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What Is the Concept of “Firmness” in a Quoted Price on an RFQ Platform?

The LP's binding commitment to execute a trade at the quoted price and size, ensuring execution certainty for the client.
Greeks.Live15.11.25

What Is the Concept of “Firmness” in a Quoted Price on an RFQ Platform?

Firmness refers to the commitment of a Liquidity Provider (LP) to execute a trade at the quoted price and size. A "firm" quote means the LP is obligated to trade at that price, which is essential for institutional execution certainty.

Non-firm quotes are indicative and can be withdrawn or repriced, introducing execution risk. Institutional RFQ platforms typically require firm quotes up to a certain size.

What Is the Concept of a ‘Pre-Commitment’ and How Does It Differ from the ‘Commitment’ Step?
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How Do ‘Indicative Quotes’ Differ from ‘Firm Quotes’ in an RFQ System?
What Is the ‘Commitment’ Step in a Commit-Reveal Scheme and What Information Does It Contain?

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