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RFQ Meaning

An RFQ (Request for Quote) is a formal business process where a buyer asks a liquidity provider or market maker to provide a specific price for a large transaction. This is a quote-driven mechanism, contrasting with the order-driven mechanism of a public limit order book.

It is the standard operating procedure for institutional Over-the-Counter (OTC) trading where privacy and price certainty are paramount.The process flow begins when a client sends a request for a specific volume, triggering a short-lived "firm price" offer from one or more market makers. In the digital asset space, these systems often use cryptographic signatures to lock in the price for a brief window (typically 10-30 seconds).

If the client accepts, the trade is programmatically guaranteed to settle at that exact price, regardless of how the broader market moves during the execution phase.The strategic value of RFQ is the total elimination of "slippage" and "price impact" for large orders. On a public exchange, a multi-million dollar buy order would "eat through" the order book, significantly raising the price for the buyer as they buy up available supply.

Through an RFQ, the liquidity provider assumes the risk of sourcing the assets behind the scenes, offering the buyer a single, transparent cost of execution.

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Important Disclaimer:

Finery Markets BVI Limited (“Finery Markets”) provides software, technology infrastructure, and related Information and Communication Technology (ICT) services on a Software-as-a-Service (“SaaS”) basis. Finery Markets acts solely as a software vendor and does not operate a trading platform, does not intermediate, match, execute, clear, or settle transactions, and does not engage in any activities that would require regulatory authorisation under applicable laws.

Finery Markets’ software is non-custodial and is provided exclusively to licensed institutional entities that act as independent operators of their own environments. All counterparties are solely responsible for establishing and maintaining their own bilateral trading and settlement relationships. Finery Markets is not a party to any such arrangements and assumes no responsibility for the conduct, verification, or compliance obligations of any users of the software.

Nothing on this website shall be construed as a financial promotion, investment advice, or an offer to engage in regulated activities. Access to and use of the software is strictly limited to clients who have entered into a software licensing agreement with Finery Markets. Persons located in jurisdictions where such access is restricted should not rely on this website or any of its contents.

Additional notice to UK visitors: This website and associated communications are not intended to constitute a financial promotion under The Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) and related guidance. Access to services provided by Finery Markets is limited to regulated entities, professional clients and eligible counterparties as set out by the Financial Conduct Authority. UK users are not permitted to use this website for the services of Finery Markets if they don't fall within these categories.