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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.

Do RFQ Platforms Provide Traders with Data on the Competitiveness of Their Quotes?
What Specific Algorithms Are Used to Dynamically Adjust Quotes Based on Inventory Delta?
What Is the Difference between ‘All-or-None’ and ‘Partial Fill’ in an RFQ System?
How Does the Concept of a Request for Quote (RFQ) System Relate to Dark Pools in Traditional Finance?