How Does a Trade Initiator Select Which Dealers to Send an RFQ To?

A trade initiator typically selects dealers based on their historical performance, reputation, and specialization. They consider factors like the dealer's win rate, execution quality (low slippage), competitive pricing, and expertise in the specific derivative (e.g. crypto options).

They also maintain relationships with dealers who have proven reliable for the required size and complexity of the trade. The platform may also provide smart routing based on dealer performance data.