RQ RFO Flows

In this section we refer to timings using RFQ nomenclature, but the meaning and constraints are different.

  • The Collection Window (5 Seconds): The time in which the RFO responder needs to get a quote into the order book.
  • The Firm Window (25 seconds): The time after the collection window ends until OpenYield, if required, will take the RFO quote down.
Note

in OpenYield RFO model:

  • Subscribers can update the price continuously. Subscribers are not constrained to stick to the original price.
  • Subscribers can cancel quotes at any time.