Special Case: Traditional RFQ Workflow

This flow requires special configuration and separate certification for your connection.

For subscribers whose systems do not have access to the live order book, OpenYield can deliver responder quotes directly to the initiator after the collection window closes — a more familiar pattern for traditional RFQ platforms. Behind the scenes it is still an RFO flow.

Send a request for order without a reserve price. At the end of the collection window, OpenYield snapshots the live order book and forwards the responders' quotes to you. A firm window then opens during which you can accept a quote.

Accepting a quote places a contra-order at that price level on the live marketplace. A few important differences from traditional RFQ apply:

• Quotes are not locked. Accepting a quote does not guarantee execution. The contra-order fills only if the responder's quote is still on the book at the same level or better.
• Size is driven by your request. The contra-order quantity equals the size of your original request, regardless of individual quote sizes. More than one responder quote may fill to satisfy the full quantity.
• Residual rests on the book. If the contra-order is not fully filled during the firm window — because quotes moved or were insufficient — it rests as a limit order until the firm window expires, then OpenYield removes it.