Request for Quote (RFQ)

The migration of options markets to the screen has been dramatic in recent years, with over 50% of options now traded electronically. The use of Request for Quotes (RFQ) on CME Globex has played a key role in enabling that transition to occur by allowing traders to electronically execute multi-leg and hedged options strategies.

What is an RFQ?

  • An electronic notification sent to all CME Globex participants that expresses interest in a specific strategy or instrument. The sender can request a specific size on the RFQ but is not obligated to show any preference as a buyer or seller.
  • An RFQ is automatically disseminated to the marketplace when a user creates a new multi-legged spread for trading. The RFQ alerts interested participants to submit bids and offers on the specified instrument. A user can also submit an RFQ on an existing instrument where there is no market.
  • Responding markets are active and tradable. You can hit, lift, post a bid or offer or continue to monitor the market. Just like all trading activity on the CME Globex central limit order book, the RFQ market is completely anonymous.

RFQ Market Maker Contact List

Benefits

  • Allows participants to get competitive quotes, even during times of low market activity
  • Request multi-leg spreads as one market on screen. With the creation of a spread, traders can execute option strategies at one price eliminating leg risk
  • Speed, transparency, and easy access of electronically traded markets, with the flexibility and efficient price discovery of a brokered market

RFQs on CME Direct

RFQ functionality is available on CME Direct, a highly-configurable, web-based trading front end for CME Group markets. CME Direct offers hyper-fast options functionality that allows traders to execute covered and multi-leg strategies on CME Globex.

ISVs that offer RFQ Functionality

ISV RFQ Functionality
View Submit
Actant yes yes
Bloomberg TradeBook yes
Blue Trading Systems, LLC yes yes
Comunytek Consultores S.L. yes yes
Cunningham Trading Systems yes yes
EasyScreen yes yes
EPAM Systems, Inc. yes yes
FFastFill yes yes
Fidessa yes yes
Holleb Consulting, Inc. yes
ION Trading yes
N2N Connect yes yes
Object Trading yes yes
OptionsCity yes yes
ISV RFQ Functionality
View Submit
Orc yes yes
Patsystems yes
Prime Analytics, LLC yes yes
Redline Trading Solutions yes
RTS Realtime Systems yes yes
Sharp Point Limited yes yes
SunGard yes yes
Systex yes yes
Tbricks yes yes
Trading Technologies yes yes
TradingScreen, Inc. yes yes
Ullink yes yes
Waverules yes