How Does a Consolidated Order Book (COB) Improve Price Discovery for RFQs?
A Consolidated Order Book aggregates the best bid and ask prices and available liquidity from all connected exchanges into a single, unified view. This provides a true, deep picture of the total market liquidity for an asset.
RFQ providers use the COB to determine the tightest possible spread they can offer while minimizing execution risk, leading to better price discovery and more competitive quotes.