Article

Quoting RFQs on the RFQ board (maker)

Published on Mar 7, 2024Updated on Mar 8, 20243 min read

Receiving live RFQs to quote

If you are a market maker on the platform, creators of the RFQ will be able to select you as a counterparty when they create RFQs and send these RFQs to you.

As a market maker, you can specify the trading pairs, instrument types, and their respective maximum RFQ sizes you wish to receive by adjusting your Maker’s quote preferences, under Liquid Marketplace’s Settings menu.

Quoting on a live RFQ

You can check all the RFQs you received on the RFQ Board. You can also find them by clicking the Quote button.

All live RFQs’ status will be Active. The Time left column indicates how much time is left before the RFQ expires.

Entering your prices

To quote on a RFQ, simply click the Quote button. A pop-up box will appear and you can then enter your desired bid and ask prices for each leg.

Alternatively, you can enter your quote by providing a combo price. To do so, you can go to the Two-way tab at the top. You can then enter your bid and ask prices in the Two-way pop-up. You can only provide a combo price for RFQs using pre-defined strategies and with two legs or more.

Setting a time limit

You can set the time limit for when your quote will expire. Note that you can cancel your quote any time before the time is up.

Quoting anonymously

You may send your quotes anonymously by checking the Anonymous box.

Submitting your quote

Once you are satisfied with all the settings, you can click the Submit quote button and the quote will be sent to the creator of this RFQ. There will be a countdown in the Time left column that indicates when it will expire. You may still edit or cancel a quote when it is live.

Editing a submitted quote

To edit a submitted quote, you can simply click the pencil icon underneath the Spread (bps) column. It will then bring up a pop-up similar to the one you used to submit the quote. From there, you can edit the quote and submit it again.

Canceling a live quote

There are 3 ways to cancel a live quote. First, you can click the cross icon of the respective bid and ask quote of your RFQ. This will cancel that specific bid or ask quote.

You can cancel all current quote by selecting the Kill quotes button at the top of the RFQ Board.

To batch cancel a number of quotes, you can select the checkboxes on the RFQ Board under the Action column. Once you have selected any of the checkboxes, a Kill selected button will appear at the top of the RFQ Board. You can then use this button to cancel the selected quotes.

RFQ history

Executed quotes

If the creator of the RFQ has executed against your quote, the quote will show up on the RFQ Board with a Bought or Sold label and the price at which it was executed.

Expired, failed or canceled quotes

If your quote was not executed by the creator or they tried to execute but failed, the quote will still show up in the RFQ Board and you can see your last quoted prices for this RFQ.