What Is the Difference between an RFQ Platform and a Centralized Exchange in Terms of Asset Custody?
A centralized exchange (CEX) typically acts as a custodian, holding client assets in an omnibus account or individual wallets to allow for immediate settlement. An RFQ platform, conversely, is non-custodial, merely connecting parties for negotiation and execution.
The actual asset transfer and custody are handled off-platform by the counterparties or their appointed custodians/brokers after the trade is matched.
