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RFQ:
new trading method

Ensure transparency, competition, and the discovery
of the best market price.

Features of RFQ Trading

  • pic Customize your orders to fit your individual trading strategy.
  • pic Minimize market impact for large trades.
  • pic Make more informed decisions based on prices from multiple liquidity providers.
  • pic Get pricing for asset pairs where there are no continuous markets.
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How it works

Unlock efficient trading mechanism
for your trading strategy 

Step 1

Onboard with LPs

Make sure that you are onboarded with liquidity providers who supply quotes in RFQ mode.

Step 2

Request a quote

Request price quotes for a specific trade volume of an asset pair from multiple liquidity providers via GUI or API.

Step 3

Receive a response

Receive instant responses from numerous liquidity providers.

Step 4

Confirm the trade

Choose the most favorable price OR preferred liquidity provider and confirm the trade within a span of 5 seconds

Step 5

ECN adjusts positions & exposure

Your trade will be factored in to modify risk exposure and positions on Finery Markets ECN

Step 6

Proceed with the settlement 

Initiate the settlement process directly with the chosen liquidity provider.

Leading the crypto ECN space with a unique blend of RFQ and order-based institutional liquidity
Join the waitlist

FAQs

We're in the final stages of our testing and anticipate launching in Q3 2024. A special announcement will be made, but to ensure you don't miss it, please complete the form below. This will place you on our waiting list and ensure you're among the first to try it in a live environment.
These two trading modes are complementary and serve different functions. The firm book mode offers continuous pricing from various liquidity providers in your order book. The liquidity is aggregated, and Finery Markets offers "no last look" execution, which ensures you receive no rejections from liquidity providers, even in fast-paced markets. In Request For Quote (RFQ) mode, you ask for a quote for a specific volume of an asset pair and receive responses from multiple liquidity providers who are vying for your order. Once the trade is confirmed, your order is sent to the liquidity provider's execution system for final confirmation.
You have the option to send requests for quotes through either API methods or the graphical user interface (GUI).
We are launching with Wintermute and DV Chain, and we anticipate several more LPs to join us before the year ends.
Select the asset pair and the volume you wish to trade.
Reach out to our customer success team to ensure that the regime will be activated for your account. Once it's turned on, you'll have access to the applicable API methods and will be able to view the “RFQ” section in the GUI.
Your order is sent to liquidity providers quoting to Finery Markets RFQ. Their algorithm responds as soon as it computes the pricing for the required size of the asset pair. Typically, it occurs at sub-second speed.
Your order is dispatched to liquidity providers who calculate the pricing for the required size of the asset pair. Once they generate a quote, you have a 5-second window to confirm it and receive final approval from the liquidity providers. If the trade is successfully executed, you will settle directly with the liquidity provider.
You have the option to bypass the confirmation stage, which means you will receive the quotes, but your order will not be processed
You have the option to either select the best price offered by liquidity providers or choose to trade with your preferred liquidity provider.
No, you will continue with your current acting tariff plan, and we will include your RFQ volume in the total aggregated volume. This will help you reach a lower tariff schedule more quickly.

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