Definition
A request for stream is an RFQ variant where a counterparty delivers a continuously updated executable price stream rather than a single firm quote, and the client can execute against any price in the stream within the session. RFS is common in foreign exchange and increasingly in institutional digital asset OTC workflows. It shifts the quote protocol from discrete request-response toward a continuous quoting relationship, which suits dealers running active inventory and clients wanting to work orders over a defined window.
Example
A market maker delivers an RFS to a prime broker for BTC/USD, streaming executable bid and offer prices every 100 milliseconds. The prime broker's OMS routes client orders against the stream when prices are favorable, capturing fills at the current streamed price.
How Liquid Mercury Handles This
Mercury OTC supports both RFQ and RFS workflows, with documented quote audit chains and integration into the broader OMS so that streamed-price executions flow through the same allocation and compliance surface as other trades.