# What Is Anonymous RFQ Trading? ▴ Question

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

---

![A precision-engineered, multi-layered mechanism symbolizing a robust RFQ protocol engine for institutional digital asset derivatives. Its components represent aggregated liquidity, atomic settlement, and high-fidelity execution within a sophisticated market microstructure, enabling efficient price discovery and optimal capital efficiency for block trades](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-engine.jpg)

![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)

## Concept

An institution’s survival hinges on its ability to manage its own footprint. When a significant trade is necessary, the very act of revealing that intention to the market can move the price, creating a self-inflicted wound known as [information leakage](https://prime.greeks.live/area/information-leakage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). Anonymous Request for Quote (RFQ) trading is an elegant, surgically precise protocol engineered to solve this fundamental problem. It functions as a secure, invitation-only auction mechanism, allowing an institution to solicit competitive, binding 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) without revealing its identity or, in many cases, its trading direction to the broader market.

This process is a direct descendant of the traditional over-the-counter (OTC) and pit trading systems, where relationships and discretion were paramount. The electronic evolution of this system, however, provides a scalable, auditable, and highly efficient framework. At its core, the [anonymous RFQ](https://prime.greeks.live/area/anonymous-rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) protocol is a system-level response to the challenges of executing large, complex, or illiquid trades, such as multi-leg options strategies or large blocks of an underlying asset.

By masking the initiator’s identity, the protocol severs the link between the trade’s originator and the potential for adverse price selection. [Market makers](https://prime.greeks.live/area/market-makers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), responding to the request, are compelled to price the instrument on its own merits and their current risk profile, rather than on the perceived desperation or size of the counterparty.

> Anonymous RFQ trading is a structured, discreet protocol enabling institutions to source competitive liquidity for large or complex trades without revealing their identity to the market.

The architecture of this system is built on a foundation of controlled information dissemination. The initiator, operating through an [execution management system](https://prime.greeks.live/area/execution-management-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (EMS) or a trading venue’s proprietary interface, broadcasts a request for a quote on a specific instrument. This request is routed only to a pre-selected group of market makers or liquidity providers. These recipients see the instrument and the requested size, but they do not see who is asking.

They respond with their firm bid and offer prices, creating a competitive environment within a closed system. The initiator can then choose to execute against the best price, all while their identity remains shielded until the point of execution, and sometimes even after. This controlled process provides the [price discovery](https://prime.greeks.live/area/price-discovery/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) benefits of a brokered market with the speed and efficiency of electronic trading.

![A translucent blue algorithmic execution module intersects beige cylindrical conduits, exposing precision market microstructure components. This institutional-grade system for digital asset derivatives enables high-fidelity execution of block trades and private quotation via an advanced RFQ protocol, ensuring optimal capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-core-execution-architecture-intelligence-layer.jpg)

![Transparent conduits and metallic components abstractly depict institutional digital asset derivatives trading. Symbolizing cross-protocol RFQ execution, multi-leg spreads, and high-fidelity atomic settlement across aggregated liquidity pools, it reflects prime brokerage infrastructure](https://options.greeks.live/wp-content/uploads/2025/07/cross-protocol-rfq-execution-digital-asset-derivatives-microstructure-system.jpg)

## Strategy

The strategic deployment of anonymous RFQ is a calculated decision rooted in the management of information and the optimization of execution quality. It is a direct countermeasure to the risks inherent in transacting in the [central limit order book](https://prime.greeks.live/area/central-limit-order-book/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (CLOB), or “lit” market, where large orders can be immediately identified and traded against by high-frequency participants. The primary strategic objective is the mitigation of price impact, which is the cost incurred when a large order unfavorably moves the market price before the trade is fully executed.

![Abstract clear and teal geometric forms, including a central lens, intersect a reflective metallic surface on black. This embodies market microstructure precision, algorithmic trading for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-prime-os.jpg)

## A Comparative Framework for Execution Venues

An institution’s choice of execution venue is a critical strategic decision. The anonymous [RFQ protocol](https://prime.greeks.live/area/rfq-protocol/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) occupies a unique position in this landscape, offering a synthesis of features from different market structures. Its effectiveness can be best understood by comparing it to the primary alternatives.

The following table provides a strategic comparison of major execution venues:

| Venue Type | Anonymity Level | Price Discovery Mechanism | Primary Use Case | Information Leakage Risk |
| --- | --- | --- | --- | --- |
| Lit Market (CLOB) | Pre-trade Anonymous | Continuous bilateral matching | Small, liquid orders | High |
| Dark Pool | Pre-trade Anonymous | Mid-point matching at discrete intervals | Mid-sized liquid orders | Medium |
| Anonymous RFQ | Full Initiator Anonymity | Competitive, session-based auction | Large, complex, or illiquid orders | Low |
| Voice Brokering | Disclosed to broker | Negotiation | Highly illiquid or bespoke trades | Variable (Depends on broker) |

![A teal-colored digital asset derivative contract unit, representing an atomic trade, rests precisely on a textured, angled institutional trading platform. This suggests high-fidelity execution and optimized market microstructure for private quotation block trades within a secure Prime RFQ environment, minimizing slippage](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-optimization.jpg)

## What Is the Game Theory of Dealer Competition?

The anonymous RFQ system creates a specific game-theoretic scenario. The initiator holds the most information, while the responding dealers operate with incomplete information. This asymmetry is the source of the protocol’s power.

- **The Initiator’s Advantage** ▴ The initiator knows their own urgency, their maximum acceptable price, and the full size of their intended trade. They can use the RFQ to poll the market without commitment.

- **The Dealer’s Dilemma** ▴ Each dealer knows they are in a competitive auction but does not know against whom they are competing. They must provide a tight spread to win the business but also manage their own risk. Quoting too wide a spread guarantees they lose the trade. Quoting too tight a spread on a large order could expose them to significant risk if they misjudge the market direction.

> The core strategy of anonymous RFQ is to leverage controlled information asymmetry, forcing liquidity providers into a competitive pricing environment while shielding the initiator from market impact.

This dynamic forces dealers to price based on the instrument’s theoretical value and their own inventory, rather than on the identity of the requester. If a large, well-known institution were to request a quote on a disclosed basis, dealers might widen their spreads, assuming the institution has a significant, market-moving reason to trade. Anonymity neutralizes this factor, leading to purer price discovery.

![Precision cross-section of an institutional digital asset derivatives system, revealing intricate market microstructure. Toroidal halves represent interconnected liquidity pools, centrally driven by an RFQ protocol](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-architecture-revealing-precision-rfq-protocol-engine-for-optimal-high-fidelity-execution-and-latent-liquidity-aggregation.jpg)

## Strategic Selection of Liquidity Providers

A crucial element of the strategy is the curation of the dealer list for the RFQ. This is a delicate balancing act.

- **Broadening the Field** ▴ Including more dealers increases the competitive pressure, which can lead to better pricing.

- **Restricting the Field** ▴ A smaller, more trusted group of dealers reduces the risk of information leakage. Even within an anonymous system, if a dealer receives an unusual RFQ, they might infer who is behind it. A carefully selected list mitigates this risk.

Sophisticated trading desks maintain detailed scorecards on liquidity providers, tracking their response rates, the competitiveness of their quotes, and their post-trade behavior. This data-driven approach allows for the dynamic construction of RFQ auction groups tailored to the specific characteristics of the order, such as asset class, size, and market volatility.

![A textured spherical digital asset, resembling a lunar body with a central glowing aperture, is bisected by two intersecting, planar liquidity streams. This depicts institutional RFQ protocol, optimizing block trade execution, price discovery, and multi-leg options strategies with high-fidelity execution within a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-optimized-rfq-execution-protocol-dynamic-liquidity-management.jpg)

![A central hub with a teal ring represents a Principal's Operational Framework. Interconnected spherical execution nodes symbolize precise Algorithmic Execution and Liquidity Aggregation via RFQ Protocol](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-microstructure-prime-os-price-liquidity-alpha.jpg)

## Execution

The execution of an anonymous RFQ trade is a structured, multi-stage process that transforms strategic intent into a completed transaction. This operational workflow is governed by the rules of the trading venue and the technological capabilities of the participant’s Order and Execution Management System (OMS/EMS). Mastering this process is fundamental to realizing the protocol’s benefits of reduced information leakage and optimized execution quality.

![A sharp, dark, precision-engineered element, indicative of a targeted RFQ protocol for institutional digital asset derivatives, traverses a secure liquidity aggregation conduit. This interaction occurs within a robust market microstructure platform, symbolizing high-fidelity execution and atomic settlement under a Principal's operational framework for best execution](https://options.greeks.live/wp-content/uploads/2025/07/principal-grade-digital-asset-derivatives-rfq-protocol-execution-engine.jpg)

## The Operational Playbook

A successful anonymous RFQ execution follows a precise operational sequence. This playbook outlines the critical steps from the perspective of an institutional trading desk.

- **Order Staging and Configuration** ▴ The process begins within the EMS. The trader defines the instrument to be traded. For multi-leg options strategies, this involves specifying each leg, including strike prices, expirations, and ratios. The total quantity of the order is set.

- **Protocol Selection** ▴ The trader explicitly selects “Anonymous RFQ” as the execution method. This action routes the order through the appropriate technological channels.

- **Liquidity Provider Curation** ▴ The trader constructs the list of market makers who will receive the RFQ. This can be a default list or a custom list tailored to the specific trade. Key considerations include the dealer’s historical performance and their specialization in the asset class.

- **RFQ Dissemination** ▴ The trader launches the RFQ. The platform electronically and securely transmits the request to the selected dealers. The initiator’s identity is masked. The system typically includes a timer, defining the window during which dealers can respond.

- **Quote Aggregation and Analysis** ▴ As dealers respond, their bids and offers populate in a dedicated window in the trader’s EMS. The system displays the best bid and offer in real-time, along with the full depth of the responding market.

- **Execution Decision** ▴ The trader analyzes the incoming quotes. They can choose to “lift” an offer (to buy) or “hit” a bid (to sell) from the best responder. Execution is typically done with a single click. The trader is under no obligation to trade and can let the RFQ expire if no quotes are satisfactory.

- **Confirmation and Settlement** ▴ Upon execution, the trade is confirmed. For on-exchange RFQs, the transaction is sent for central clearing, which standardizes settlement and mitigates [counterparty risk](https://prime.greeks.live/area/counterparty-risk/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). The identities of the counterparties are revealed only to the necessary clearing and settlement entities.

![Precision-engineered modular components, with teal accents, align at a central interface. This visually embodies an RFQ protocol for institutional digital asset derivatives, facilitating principal liquidity aggregation and high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-institutional-digital-asset-derivatives-rfq-execution-interface-for-atomic-settlement.jpg)

## Quantitative Modeling and Data Analysis

Quantitative analysis is integral to both the execution and post-trade analysis of anonymous RFQs. Trading desks rely on data to make informed decisions and to measure the effectiveness of the protocol. A key tool is the dealer scorecard, which quantifies the performance of each liquidity provider.

Consider the following hypothetical dealer scorecard for a series of RFQs in ETH options:

| Dealer ID | RFQ Responses (%) | Avg. Spread (bps) | Price Improvement (%) | Win Rate (%) |
| --- | --- | --- | --- | --- |
| MKR-01 | 95% | 12.5 | 60% | 25% |
| MKR-02 | 88% | 11.8 | 75% | 35% |
| MKR-03 | 99% | 14.0 | 45% | 15% |
| MKR-04 | 75% | 12.2 | 65% | 25% |

In this model:

- **Price Improvement (%)** measures how often a dealer’s quote was better than the prevailing price on the [lit market](https://prime.greeks.live/area/lit-market/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) at the time of the RFQ.

- **Win Rate (%)** shows the percentage of times a dealer’s quote was the best among all responders, leading to an execution.

This data allows a trader to quantitatively assess which dealers provide the most competitive liquidity, enabling a more refined curation of the dealer list for future RFQs.

![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)

## Predictive Scenario Analysis

To illustrate the system in action, consider the case of a quantitative hedge fund, “Arbitrage Capital,” needing to roll a large options position. The fund holds a long position of 5,000 contracts of a front-month Bitcoin (BTC) call option and wants to roll it into a longer-dated contract to maintain its bullish exposure. Executing this two-legged spread (selling the front-month, buying the back-month) as two separate orders on the lit market would expose the fund to significant execution risk and information leakage. The market would likely see the large sell order on the front-month contract and move the price of the back-month contract higher before the fund could complete its purchase.

The head trader at Arbitrage Capital decides to use an anonymous RFQ protocol. She stages the entire spread as a single instrument in her EMS. She then curates a list of ten specialist crypto options market makers. She avoids including two specific dealers who have been overly aggressive in fading similar trades in the past, based on her firm’s internal [transaction cost analysis](https://prime.greeks.live/area/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (TCA) data.

The RFQ is launched with a 30-second response timer. The request is for a price on the spread, quoted as a single debit or credit.

Within seconds, quotes begin to populate her screen. Eight of the ten dealers respond. The system shows a best bid of 0.05 BTC and a best offer of 0.052 BTC. The spread on the lit market for these individual legs is significantly wider, and the trader calculates that executing via the RFQ provides a price improvement of approximately 3 basis points compared to crossing the lit market spread.

More importantly, the entire 5,000-lot order can be executed in a single transaction, eliminating the “leg risk” of one part of the trade being filled while the other moves against her. She hits the 0.052 BTC bid from the winning dealer. The trade is executed and sent to the clearinghouse. The entire operation, from staging to execution, takes less than a minute.

The market for BTC options remains stable, with no discernible price impact from this large transaction. The anonymity of the protocol allowed Arbitrage Capital to efficiently and discreetly manage its position, preserving its strategy and minimizing its execution costs.

![Segmented beige and blue spheres, connected by a central shaft, expose intricate internal mechanisms. This represents institutional RFQ protocol dynamics, emphasizing price discovery, high-fidelity execution, and capital efficiency within digital asset derivatives market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-optimal-execution.jpg)

## How Does System Integration Work?

The anonymous RFQ protocol is not a standalone application. It is a deeply integrated component of the institutional trading technology stack. Its functionality relies on a seamless architecture connecting the trader’s desktop to the trading venue and the liquidity providers.

![A teal-blue textured sphere, signifying a unique RFQ inquiry or private quotation, precisely mounts on a metallic, institutional-grade base. Integrated into a Prime RFQ framework, it illustrates high-fidelity execution and atomic settlement for digital asset derivatives within market microstructure, ensuring capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-prime-os-execution-1.jpg)

## System Integration and Technological Architecture

The core of this architecture is the Financial Information eXchange (FIX) protocol, the industry standard for electronic trading communication. Specific FIX message types govern the RFQ workflow:

- **FIX MsgType R (QuoteRequest)** ▴ This message is sent from the initiator’s EMS to the trading venue. It contains the details of the instrument, the quantity, and the list of intended recipients. Critically, the initiator’s identity is withheld by the venue.

- **FIX MsgType S (QuoteResponse)** ▴ This is the message sent from the market makers back to the venue in response to the RFQ. It contains their bid and offer prices.

- **FIX MsgType 8 (ExecutionReport)** ▴ Upon a successful trade, the venue sends this message to both the initiator and the winning market maker to confirm the execution details.

This entire process must be supported by a robust network infrastructure, typically involving dedicated fiber optic lines or co-location services at the exchange’s data center to minimize latency. The firm’s OMS is responsible for the pre-trade compliance checks and risk management, ensuring the proposed trade fits within the firm’s overall risk limits. The EMS provides the user interface for the trader and the sophisticated analytics, like the dealer scorecards, needed to make informed execution decisions. The seamless integration of these systems is what enables the anonymous RFQ to function as a powerful and precise tool for institutional trade execution.

![A central processing core with intersecting, transparent structures revealing intricate internal components and blue data flows. This symbolizes an institutional digital asset derivatives platform's Prime RFQ, orchestrating high-fidelity execution, managing aggregated RFQ inquiries, and ensuring atomic settlement within dynamic market microstructure, optimizing capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-trading-system-facilitating-high-fidelity-rfq-protocol-optimization-for-best-execution-and-atomic-settlement.jpg)

## References

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

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

- CME Group. “Request for Quote (RFQ).” CME Group, 2023.

- The TRADE. “Request for quote in equities ▴ Under the hood.” The TRADE, 7 Jan. 2019.

- International Capital Market Association. “ICMA briefing note ▴ Electronic Trading Directory review & ETC member feedback, Q1 2022.” ICMA, 2022.

- U.S. Commodity Futures Trading Commission. “Public Comments from Tradeweb.” CFTC, 8 Mar. 2011.

- Lehalle, Charles-Albert, and Sophie Laruelle, editors. Market Microstructure in Practice. World Scientific Publishing, 2018.

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

![A spherical system, partially revealing intricate concentric layers, depicts the market microstructure of an institutional-grade platform. A translucent sphere, symbolizing an incoming RFQ or block trade, floats near the exposed execution engine, visualizing price discovery within a dark pool for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-digital-asset-derivatives-rfq-engine-microstructure.jpg)

## Reflection

![An exposed high-fidelity execution engine reveals the complex market microstructure of an institutional-grade crypto derivatives OS. Precision components facilitate smart order routing and multi-leg spread strategies](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-engine-microstructure-2.jpg)

## Calibrating Your Execution Architecture

The integration of an anonymous RFQ protocol into a trading framework is a significant architectural decision. It represents a commitment to controlling information, managing execution risk, and systematically sourcing liquidity. The knowledge of this protocol prompts a deeper question for any institutional participant ▴ Is your current execution system a collection of disparate tools, or is it a unified, intelligent architecture?

The effectiveness of a protocol like RFQ is magnified when it is part of a holistic system that includes robust pre-trade analytics, real-time transaction cost analysis, and a dynamic feedback loop for evaluating liquidity provider performance. The ultimate edge is found in the thoughtful design of this complete system, where each component, including the discreet power of anonymity, works in concert to achieve superior capital efficiency and strategic control.

![Translucent and opaque geometric planes radiate from a central nexus, symbolizing layered liquidity and multi-leg spread execution via an institutional RFQ protocol. This represents high-fidelity price discovery for digital asset derivatives, showcasing optimal capital efficiency within a robust Prime RFQ framework](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-layer.jpg)

## Glossary

<a href="https://prime.greeks.live/area/information-leakage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## Information Leakage

Meaning ▴ Information leakage denotes the unintended or unauthorized disclosure of sensitive trading data, often concerning an institution's pending orders, strategic positions, or execution intentions, to external market participants. </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">
![Modular institutional-grade execution system components reveal luminous green data pathways, symbolizing high-fidelity cross-asset connectivity. This depicts intricate market microstructure facilitating RFQ protocol integration for atomic settlement of digital asset derivatives within a Principal's operational framework, underpinned by a Prime RFQ intelligence layer](https://options.greeks.live/wp-content/uploads/2025/07/modular-high-fidelity-execution-architecture-for-institutional-digital-asset-derivatives-rfq-protocol-integration-and-principals-operational-framework-optimization.jpg)

## Liquidity Providers

Meaning ▴ Liquidity Providers are market participants, typically institutional entities or sophisticated trading firms, that facilitate efficient market operations by continuously quoting bid and offer prices for financial instruments. </a><a href="https://prime.greeks.live/area/anonymous-rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, metallic instrument with a central pivot and pointed arm, featuring a reflective surface and a teal band, embodies an institutional RFQ protocol. This represents high-fidelity execution for digital asset derivatives, enabling private quotation and optimal price discovery for multi-leg spread strategies within a dark pool, powered by a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-execution-for-optimal-liquidity-discovery.jpg)

## Anonymous Rfq

Meaning ▴ An Anonymous Request for Quote (RFQ) is a financial protocol where a market participant, typically a buy-side institution, solicits price quotations for a specific financial instrument from multiple liquidity providers without revealing its identity to those providers until a firm trade commitment is established. </a><a href="https://prime.greeks.live/area/market-makers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Precision-engineered metallic discs, interconnected by a central spindle, against a deep void, symbolize the core architecture of an Institutional Digital Asset Derivatives RFQ protocol. This setup facilitates private quotation, robust portfolio margin, and high-fidelity execution, optimizing market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-core-infrastructure.jpg)

## Market Makers

Meaning ▴ Market Makers are financial entities that provide liquidity to a market by continuously quoting both a bid price (to buy) and an ask price (to sell) for a given financial instrument. </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">
![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)

## Execution Management System

Meaning ▴ An Execution Management System (EMS) is a specialized software application engineered to facilitate and optimize the electronic execution of financial trades across diverse venues and asset classes. </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">
![A dual-toned cylindrical component features a central transparent aperture revealing intricate metallic wiring. This signifies a core RFQ processing unit for Digital Asset Derivatives, enabling rapid Price Discovery and High-Fidelity Execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-core-best-execution-prime-os.jpg)

## Price Discovery

Meaning ▴ Price discovery is the continuous, dynamic process by which the market determines the fair value of an asset through the collective interaction of supply and demand. </a><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">
![An abstract composition of interlocking, precisely engineered metallic plates represents a sophisticated institutional trading infrastructure. Visible perforations within a central block symbolize optimized data conduits for high-fidelity execution and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-multi-leg-execution-layer.jpg)

## Central Limit Order Book

Meaning ▴ A Central Limit Order Book is a digital repository that aggregates all outstanding buy and sell orders for a specific financial instrument, organized by price level and time of entry. </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">
![A deconstructed mechanical system with segmented components, revealing intricate gears and polished shafts, symbolizing the transparent, modular architecture of an institutional digital asset derivatives trading platform. This illustrates multi-leg spread execution, RFQ protocols, and atomic settlement processes](https://options.greeks.live/wp-content/uploads/2025/07/deconstructed-principal-trading-system-revealing-core-mechanics-of-digital-asset-derivatives-execution.jpg)

## Rfq Protocol

Meaning ▴ The Request for Quote (RFQ) Protocol defines a structured electronic communication method enabling a market participant to solicit firm, executable prices from multiple liquidity providers for a specified financial instrument and quantity. </a><a href="https://prime.greeks.live/area/counterparty-risk/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A prominent domed optic with a teal-blue ring and gold bezel. This visual metaphor represents an institutional digital asset derivatives RFQ interface, providing high-fidelity execution for price discovery within market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/precision-optic-interface-for-institutional-digital-asset-derivatives-rfq-protocol-execution-and-high-fidelity-price-discovery.jpg)

## Counterparty Risk

Meaning ▴ Counterparty risk denotes the potential for financial loss stemming from a counterparty's failure to fulfill its contractual obligations in a transaction. </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">
![Abstract intersecting geometric forms, deep blue and light beige, represent advanced RFQ protocols for institutional digital asset derivatives. These forms signify multi-leg execution strategies, principal liquidity aggregation, and high-fidelity algorithmic pricing against a textured global market sphere, reflecting robust market microstructure and intelligence layer](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-multi-leg-execution-algorithmic-pricing-global-liquidity-principal-trading-systemic-integration-high-fidelity-execution.jpg)

## Lit Market

Meaning ▴ A lit market is a trading venue providing mandatory pre-trade transparency. </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">
![Two distinct ovular components, beige and teal, slightly separated, reveal intricate internal gears. This visualizes an Institutional Digital Asset Derivatives engine, emphasizing automated RFQ execution, complex market microstructure, and high-fidelity execution within a Principal's Prime RFQ for optimal price discovery and block trade capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-automated-rfq-execution-microstructure-revealing-principal-prime-os-intelligence-layer-for-high-fidelity-execution-and-capital-efficiency.jpg)

## Transaction Cost Analysis

Meaning ▴ Transaction Cost Analysis (TCA) is the quantitative methodology for assessing the explicit and implicit costs incurred during the execution of financial trades. </a>

**Tags:** [Price Discovery](https://options.greeks.live/area/price-discovery/), [Anonymous RFQ](https://options.greeks.live/area/anonymous-rfq/), [Lit Market](https://options.greeks.live/area/lit-market/), [FIX Protocol](https://options.greeks.live/area/fix-protocol/), [Liquidity Providers](https://options.greeks.live/area/liquidity-providers/), [RFQ Protocol](https://options.greeks.live/area/rfq-protocol/)	

## Discover More

- 
### [How Does an RFQ System in Financial Markets Minimize Information Leakage?](https://options.greeks.live/question/how-does-an-rfq-system-in-financial-markets-minimize-information-leakage/)
![A robust circular Prime RFQ component with horizontal data channels, radiating a turquoise glow signifying price discovery. This institutional-grade RFQ system facilitates high-fidelity execution for digital asset derivatives, optimizing market microstructure and capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-rfq-engine-for-digital-asset-derivatives-execution.jpg)

An RFQ system minimizes information leakage by replacing public order broadcast with controlled, private negotiations among select dealers.

- 
### [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.

- 
### [How Do Hybrid Trading Models Combine the Features of RFQ and All-To-All Systems?](https://options.greeks.live/question/how-do-hybrid-trading-models-combine-the-features-of-rfq-and-all-to-all-systems/)
![Sleek, domed institutional-grade interface with glowing green and blue indicators highlights active RFQ protocols and price discovery. This signifies high-fidelity execution within a Prime RFQ for digital asset derivatives, ensuring real-time liquidity and capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-prime-os-execution-interface.jpg)

A hybrid model is an integrated trading system that routes orders to either open (A2A) or private (RFQ) venues to optimize execution.

- 
### [Under What Specific Scenarios Would a Hybrid Approach Combining Rfq and Algorithmic Execution Be the Optimal Strategy?](https://options.greeks.live/question/under-what-specific-scenarios-would-a-hybrid-approach-combining-rfq-and-algorithmic-execution-be-the-optimal-strategy/)
![A metallic, cross-shaped mechanism centrally positioned on a highly reflective, circular silicon wafer. The surrounding border reveals intricate circuit board patterns, signifying the underlying Prime RFQ and intelligence layer. This setup symbolizes high-fidelity execution within market microstructure, enabling algorithmic trading for institutional-grade digital asset derivatives and RFQ protocols with atomic settlement.](https://options.greeks.live/wp-content/uploads/2025/08/the-core-institutional-digital-asset-derivatives-rfq-os-engine-for-high-fidelity-market-microstructure.jpg)

A hybrid RFQ-algorithmic model is optimal for large, illiquid, or complex orders to minimize impact by securing a block off-book first.

- 
### [How Do RFQ Protocols Reduce Market Impact for Large Crypto Options Trades?](https://options.greeks.live/question/how-do-rfq-protocols-reduce-market-impact-for-large-crypto-options-trades/)
![A metallic, modular trading interface with black and grey circular elements, signifying distinct market microstructure components and liquidity pools. A precise, blue-cored probe diagonally integrates, representing an advanced RFQ engine for granular price discovery and atomic settlement of multi-leg spread strategies in institutional digital asset derivatives. This optimizes capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-system-facilitating-high-fidelity-execution-price-discovery.jpg)

RFQ protocols reduce market impact for large crypto options trades by enabling discreet, competitive price discovery away from public order books.

- 
### [What Is the Process for Executing a “Guts” or “Strangle” Block Trade via RFQ?](https://options.greeks.live/question/what-is-the-process-for-executing-a-guts-or-strangle-block-trade-via-rfq/)
![Stacked precision-engineered circular components, varying in size and color, rest on a cylindrical base. This modular assembly symbolizes a robust Crypto Derivatives OS architecture, enabling high-fidelity execution for institutional RFQ protocols. It embodies layered liquidity aggregation, optimized price discovery within market microstructure, and capital efficiency for digital asset derivatives.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-protocol-architecture-optimized-for-high-fidelity-execution.jpg)

Executing complex options blocks via RFQ is a discreet, competitive protocol for achieving optimized, atomic pricing.

- 
### [How Does RFQ Mitigate Information Leakage Compared to a Lit Order Book?](https://options.greeks.live/question/how-does-rfq-mitigate-information-leakage-compared-to-a-lit-order-book/)
![Sleek, two-tone devices precisely stacked on a stable base represent an institutional digital asset derivatives trading ecosystem. This embodies layered RFQ protocols, enabling multi-leg spread execution and liquidity aggregation within a Prime RFQ for high-fidelity execution, optimizing counterparty risk and market microstructure.](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-prime-os-architecture.jpg)

An RFQ mitigates information leakage by replacing a public broadcast on a lit order book with a private, controlled negotiation.

- 
### [How Does the Request for Quote Process Mitigate Information Leakage in Illiquid Markets?](https://options.greeks.live/question/how-does-the-request-for-quote-process-mitigate-information-leakage-in-illiquid-markets/)
![An intricate, high-precision mechanism symbolizes an Institutional Digital Asset Derivatives RFQ protocol. Its sleek off-white casing protects the core market microstructure, while the teal-edged component signifies high-fidelity execution and optimal price discovery. A detailed circular dial suggests real-time implied volatility and quantitative analysis for portfolio margin.](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-institutional-digital-asset-derivatives-rfq-protocol-high-fidelity-market-microstructure-optimization.jpg)

The Request for Quote process mitigates information leakage by transforming a public broadcast of intent into a contained, competitive dialogue.

- 
### [How Does an Rfq System Help in Achieving Best Execution for Illiquid Assets?](https://options.greeks.live/question/how-does-an-rfq-system-help-in-achieving-best-execution-for-illiquid-assets/)
![Precision-engineered system components in beige, teal, and metallic converge at a vibrant blue interface. This symbolizes a critical RFQ protocol junction within an institutional Prime RFQ, facilitating high-fidelity execution and atomic settlement for digital asset derivatives. It optimizes latency and market microstructure for private quotation and block trades.](https://options.greeks.live/wp-content/uploads/2025/07/principal-rfq-connectivity-layer-for-digital-asset-derivatives-execution.jpg)

An RFQ system enables best execution for illiquid assets by creating a controlled, competitive auction that minimizes information leakage.

---

## 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 Is Anonymous RFQ Trading?",
            "item": "https://options.greeks.live/question/what-is-anonymous-rfq-trading/"
        }
    ]
}
```

```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-is-anonymous-rfq-trading/"
    },
    "headline": "What Is Anonymous RFQ Trading? \u25b4 Question",
    "description": "Anonymous RFQ trading is a secure protocol for sourcing competitive, binding quotes for large trades without revealing initiator identity. \u25b4 Question",
    "url": "https://options.greeks.live/question/what-is-anonymous-rfq-trading/",
    "datePublished": "2025-08-06T14:39:08+00:00",
    "dateModified": "2025-08-06T14:39:17+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/modular-high-fidelity-execution-architecture-for-institutional-digital-asset-derivatives-rfq-protocol-integration-and-principals-operational-framework-optimization.jpg",
        "caption": "This image portrays a modular institutional-grade execution system, its components revealing intricate internal structures and luminous green data pathways. It symbolizes the precise market microstructure and high-fidelity execution crucial for RFQ protocol integration in Digital Asset Derivatives trading. This highlights a Principal's operational framework optimized for capital efficiency, enabling atomic settlement and seamless multi-leg spread orchestration via an advanced Prime RFQ, ensuring best execution across latent liquidity pools, mitigating counterparty risk."
    },
    "keywords": [
        "Anonymous RFQ",
        "Block Trading",
        "Central Limit Order Book",
        "Counterparty Risk",
        "Execution Management System",
        "FIX Protocol",
        "Information Leakage",
        "Liquidity Providers",
        "Liquidity Sourcing",
        "Lit Market",
        "Market Makers",
        "Market Microstructure",
        "Multi-Leg Execution",
        "Options Spreads RFQ",
        "Price Discovery",
        "Request for Quote",
        "RFQ Protocol",
        "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": "What Is The Game Theory Of Dealer Competition?",
            "acceptedAnswer": {
                "@type": "Answer",
                "text": "The anonymous RFQ system creates a specific game-theoretic scenario. The initiator holds the most information, while the responding dealers operate with incomplete information. This asymmetry is the source of the protocol's power."
            }
        },
        {
            "@type": "Question",
            "name": "How Does System Integration Work?",
            "acceptedAnswer": {
                "@type": "Answer",
                "text": "The anonymous RFQ protocol is not a standalone application. It is a deeply integrated component of the institutional trading technology stack. Its functionality relies on a seamless architecture connecting the trader's desktop to the trading venue and the liquidity providers."
            }
        }
    ]
}
```


---

**Original URL:** https://options.greeks.live/question/what-is-anonymous-rfq-trading/
