# What Is a Request for Quotation (RFQ)? ▴ Question

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

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![An arc of interlocking, alternating pale green and dark grey segments, with black dots on light segments. This symbolizes a modular RFQ protocol for institutional digital asset derivatives, representing discrete private quotation phases or aggregated inquiry nodes](https://options.greeks.live/wp-content/uploads/2025/07/modular-rfq-protocol-segments-for-institutional-digital-asset-derivatives.jpg)

![A polished, light surface interfaces with a darker, contoured form on black. This signifies the RFQ protocol for institutional digital asset derivatives, embodying price discovery and high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-interface.jpg)

## Concept

An institutional trader staring at an order for 5,000 options contracts or a $50 million block of an illiquid bond faces a fundamental problem of physics applied to finance. The very act of observing the market by placing the order risks altering the market itself. A large order placed on a [central limit order book](https://prime.greeks.live/area/central-limit-order-book/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is a flare in the dark, signaling intent and inviting front-running, adverse selection, and significant price slippage. The market will move against the order before it is ever fully filled.

A [Request for Quotation](https://prime.greeks.live/area/request-for-quotation/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (RFQ) is the architectural solution to this problem. It is a private, discreet communications protocol designed to solicit competitive, executable prices from a select group of [liquidity providers](https://prime.greeks.live/area/liquidity-providers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) for a specific financial instrument, away from the full glare of the public markets.

This mechanism fundamentally re-architects the [price discovery](https://prime.greeks.live/area/price-discovery/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) process. Instead of broadcasting a large order to the entire market and hoping for a stable price, the [RFQ protocol](https://prime.greeks.live/area/rfq-protocol/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) allows an initiator to engage in a targeted, bilateral negotiation with multiple counterparties simultaneously. The initiator sends a structured message containing the instrument identifier (e.g. ISIN), the size of the desired transaction, and sometimes other parameters, without revealing their direction (buy or sell).

In response, a curated set of dealers or market makers return firm, executable quotes. The initiator can then assess these private bids and offers and execute against the most favorable one. This entire process occurs within a closed system, minimizing the [information leakage](https://prime.greeks.live/area/information-leakage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) that plagues large orders on lit exchanges. The protocol’s power lies in its capacity to source deep liquidity while maintaining control over the execution narrative.

> A Request for Quotation protocol is a system for targeted price discovery, enabling institutions to execute large trades with minimal market impact by soliciting private, competitive bids from select liquidity providers.

The design of an RFQ system reflects a deep understanding of [market microstructure](https://prime.greeks.live/area/market-microstructure/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). It acknowledges that for institutional-sized orders, liquidity is a relationship, an agreement to transact at a specific size and price. It is an engineered solution that replaces the chaotic, all-to-all nature of a public [order book](https://prime.greeks.live/area/order-book/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) with a controlled, one-to-many, and then one-to-one, interaction.

This controlled environment is what allows for the transfer of significant risk between two parties without causing the price dislocations that would harm both the initiator and the broader market. It is a foundational tool for achieving [best execution](https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), a regulatory and fiduciary mandate that requires portfolio managers to seek the most favorable terms for their clients’ transactions.

![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)

![An abstract digital interface features a dark circular screen with two luminous dots, one teal and one grey, symbolizing active and pending private quotation statuses within an RFQ protocol. Below, sharp parallel lines in black, beige, and grey delineate distinct liquidity pools and execution pathways for multi-leg spread strategies, reflecting market microstructure and high-fidelity execution for institutional grade digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-displaying-multi-leg-execution-status-and-optimal-liquidity-pathways.jpg)

## Strategy

Deploying a [Request for Quotation protocol](https://prime.greeks.live/area/request-for-quotation-protocol/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is a strategic decision rooted in a sophisticated understanding of execution risk. The primary strategic objective is the mitigation of market impact, the cost incurred when a large trade moves the prevailing price. An institution choosing the RFQ route is explicitly prioritizing price certainty and low information leakage over the speed and anonymity of a central [limit order book](https://prime.greeks.live/area/limit-order-book/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite).

This choice is most potent in specific market scenarios where the weaknesses of other execution methods become acute liabilities. The protocol functions as a specialized instrument within a broader execution toolkit, selected when its unique properties align with the specific risk profile of the trade.

![A layered mechanism with a glowing blue arc and central module. This depicts an RFQ protocol's market microstructure, enabling high-fidelity execution and efficient price discovery](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-engine-high-fidelity-execution-protocol.jpg)

## When Is the RFQ Protocol the Optimal Choice?

The strategic value of a bilateral price discovery mechanism is most apparent in markets characterized by lower liquidity, wider spreads, and complex instruments. For a standard trade of 100 shares of a highly liquid stock, the public market’s continuous auction is supremely efficient. For a multi-million dollar, multi-leg options spread on a mid-cap stock, or a large block of a corporate bond, the public market is a hostile environment.

The decision to use an RFQ is therefore a function of order size, instrument complexity, and underlying liquidity. An institution’s [trading desk](https://prime.greeks.live/area/trading-desk/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) will systematically analyze these factors to determine the execution methodology with the highest probability of success.

Key strategic applications include:

- **[Block Trading](https://prime.greeks.live/area/block-trading/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)** ▴ For equities, bonds, and other securities, executing a large block order via RFQ allows a manager to transfer the entire position at a single price. This avoids the risk of the price ratcheting away as a large “iceberg” order is slowly worked in the open market. The strategic trade-off is a potentially wider spread paid to the liquidity provider for warehousing the risk, versus the unknown and potentially much larger cost of slippage in a [lit market](https://prime.greeks.live/area/lit-market/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite).

- **Complex Derivatives** ▴ Multi-leg options strategies (like collars, spreads, or butterflies) are difficult to execute on a central order book. The chances of getting all legs filled simultaneously at the desired net price are low. An RFQ allows the initiator to request a single price for the entire package, transferring the complex execution risk to a specialized market maker who can price and hedge the components as a single unit.

- **Illiquid Assets** ▴ In markets for instruments like municipal bonds, certain corporate debt, or exotic derivatives, there is no active, two-sided public market. The RFQ protocol is the primary mechanism for price discovery. It creates a market on-demand by polling the small number of dealers who specialize in these instruments.

![Angular, reflective structures symbolize an institutional-grade Prime RFQ enabling high-fidelity execution for digital asset derivatives. A distinct, glowing sphere embodies an atomic settlement or RFQ inquiry, highlighting dark liquidity access and best execution within market microstructure](https://options.greeks.live/wp-content/uploads/2025/08/prime-os-digital-asset-derivatives-rfq-execution-protocol.jpg)

## Comparative Protocol Analysis

The selection of an execution venue is a critical strategic decision. The following table provides a comparative analysis of the RFQ protocol against other common institutional execution methods. This framework highlights the trade-offs inherent in each choice, allowing a trading desk to align its execution strategy with its specific objectives for a given order.

### Table 1 ▴ Comparison of Institutional Execution Protocols

| Protocol | Primary Advantage | Primary Disadvantage | Optimal Use Case |
| --- | --- | --- | --- |
| Request for Quotation (RFQ) | Low market impact; price certainty for large size. | Potential for information leakage to polled dealers; reliance on dealer-provided liquidity. | Large block trades, illiquid securities, complex multi-leg derivatives. |
| Lit Market (Central Order Book) | Full pre-trade price transparency; anonymous access. | High market impact for large orders; risk of front-running. | Small, liquid orders where speed is paramount. |
| Dark Pool | Potential for zero market impact; anonymity. | Uncertainty of execution; potential for adverse selection from informed traders. | Medium-sized liquid orders where minimizing impact is the primary goal. |
| Algorithmic Execution (e.g. VWAP/TWAP) | Automated execution that minimizes tracking error against a benchmark. | Can be detected by other algorithms; subject to market trends during the execution window. | Executing large orders over time in liquid markets to match a benchmark. |

> The strategic deployment of an RFQ is an exercise in risk management, trading the absolute anonymity of a public market for the price certainty that comes from a private, structured negotiation.

![The abstract image features angular, parallel metallic and colored planes, suggesting structured market microstructure for digital asset derivatives. A spherical element represents a block trade or RFQ protocol inquiry, reflecting dynamic implied volatility and price discovery within a dark pool](https://options.greeks.live/wp-content/uploads/2025/07/optimized-institutional-digital-asset-derivatives-rfq-protocol-framework-ensuring-principal-best-execution-and-latent-liquidity-capture.jpg)

## How Does Counterparty Selection Influence Strategy?

A critical component of RFQ strategy is the curation of the dealer list. Sending a request to too many providers increases the risk of information leakage, as the collective footprint of the dealers hedging their potential exposure can signal the initiator’s intent to the broader market. Conversely, sending it to too few may result in uncompetitive pricing.

An institution’s trading system must therefore maintain sophisticated analytics on its liquidity providers, tracking response times, fill rates, quote competitiveness (spread to mid-market), and post-trade price movement. This data-driven approach allows the trading desk to build dynamic, optimized dealer lists tailored to the specific instrument and market conditions, balancing the need for competitive tension with the imperative of discretion.

![Geometric panels, light and dark, interlocked by a luminous diagonal, depict an institutional RFQ protocol for digital asset derivatives. Central nodes symbolize liquidity aggregation and price discovery within a Principal's execution management system, enabling high-fidelity execution and atomic settlement in market microstructure](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-1.jpg)

![Intersecting translucent planes and a central financial instrument depict RFQ protocol negotiation for block trade execution. Glowing rings emphasize price discovery and liquidity aggregation within market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-orchestration-for-high-fidelity-execution-across-prime-os.jpg)

## Execution

The execution of a Request for Quotation is a precise, structured process governed by technological protocols and established market conventions. It represents the operationalization of the firm’s strategic decision to seek liquidity through a discreet, bilateral mechanism. Mastering the execution phase requires a synthesis of technology, process, and quantitative analysis to ensure that the strategic goal ▴ best execution with minimal [market impact](https://prime.greeks.live/area/market-impact/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) ▴ is achieved. This section provides a granular, operational playbook for the entire RFQ lifecycle, from the initial pre-trade analysis to the final settlement and post-trade review.

![A dark blue sphere, representing a deep liquidity pool for digital asset derivatives, opens via a translucent teal RFQ protocol. This unveils a principal's operational framework, detailing algorithmic trading for high-fidelity execution and atomic settlement, optimizing market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/rfq-block-trade-liquidity-microstructure-execution-prime-os-derivatives-capital.jpg)

## The Operational Playbook

The RFQ workflow is a systematic procedure designed to ensure fairness, transparency (among the selected participants), and operational efficiency. Each step is a critical node in a network designed to control information and secure favorable execution terms.

- **Pre-Trade Analysis and Order Staging** ▴ The process begins within the institution’s [Execution Management System](https://prime.greeks.live/area/execution-management-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (EMS) or [Order Management System](https://prime.greeks.live/area/order-management-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (OMS). A portfolio manager or trader identifies the need to transact a large or complex order. The first step is to analyze the order’s characteristics ▴ its size relative to average daily volume, the liquidity of the underlying instrument, and its complexity. The trading desk determines that the order is unsuitable for direct market access or algorithmic execution due to its high potential for market impact. The order is then staged for RFQ execution.

- **Counterparty Curation and List Creation** ▴ Using proprietary data and analytics, the trader constructs a list of liquidity providers to receive the RFQ. This is a critical step. The system may suggest a default list based on historical performance for the asset class, but the trader applies their expertise to refine it. Considerations include which dealers have shown the tightest spreads for this specific instrument, their recent response rates, and any qualitative information about their current risk appetite. For a standard block trade, this list might contain 5-10 dealers. For a highly exotic derivative, it may only be 2-3.

- **RFQ Message Construction and Dispatch** ▴ The EMS automatically constructs the RFQ message. This is a standardized data format, often transmitted via the FIX (Financial Information eXchange) protocol. The message contains the security identifier (ISIN, CUSIP), the precise quantity, and a deadline for response. Crucially, the initial request is directionless to prevent information leakage. The system then dispatches this request simultaneously to the selected liquidity providers’ automated quoting systems.

- **Dealer Pricing and Response Submission** ▴ Upon receiving the RFQ, the liquidity providers’ systems automatically price the request. Their algorithms calculate a price based on their internal position, their view of the market, the cost of hedging the potential trade, and a profit margin. This price is submitted back to the initiator’s EMS as a firm, two-way (bid and ask) quote that is typically valid for a short period (e.g. a few seconds to a minute).

- **Quote Aggregation and Analysis** ▴ The initiator’s EMS aggregates the incoming quotes in real-time, displaying them on the trader’s screen. The system highlights the best bid and best offer. The trader analyzes these quotes not just on price, but also in the context of the current market (e.g. comparing the best bid to the prevailing public market bid, if one exists).

- **Execution and Confirmation** ▴ The trader makes the execution decision. They can choose to “hit” a bid (to sell) or “lift” an offer (to buy) from a single dealer. Upon clicking, an execution message is sent to the chosen dealer, and a legally binding trade is formed. The system receives a confirmation message back from the dealer. Simultaneously, “cancel” messages are sent to the other quoting dealers, releasing them from their quotes.

- **Allocation and Post-Trade Processing** ▴ If the trade was done on behalf of multiple internal funds, the trader allocates the execution across those funds within the OMS. The trade details are then sent to the firm’s middle and back-office systems for clearing and settlement. The execution data, including all competing quotes, is stored for regulatory compliance and future [Transaction Cost Analysis](https://prime.greeks.live/area/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (TCA).

![An abstract, multi-component digital infrastructure with a central lens and circuit patterns, embodying an Institutional Digital Asset Derivatives platform. This Prime RFQ enables High-Fidelity Execution via RFQ Protocol, optimizing Market Microstructure for Algorithmic Trading, Price Discovery, and Multi-Leg Spread](https://options.greeks.live/wp-content/uploads/2025/08/institutional-grade-digital-asset-derivatives-trading-platform-powering-high-fidelity-execution-via-advanced-rfq-protocol-prime-os-intelligence-layer.jpg)

## Quantitative Modeling and Data Analysis

The decision to use an RFQ and the evaluation of its success are deeply quantitative exercises. The primary goal is to execute a trade at a better price than would have been achieved through other methods, a concept measured by slippage. The table below models a hypothetical scenario comparing the execution of a $20 million block of a mid-cap stock via an RFQ versus a standard VWAP (Volume Weighted Average Price) algorithm.

### Table 2 ▴ Quantitative Scenario – RFQ vs. VWAP Algorithm Execution

| Parameter | RFQ Execution | VWAP Algorithm Execution | Comments |
| --- | --- | --- | --- |
| Order Size | 400,000 shares | 400,000 shares | Equivalent to $20,000,000 at $50.00/share |
| Arrival Price (Mid) | $50.00 | $50.00 | Mid-market price at the moment of the trade decision. |
| Execution Price | $49.95 (Offer from Dealer B) | $49.88 (Average fill price) | VWAP execution suffers from market impact as the algo works the order. |
| Slippage vs. Arrival Price | -$0.05 per share | -$0.12 per share | Slippage is the difference between execution price and the arrival price. |
| Total Execution Cost | $20,000 | $48,000 | Calculated as (Slippage per share Number of shares). |

This model demonstrates the economic rationale. The RFQ allows the institution to pay a known, fixed cost (the spread to the dealer) of $0.05 per share. The VWAP algorithm, while attempting to be passive, inevitably creates price pressure in the market, resulting in a much higher average cost of $0.12 per share. The quantitative analysis of such outcomes, aggregated over thousands of trades, is what validates the continued use of the RFQ protocol as a core component of the execution architecture.

![A sharp metallic element pierces a central teal ring, symbolizing high-fidelity execution via an RFQ protocol gateway for institutional digital asset derivatives. This depicts precise price discovery and smart order routing within market microstructure, optimizing dark liquidity for block trades and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-protocol-optimizing-liquidity-discovery-and-smart-order-routing.jpg)

## Predictive Scenario Analysis

Consider the case of a quantitative hedge fund, “Asymptote Capital,” needing to execute a complex, bullish trade on a biotechnology firm, “BioGenTech,” ahead of an anticipated clinical trial announcement. The fund’s strategy calls for implementing a risk reversal (selling a downside put and using the proceeds to buy an upside call) on a massive scale ▴ 10,000 contracts on each leg. The options on BioGenTech are notoriously illiquid, with wide bid-ask spreads and thin depth on the public exchanges. The head of execution, Dr. Aris Thorne, immediately rules out working the order on the lit market.

Placing an order of that magnitude would be financial suicide; the market makers would see the buy-side pressure on the calls and sell-side pressure on the puts, widen their spreads to astronomical levels, and trade ahead of the fund’s remaining order. The information leakage would destroy the alpha of the entire strategy.

Thorne decides the only viable path is a multi-dealer RFQ. His objective is to get a single, net price for the entire 20,000-contract package. He begins by using his firm’s proprietary counterparty analysis tool, “Cerberus.” The tool ranks potential dealers based on historical data for similar trades. It flags Dealer A as having the tightest spreads in single-stock biotech options, Dealer B as having the largest risk appetite, and Dealer C as being the fastest to respond.

It filters out several other banks that have recently shown poor performance in the sector. Thorne curates a final list of five top-tier derivatives desks.

Within Asymptote’s EMS, he stages the order, specifying the underlying (BioGenTech), the two option legs with their strikes and expirations, and the total size (10,000×10,000). At 10:30:00 AM, he clicks “Submit RFQ.” The system dispatches the directionless request to the five dealers. On the other side of the wire, sophisticated pricing engines at each bank ingest the request. They pull real-time volatility surfaces, borrow rates for the stock, and their own internal risk positions.

Within two seconds, the first quote arrives ▴ Dealer C offers to pay a net debit of $1.55 for the package. A second later, Dealer A comes in at $1.52. Then Dealer E at $1.58. Dealer B, known for taking large positions, takes a few seconds longer to analyze the risk but returns the most aggressive quote ▴ a net debit of $1.49. Dealer D declines to quote, their system likely flagging the risk as outside their current tolerance.

Thorne’s screen now shows four competing, executable quotes. The public screen market for the package, if one could even be assembled, would be something like $1.40 bid at $1.70 offer, and for a tiny size. The RFQ has created a competitive, institutional-grade market where none existed. He has a 30-second window to act before the quotes expire.

He sees that Dealer B’s price of $1.49 is exceptional. At 10:30:08 AM, he clicks the “Buy” button on Dealer B’s quote. An execution message fires off to Dealer B, who is now on the hook for the entire 20,000-contract position. Asymptote Capital has successfully entered its strategic position at a known, competitive price, with near-zero market impact.

The total cost of the position is $1,490,000 (10,000 contracts $1.49 100 shares/contract). Thorne’s post-trade analysis later estimates that attempting to work this order on the lit market would have resulted in an average execution price of at least $1.80, a difference of over $300,000. The RFQ was not just a tool; it was the only viable architecture for converting the fund’s intellectual property into a market position without destroying it in the process.

![A transparent bar precisely intersects a dark blue circular module, symbolizing an RFQ protocol for institutional digital asset derivatives. This depicts high-fidelity execution within a dynamic liquidity pool, optimizing market microstructure via a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-protocol-for-prime-os-execution.jpg)

## System Integration and Technological Architecture

The RFQ process is enabled by a sophisticated and interconnected technological architecture. This system ensures that information flows are structured, secure, and efficient, allowing for the rapid negotiation and execution of complex trades. The core components are the institution’s internal systems, the network connecting them to dealers, and the standardized messaging protocols that they all speak.

The primary communication standard is the Financial Information eXchange (FIX) protocol. Specific FIX message types are designed for the RFQ workflow:

- **QuoteRequest (MsgType=R)** ▴ The message sent by the initiator to the dealers. It contains tags specifying the QuoteReqID (a unique identifier for the request), and a repeating group for the instruments, including Symbol, SecurityID, StrikePrice, MaturityMonthYear, PutOrCall, and OrderQty.

- **Quote (MsgType=S)** ▴ The response from the dealer. It contains the QuoteID, echoes the QuoteReqID, and provides the BidPx, OfferPx, BidSize, and OfferSize. This is a firm, executable quote.

- **QuoteCancel (MsgType=Z)** ▴ Sent by the initiator to all non-winning dealers to terminate the RFQ and release them from their quotes.

- **ExecutionReport (MsgType=8)** ▴ The final confirmation of the trade from the winning dealer back to the initiator, detailing the ExecID, LastPx, LastQty, and other trade details.

This entire workflow is managed by the interplay between the Order Management System (OMS) and the Execution Management System (EMS). The OMS is the book of record for the firm’s positions and portfolio-level decisions. The EMS is the tactical tool used by the trader for market connectivity and execution. In a modern setup, the portfolio manager’s decision in the OMS automatically creates a staged order in the EMS.

The trader then uses the EMS to manage the RFQ process, and the final execution is written back from the EMS to the OMS, updating the firm’s official position in real-time. This seamless integration is critical for maintaining operational control and minimizing the risk of manual errors.

![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)

## References

- Harris, Larry. “Trading and Exchanges ▴ Market Microstructure for Practitioners.” Oxford University Press, 2003.

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

- Biais, Bruno, et al. “An Empirical Analysis of the Limit Order Book and the Order Flow in the Paris Bourse.” The Journal of Finance, vol. 50, no. 5, 1995, pp. 1655 ▴ 89.

- “MiFID II and MiFIR.” European Securities and Markets Authority (ESMA), Regulation (EU) No 600/2014.

- Mittal, Pankaj. “An Overview of FIX Protocol for Algorithmic Trading.” Journal of Trading, vol. 4, no. 4, 2009, pp. 68-75.

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

- Hasbrouck, Joel. “Empirical Market Microstructure ▴ The Institutions, Economics, and Econometrics of Securities Trading.” Oxford University Press, 2007.

- Lehalle, Charles-Albert, and Sophie Laruelle. “Market Microstructure in Practice.” World Scientific Publishing, 2013.

![A sleek, dark teal, curved component showcases a silver-grey metallic strip with precise perforations and a central slot. This embodies a Prime RFQ interface for institutional digital asset derivatives, representing high-fidelity execution pathways and FIX Protocol integration](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine.jpg)

## Reflection

The Request for Quotation protocol is more than a transactional mechanism; it is a structural component of a sophisticated institutional operating system. Its architecture reflects a core principle of modern finance ▴ the management of information is as critical as the management of capital. By understanding the deep mechanics of this protocol, a firm moves beyond simply executing trades and begins to architect its own liquidity.

The knowledge presented here is a component in that larger system. The ultimate question for any institution is how this protocol integrates with its broader framework for risk, technology, and strategy to build a durable, decisive operational edge in the market.

![A central translucent disk, representing a Liquidity Pool or RFQ Hub, is intersected by a precision Execution Engine bar. Its core, an Intelligence Layer, signifies dynamic Price Discovery and Algorithmic Trading logic for Digital Asset Derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-visualizing-microstructure.jpg)

## Glossary

<a href="https://prime.greeks.live/area/central-limit-order-book/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A blue speckled marble, symbolizing a precise block trade, rests centrally on a translucent bar, representing a robust RFQ protocol. This structured geometric arrangement illustrates complex market microstructure, enabling high-fidelity execution, optimal price discovery, and efficient liquidity aggregation within a principal's operational framework for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/precision-institutional-rfq-execution-framework-optimizing-digital-asset-derivatives-liquidity-aggregation-across-complex-market-microstructure.jpg)

## Central Limit Order Book

Meaning ▴ A Central Limit Order Book (CLOB) is a foundational trading system architecture where all buy and sell orders for a specific crypto asset or derivative, like institutional options, are collected and displayed in real-time, organized by price and time priority. </a><a href="https://prime.greeks.live/area/request-for-quotation/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sophisticated RFQ engine module, its spherical lens observing market microstructure and reflecting implied volatility. This Prime RFQ component ensures high-fidelity execution for institutional digital asset derivatives, enabling private quotation for block trades](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-for-best-execution-protocol.jpg)

## Request for Quotation

Meaning ▴ A Request for Quotation (RFQ) is a formal process where a prospective buyer solicits price quotes from multiple liquidity providers for a specific financial instrument, including crypto assets. </a><a href="https://prime.greeks.live/area/liquidity-providers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A Prime RFQ interface for institutional digital asset derivatives displays a block trade module and RFQ protocol channels. Its low-latency infrastructure ensures high-fidelity execution within market microstructure, enabling price discovery and capital efficiency for Bitcoin options](https://options.greeks.live/wp-content/uploads/2025/08/prime-os-rfq-protocol-engine-high-fidelity-execution-digital-asset-derivatives.jpg)

## Liquidity Providers

Meaning ▴ Liquidity Providers (LPs) are critical market participants in the crypto ecosystem, particularly for institutional options trading and RFQ crypto, who facilitate seamless trading by continuously offering to buy and sell digital assets or derivatives. </a><a href="https://prime.greeks.live/area/price-discovery/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Sleek, intersecting metallic elements above illuminated tracks frame a central oval block. This visualizes institutional digital asset derivatives trading, depicting RFQ protocols for high-fidelity execution, liquidity aggregation, and price discovery within market microstructure, ensuring best execution on a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-system-for-optimal-execution.jpg)

## Price Discovery

Meaning ▴ Price Discovery, within the context of crypto investing and market microstructure, describes the continuous process by which the equilibrium price of a digital asset is determined through the collective interaction of buyers and sellers across various trading venues. </a><a href="https://prime.greeks.live/area/rfq-protocol/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Polished, curved surfaces in teal, black, and beige delineate the intricate market microstructure of institutional digital asset derivatives. These distinct layers symbolize segregated liquidity pools, facilitating optimal RFQ protocol execution and high-fidelity execution, minimizing slippage for large block trades and enhancing capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/precision-rfq-protocol-execution-institutional-digital-asset-derivatives-flow.jpg)

## Rfq Protocol

Meaning ▴ An RFQ Protocol, or Request for Quote Protocol, defines a standardized set of rules and communication procedures governing the electronic exchange of price inquiries and subsequent responses between market participants in a trading environment. </a><a href="https://prime.greeks.live/area/information-leakage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A luminous blue Bitcoin coin rests precisely within a sleek, multi-layered platform. This embodies high-fidelity execution of digital asset derivatives via an RFQ protocol, highlighting price discovery and atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-precision-3.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/market-microstructure/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A transparent cylinder containing a white sphere floats between two curved structures, each featuring a glowing teal line. This depicts institutional-grade RFQ protocols driving high-fidelity execution of digital asset derivatives, facilitating private quotation and liquidity aggregation through a Prime RFQ for optimal block trade atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-high-fidelity-execution-6.jpg)

## Market Microstructure

Meaning ▴ Market Microstructure, within the cryptocurrency domain, refers to the intricate design, operational mechanics, and underlying rules governing the exchange of digital assets across various trading venues. </a><a href="https://prime.greeks.live/area/order-book/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract visualization of institutional RFQ protocol for digital asset derivatives. Translucent layers symbolize dark liquidity pools within complex market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-6.jpg)

## Order Book

Meaning ▴ An Order Book is an electronic, real-time list displaying all outstanding buy and sell orders for a particular financial instrument, organized by price level, thereby providing a dynamic representation of current market depth and immediate liquidity. </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">
![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)

## 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/request-for-quotation-protocol/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, spherical intelligence layer component with internal blue mechanics and a precision lens. It embodies a Principal's private quotation system, driving high-fidelity execution and price discovery for digital asset derivatives through RFQ protocols, optimizing market microstructure and minimizing latency](https://options.greeks.live/wp-content/uploads/2025/08/principals-private-quotation-system-intelligence-layer-component.jpg)

## Request for Quotation Protocol

Meaning ▴ Request for Quotation Protocol (RFQ Protocol) defines a standardized communication framework and sequence of messages used by institutional participants to solicit price quotes from multiple liquidity providers for crypto assets. </a><a href="https://prime.greeks.live/area/limit-order-book/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precision-engineered interface for institutional digital asset derivatives. A circular system component, perhaps an Execution Management System EMS module, connects via a multi-faceted Request for Quote RFQ protocol bridge to a distinct teal capsule, symbolizing a bespoke block trade](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-interface-for-institutional-digital-asset-derivatives-request-for-quote-protocol-high-fidelity-execution-within-principal-operating-system.jpg)

## Limit Order Book

Meaning ▴ A Limit Order Book is a real-time electronic record maintained by a cryptocurrency exchange or trading platform that transparently lists all outstanding buy and sell orders for a specific digital asset, organized by price level. </a><a href="https://prime.greeks.live/area/trading-desk/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Two high-gloss, white cylindrical execution channels with dark, circular apertures and secure bolted flanges, representing robust institutional-grade infrastructure for digital asset derivatives. These conduits facilitate precise RFQ protocols, ensuring optimal liquidity aggregation and high-fidelity execution within a proprietary Prime RFQ environment](https://options.greeks.live/wp-content/uploads/2025/08/institutional-grade-execution-channels-enabling-private-quotation-and-optimal-liquidity-aggregation-for-high-fidelity-digital-asset-derivatives-rfq-protocols-on-prime-os.jpg)

## Trading Desk

Meaning ▴ A Trading Desk, within the institutional crypto investing and broader financial services sector, functions as a specialized operational unit dedicated to executing buy and sell orders for digital assets, derivatives, and other crypto-native instruments. </a><a href="https://prime.greeks.live/area/block-trading/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Visualizing institutional digital asset derivatives market microstructure. A central RFQ protocol engine facilitates high-fidelity execution across diverse liquidity pools, enabling precise price discovery for multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-across-multi-asset-liquidity.jpg)

## Block Trading

Meaning ▴ Block Trading, within the cryptocurrency domain, refers to the execution of exceptionally large-volume transactions of digital assets, typically involving institutional-sized orders that could significantly impact the market if executed on standard public exchanges. </a><a href="https://prime.greeks.live/area/lit-market/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A luminous teal sphere, representing a digital asset derivative private quotation, rests on an RFQ protocol channel. A metallic element signifies the algorithmic trading engine and robust portfolio margin](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-microstructure-optimizing-prime-os.jpg)

## Lit Market

Meaning ▴ A Lit Market, within the crypto ecosystem, represents a trading venue where pre-trade transparency is unequivocally provided, meaning bid and offer prices, along with their associated sizes, are publicly displayed to all participants before execution. </a><a href="https://prime.greeks.live/area/market-impact/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A dark cylindrical core precisely intersected by sharp blades symbolizes RFQ Protocol and High-Fidelity Execution. Spheres represent Liquidity Pools and Market Microstructure](https://options.greeks.live/wp-content/uploads/2025/07/precision-rfq-execution-for-institutional-digital-asset-derivatives.jpg)

## Market Impact

Meaning ▴ Market impact, in the context of crypto investing and institutional options trading, quantifies the adverse price movement caused by an investor's own trade execution. </a><a href="https://prime.greeks.live/area/execution-management-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![An opaque principal's operational framework half-sphere interfaces a translucent digital asset derivatives sphere, revealing implied volatility. This symbolizes high-fidelity execution via an RFQ protocol, enabling private quotation within the market microstructure and deep liquidity pool for a robust Crypto Derivatives OS](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-13.jpg)

## Execution Management System

Meaning ▴ An Execution Management System (EMS) in the context of crypto trading is a sophisticated software platform designed to optimize the routing and execution of institutional orders for digital assets and derivatives, including crypto options, across multiple liquidity venues. </a><a href="https://prime.greeks.live/area/order-management-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precise intersection of light forms, symbolizing multi-leg spread strategies, bisected by a translucent teal plane representing an RFQ protocol. This plane extends to a robust institutional Prime RFQ, signifying deep liquidity, high-fidelity execution, and atomic settlement for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-high-fidelity-execution-2.jpg)

## Order Management System

Meaning ▴ An Order Management System (OMS) is a sophisticated software application or platform designed to facilitate and manage the entire lifecycle of a trade order, from its initial creation and routing to execution and post-trade allocation, specifically engineered for the complexities of crypto investing and derivatives trading. </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">
![Intricate metallic mechanisms portray a proprietary matching engine or execution management system. Its robust structure enables algorithmic trading and high-fidelity execution for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-market-microstructure.jpg)

## 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>

**Tags:** [Institutional Trading](https://options.greeks.live/area/institutional-trading/), [Request for Quotation Protocol](https://options.greeks.live/area/request-for-quotation-protocol/), [OTC Markets](https://options.greeks.live/area/otc-markets/), [Information Leakage](https://options.greeks.live/area/information-leakage/), [Multi-Leg Spreads](https://options.greeks.live/area/multi-leg-spreads/), [Order Book](https://options.greeks.live/area/order-book/)	

## Discover More

- 
### [What Are the Core Differences between Electronic RFQ and Central Limit Order Book Protocols?](https://options.greeks.live/question/what-are-the-core-differences-between-electronic-rfq-and-central-limit-order-book-protocols/)
![Intersecting structural elements form an 'X' around a central pivot, symbolizing dynamic RFQ protocols and multi-leg spread strategies. Luminous quadrants represent price discovery and latent liquidity within an institutional-grade Prime RFQ, enabling high-fidelity execution for digital asset derivatives.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-enabling-high-fidelity-execution-across-disparate-liquidity-pools.jpg)

RFQ provides discreet, on-demand block liquidity; CLOB offers continuous, anonymous, all-to-all market access.

- 
### [How Does an RFQ Protocol Mitigate Risk in Multi-Leg Options Trades?](https://options.greeks.live/question/how-does-an-rfq-protocol-mitigate-risk-in-multi-leg-options-trades/)
![A sleek, metallic, X-shaped object with a central circular core floats above mountains at dusk. It signifies an institutional-grade Prime RFQ for digital asset derivatives, enabling high-fidelity execution via RFQ protocols, optimizing price discovery and capital efficiency across dark pools for best execution.](https://options.greeks.live/wp-content/uploads/2025/07/advanced-principal-rfq-protocol-architecture-for-institutional-digital-asset-derivatives-optimal-price-discovery-and-execution.jpg)

An RFQ protocol mitigates risk by transforming a multi-leg trade into a single, atomic unit, eliminating legging risk and information leakage.

- 
### [What Are the Primary Differences between Rfq and Clob Protocols for Asset Managers?](https://options.greeks.live/question/what-are-the-primary-differences-between-rfq-and-clob-protocols-for-asset-managers/)
![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)

RFQ offers discreet, size-certain execution via dealer competition; CLOB provides continuous, anonymous trading in a central marketplace.

- 
### [Is There a Smart Trading Community or Club?](https://options.greeks.live/question/is-there-a-smart-trading-community-or-club/)
![Two precision-engineered nodes, possibly representing a Private Quotation or RFQ mechanism, connect via a transparent conduit against a striped Market Microstructure backdrop. This visualizes High-Fidelity Execution pathways for Institutional Grade Digital Asset Derivatives, enabling Atomic Settlement and Capital Efficiency within a Dark Pool environment, optimizing Price Discovery.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-system-nodes.jpg)

A Smart Trading community is an ecosystem of institutional participants interconnected by advanced execution protocols like RFQ.

- 
### [What Are the Transaction Cost Implications of Using a Public Order Book versus a Private RFQ System?](https://options.greeks.live/question/what-are-the-transaction-cost-implications-of-using-a-public-order-book-versus-a-private-rfq-system/)
![An abstract institutional-grade RFQ protocol market microstructure visualization. Distinct execution streams intersect on a capital efficiency pivot, symbolizing block trade price discovery within a Prime RFQ. Adjacent liquidity pools and digital asset derivatives underscore high-fidelity execution.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-optimized-microstructure.jpg)

The optimal execution venue is determined by a trade's size and information sensitivity, balancing public price discovery against private liquidity access.

- 
### [What Is the Smart Trading Zone of Execution?](https://options.greeks.live/question/what-is-the-smart-trading-zone-of-execution/)
![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)

A Smart Trading zone is a private RFQ system for executing large derivative trades with minimal market impact.

- 
### [What Are the Key Technological Requirements for Integrating an RFQ System into an Institutional Trading Desk?](https://options.greeks.live/question/what-are-the-key-technological-requirements-for-integrating-an-rfq-system-into-an-institutional-trading-desk/)
![A smooth, off-white sphere rests within a meticulously engineered digital asset derivatives RFQ platform, featuring distinct teal and dark blue metallic components. This sophisticated market microstructure enables private quotation, high-fidelity execution, and optimized price discovery for institutional block trades, ensuring capital efficiency and best execution.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-system-microstructure-core.jpg)

An RFQ system's integration requires a secure, low-latency architecture for discreet, auditable liquidity sourcing.

- 
### [Can Hybrid Models Effectively Combine the Benefits of Both RFQ and CLOB Protocols?](https://options.greeks.live/question/can-hybrid-models-effectively-combine-the-benefits-of-both-rfq-and-clob-protocols/)
![A segmented teal and blue institutional digital asset derivatives platform reveals its core market microstructure. Internal layers expose sophisticated algorithmic execution engines, high-fidelity liquidity aggregation, and real-time risk management protocols, integral to a Prime RFQ supporting Bitcoin options and Ethereum futures trading.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-core-microstructure.jpg)

Hybrid models integrate discreet RFQ liquidity with transparent CLOB price discovery, creating a superior execution framework for institutional scale.

- 
### [How Does an RFQ System Mitigate the Risk of Market Impact for Large Orders?](https://options.greeks.live/question/how-does-an-rfq-system-mitigate-the-risk-of-market-impact-for-large-orders/)
![A polished, dark blue domed component, symbolizing a private quotation interface, rests on a gleaming silver ring. This represents a robust Prime RFQ framework, enabling high-fidelity execution for institutional digital asset derivatives. It facilitates block trades with optimized capital efficiency and minimal slippage via a sophisticated RFQ protocol.](https://options.greeks.live/wp-content/uploads/2025/08/optimized-execution-for-institutional-digital-asset-derivatives-rfq.jpg)

An RFQ system mitigates market impact by transforming a public broadcast of trading intent into a controlled, competitive, and private auction.

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    "headline": "What Is a Request for Quotation (RFQ)? \u25b4 Question",
    "description": "A Request for Quotation is a communications protocol for sourcing discreet, competitive liquidity from select dealers. \u25b4 Question",
    "url": "https://options.greeks.live/question/what-is-a-request-for-quotation-rfq/",
    "datePublished": "2025-08-05T16:33:54+00:00",
    "dateModified": "2025-10-26T05:41:31+00:00",
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        "caption": "Overlapping panels and luminous lines represent the market microstructure of institutional digital asset derivatives trading. This illustrates a Principal's RFQ protocol system, showcasing private quotation and liquidity aggregation for multi-leg spreads. It signifies a robust execution management system enabling high-fidelity execution and atomic settlement. The design emphasizes capital efficiency and systemic integrity within a Prime RFQ."
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        "Block Trading",
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            "@type": "Question",
            "name": "When Is The RFQ Protocol The Optimal Choice?",
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                "text": "The strategic value of a bilateral price discovery mechanism is most apparent in markets characterized by lower liquidity, wider spreads, and complex instruments. For a standard trade of 100 shares of a highly liquid stock, the public market's continuous auction is supremely efficient. For a multi-million dollar, multi-leg options spread on a mid-cap stock, or a large block of a corporate bond, the public market is a hostile environment. The decision to use an RFQ is therefore a function of order size, instrument complexity, and underlying liquidity. An institution\u2019s trading desk will systematically analyze these factors to determine the execution methodology with the highest probability of success."
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                "text": "A critical component of RFQ strategy is the curation of the dealer list. Sending a request to too many providers increases the risk of information leakage, as the collective footprint of the dealers hedging their potential exposure can signal the initiator's intent to the broader market. Conversely, sending it to too few may result in uncompetitive pricing. An institution's trading system must therefore maintain sophisticated analytics on its liquidity providers, tracking response times, fill rates, quote competitiveness (spread to mid-market), and post-trade price movement. This data-driven approach allows the trading desk to build dynamic, optimized dealer lists tailored to the specific instrument and market conditions, balancing the need for competitive tension with the imperative of discretion."
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```


---

**Original URL:** https://options.greeks.live/question/what-is-a-request-for-quotation-rfq/
