RFQ

Trade using RFQ with select liquidity providers

What is RFQ?

RFQ stands for Request for Quote. A trader submits an RFQ to the LP or LPs, specifying the asset, quantity, and trade direction. A master may submit RFQs on behalf of a client. The dealer responds with the execution price for the order.

RFQs are typically valid for only a few seconds, with more volatile assets having shorter validity periods.

What is the difference between an RFQ and an Aggregated Order Book?

In short, the formats complement each other: standardized trades are executed in the Aggregated Order Book, while less liquid pairs or bulk trades are traded in the RFQ format.

Please refer to the table below for a detailed answer

Question	Aggregated Order Book	RFQ
Where is the trade executed?	In the matching engine of Finery Markets	In the matching engine of the liquidity provider
What would the price feed look like?	Firm book mode offers continuous pricing from various liquidity providers via GUI, REST, WS and FIX	RFQ offers on-demand pricing for a particular pair via GUI and WS
Is it a firm liquidity (no last look) ?	Yes	No
Can the trade be split between two or more liquidity providers?	Yes, to attain the best weighted average price of execution	No, you will have to choose the best price
Can I lock the price for a select period of time?	Once you place an order, the trade is executed and cannot be canceled	Yes, you will have 5 seconds to accept the prices offered by the liquidity providers.

Do all of the Liquidity Providers offer RFQ?

Trading using RFQ is available with select liquidity providers.

How do I enable RFQ Trading in my account?

Setting up a trading limit on Finery Markets requires guidance from the customer support team. The liquidity provider or providers of choice will setup a separate instance to Finery Markets. This instance will be linked to your Master or Taker account.

Please send an email to [e-mail] if you wish to trade using RFQ.

Where can I find RFQ?

The switch is located at the top of the trading screen. If the RFQ was set by customer support team, you will have RFQ available next to the Order Book section.

How do limits work for RFQ trading?

Risk management in Finery Markets applies to trades executed via RFQ. Internal limit checks are performed before those of the external provider. Quotes for the requested size will be displayed even if the order exceeds the limit.

How do I make a trade using RFQ?

Firstly, refer to the RFQ section at the top of the screen. Secondly, add new instruments you wish to trade

Thirdly, specify the amount in the base currency of the instrument and select the side

Upon selecting the side by clicking on BUY or SELL, you will be presented with the prices offered by the Liquidity Providers. The best available price will be highlighted

You will have 5 seconds to secure the price. After 5 seconds the price will be refreshed automatically. To accept the price, click on one of them once. In case the trade was unsuccessful, you will see an error message at the bottom left corner

Do the markups apply for the sub-accounts?

Yes, markups will be applied to trades between the Master and its sub-accounts.

Which API endpoint should I use to trade using RFQ?

Trading is available via WS connection, post-trade and pre-trade requests can be established using REST methods.

To retrieve settings, list of available providers, and request trade history please utilize the following methods

getSettingsgetProvidersgetSessions

To trade, please refer to the methods below

Getting quotes, sending requests, and commits are available via the Websocket API:

RFQ