Request for Quote (RFQ)

A request for quote (RFQ) is an anonymous notification sent simultaneously in real time to a number of market participants seeking quotes on a trading strategy or a financial instrument. The RFQ can state a trade size but the requester does not have to state whether their interest is on the bid or offered side of the market. Participants receiving RFQs can opt to quote on the request at a two-way executable price. The requester is under no obligation to lift any offer or hit anybids.