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 closes. At the end of it, OpenYield removes any residual RFO orders and quotes for subscribers configured for this.

In the OpenYield RFO model:

• Responders can update the price continuously; they are not bound to the original price.
• Responders can cancel quotes at any time.