Request for Quote (RFQ)

A request for quote is an execution protocol in which the client asks for a price on a specific size and a liquidity provider responds with a quote valid for a short, stated period. Accept within that window and the trade is done at the quoted price; let it lapse and the quote expires. It contrasts with streaming, where prices are broadcast continuously and the client deals against whatever is showing at the moment the order arrives. The protocol changes what is knowable in advance. In an RFQ the price is fixed for the size before you commit, so slippage is not part of the outcome, but you have disclosed your intended size to the provider and you carry the risk that the market moves while the quote is being prepared. Streaming reverses both: nothing is disclosed and nothing is guaranteed. Retail platforms are mostly streaming; RFQ appears in larger tickets, in less liquid instruments, and in options and block workflows.