execution management system. Its robust structure enables algorithmic trading and high-fidelity execution for institutional digital asset derivatives. Interconnecting lines signify FIX protocol data flow and RFQ protocol pathways vital for price discovery.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-market-microstructure.jpg)

TCA refines RFQ dealer selection by systematically replacing qualitative judgment with quantitative, data-driven performance analysis.

---

## 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 Transaction Cost Analysis Metrics for Evaluating RFQ Performance?",
            "item": "https://options.greeks.live/question/what-are-the-primary-transaction-cost-analysis-metrics-for-evaluating-rfq-performance/"
        }
    ]
}
```

```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-transaction-cost-analysis-metrics-for-evaluating-rfq-performance/"
    },
    "headline": "What Are the Primary Transaction Cost Analysis Metrics for Evaluating RFQ Performance? \u25b4 Question",
    "description": "RFQ TCA metrics quantify execution quality by benchmarking against arrival price and analyzing counterparty behavior to minimize information leakage. \u25b4 Question",
    "url": "https://options.greeks.live/question/what-are-the-primary-transaction-cost-analysis-metrics-for-evaluating-rfq-performance/",
    "datePublished": "2025-08-06T15:08:09+00:00",
    "dateModified": "2025-10-27T07:22:25+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/prime-os-rfq-protocol-high-fidelity-digital-asset-derivatives-execution-1.jpg",
        "caption": "Depicts a Prime RFQ environment for institutional digital asset derivatives trading. A central conical element and concentric rings symbolize precise price discovery and dynamic volatility surface, crucial for multi-leg spread options trading. Linear elements represent high-fidelity algorithmic trading and smart order routing, optimizing RFQ protocol execution. This system ensures best execution, minimizes slippage, and manages counterparty risk within high-performance market microstructure, reflecting advanced quantitative analysis for capital efficiency."
    },
    "keywords": [
        "Arrival Price",
        "Arrival Price Benchmark",
        "Best Execution",
        "Cost Analysis",
        "Counterparty Performance Analytics",
        "Dealer Scorecard",
        "Execution Price",
        "Execution Quality",
        "Implementation Shortfall",
        "Information Leakage",
        "Market Microstructure",
        "Market Reversion",
        "Off-Book Liquidity",
        "Price Slippage",
        "Quoted Spread",
        "RFQ Performance",
        "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"
    }
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "FAQPage",
    "mainEntity": [
        {
            "@type": "Question",
            "name": "How Can We Quantify Dealer Performance?",
            "acceptedAnswer": {
                "@type": "Answer",
                "text": "Using these calculations, we can construct a performance summary. The primary metric here is Price Improvement (PI) , which we will define as the difference between the execution price and the Arrival Price Mid, measured in basis points (bps). A positive value indicates improvement, a negative value indicates slippage."
            }
        },
        {
            "@type": "Question",
            "name": "What Does Your Data Reveal About Your Counterparties?",
            "acceptedAnswer": {
                "@type": "Answer",
                "text": "Consider the patterns that emerge from your dealer scorecards over time. Are certain counterparties consistently better in specific market conditions? Does the performance of a dealer change after a major market event? The data holds these answers. The challenge is to build a system and a culture that are designed to listen to it. Ultimately, a superior RFQ evaluation framework does more than measure cost; it provides a blueprint for constructing a more resilient, efficient, and intelligent execution process, securing a durable operational edge in the market."
            }
        }
    ]
}
```


---

**Original URL:** https://options.greeks.live/question/what-are-the-primary-transaction-cost-analysis-metrics-for-evaluating-rfq-performance/
