What Are the Key Differences between an RFQ Platform and a Central Limit Order Book (CLOB)? ▴ Learn

What Are the Key Differences between an RFQ Platform and a Central Limit Order Book (CLOB)?

An RFQ platform is a non-transparent venue where participants request quotes from selected liquidity providers (LPs) for a specific size. This allows for price discovery without revealing the trader's interest to the broader market, suitable for large block trades.

A CLOB, however, displays all bids and offers publicly, matching orders based on price and time priority. RFQ is dealer-to-client, while CLOB is often all-to-all.

What Is the Practical Difference between a ‘Limit Order Book’ and a ‘Central Limit Order Book’ (CLOB)?

How Does an RFQ Platform Differ from a Central Limit Order Book (CLOB)?

How Does a Request for Quote (RFQ) System Differ from an Order Book Exchange in Derivatives?

What Is the Primary Difference between an RFQ Platform and a Central Limit Order Book (CLOB) for Options Trading?