Definition
A request for quote is a trading workflow where a client requests a firm, time-limited price from one or more counterparties for a specified instrument and size, then chooses whether to execute against one of the returned quotes. RFQ is the dominant workflow for fixed income, OTC derivatives, and institutional block trading in digital assets, because it allows large orders to be priced without exposing intent to a public order book. Institutional RFQ systems support multi-dealer quote requests, executable streaming prices, and full audit of the quote and execution chain.
Example
A hedge fund sends an RFQ for 500 BTC to three OTC desks. Each returns a firm quote valid for 30 seconds. The fund executes against the best quote, with the full quote-and-execution chain logged for best-execution documentation.
How Liquid Mercury Handles This
Mercury OTC delivers institutional RFQ workflows with multi-dealer quoting, executable pricing, auditable quote chains, and integration with the OMS for allocation and reporting downstream.