How Does ‘Fill Rate’ Specifically Measure Quote Competitiveness on an RFQ Platform?
Fill rate is the percentage of quotes that result in a trade compared to the total number of quotes provided. A higher fill rate indicates that a trader's quotes were consistently attractive and competitive enough to be chosen by the initiator of the RFQ.
Low fill rates suggest the quotes were often too expensive (if selling) or too cheap (if buying) compared to rivals. It is a direct measure of pricing quality and market acceptance.