Managing RFQs on the RFQ board (creator)

Live RFQs

Quotes for your RFQ

If your live RFQ has received a quote from any market makers, you’ll be able to view both the buy and sell price, as well as the spread in basis points (bps) between the two prices. By default, makers have to provide a two-way quote as they don’t know which direction you want to execute in.

If there’s more than one quote for your RFQ, there will be a two-dotted line below the spread of your RFQ. Selecting it will reveal less competitive quotes by other makers. The platform will sort the quotes from most to least competitive for each direction. This means that the best maker for the ask direction may not necessarily also be the best maker for the bid direction.

To view more details on your quote, you can select anywhere within the respective buy or sell quote area. It will open up a box that shows the leg price for each leg as well as the execution side for each leg in your RFQ. Selecting the buy area will show details related to the buy direction, and the sell area will show details related to the sell direction.

Executing against a quote

If you are satisfied with the quote given for your RFQ, you select Buy or Sell on the RFQ board, depending on the direction you need. This will open up a confirmation dialogue where you’ll be able to learn more details about the quote, such as the leg price for each leg, as well as the execution side for each leg in your RFQ.

RFQ Expiry Time

On the RFQ Board, there’s a column labeled Time left. The value in this column indicates how much longer the RFQ will remain live until it expires automatically.

If no one quotes your RFQ before it expires, then the RFQ status will change to Expired, meaning it's no longer available. This may be because your RFQ is more complex than what any of our market makers are willing to price. Try splitting your RFQ into multiple trades, grouping similar instruments together, or submitting any illiquid or otherwise difficult-to-quote legs individually.

Editing an RFQ

If you wish to change the quantity for your live RFQ, you can select the three dots that appear under the Action column. Then, select Edit RFQ to resend the same RFQ with a different quantity.

RFQ Board shows Custom for quantity, quote currency, and strategy

If you’re trading a unique strategy with elements that can’t be combined, either with multiple expiry dates or currency pairs, the platform will show your strategy as Custom and reveal the details when the legs are expanded.

Cancel RFQs

There are buttons on the platform labeled Kill that you can use to instantly cancel RFQs. Kill RFQs and Kill selected are always visible in the top right corner of the RFQ Board. Kill RFQs will cancel all RFQs.Selecting the checkboxes on the RFQ Board in the Action column for any live RFQs will activate the Kill selected button in the top right corner of the RFQ Board, which you can then select to cancel the selected RFQs.

Old RFQs

Resubmitting expired, failed, or canceled RFQs

To easily resend your RFQ again after it was canceled, expired, or failed to execute, select the three dots that appear under the Action column. Select Reprice and it’ll automatically resubmit a new RFQ with the same components. Alternatively, select Edit RFQ to resend the same RFQ with a different quantity.

Old RFQ details

On the RFQ board, you’ll still be able to check the market maker and the price they quoted after an RFQ has expired, was canceled, or failed to execute. Executed RFQs will also show up on the RFQ board along with Bought or Sold and the price that you executed at.

Trade Tape

At the bottom of the RFQ Board page, there’s a tab called Trade Tape. This is a public feed that captures every RFQ execution on Liquid Marketplace.