Send and receive RFQs from multiple counterparties at once. Be anonymous doing it.
Select the MDRFQ icon in the left hand side bar of your Paradigm application.
All columns can be dragged to rearrange.
Recap of all derivatives trades on the Paradigm platform, including Single and Multi-Dealer RFQ Trading, even if you did not participate in the transaction.
The top table will be RFQs that you are involved in: either you sent the RFQ as a Taker or have received the RFQ as a Maker.
You can see different Status of each RFQ:
You may see a value in the “Desk” column:
Click the blue “RFQ” button, above your RFQ Table
Build your structure as you do in the Single-Dealer RFQ Popup
Select the Counterparties you want to receive your RFQ
Now you can send RFQs anonymously. If you don’t want the counterparties to see your desk name, toggle the “Anonymous” option to green at the bottom left of the RFQ Builder. Otherwise leave red if you prefer the counterparties to see your Desk name when sending the RFQ. Anonymous is available only to Takers.
Once you send the RFQ, it will now appear in your RFQ Board. The Status will show “Active” and the Bid/Ask fields will show a spinner while the Taker is waiting on the Makers to respond with prices.
If you received the RFQ (you are the Maker), you will see a “Quote” button. Click that button to provide prices via the Quote modal.
You will be prompted to submit a spread price or individual leg prices.
Your quote will be valid for the length of time set from your Dashboard in the Product Management/Manual RFQ Section. The “Execution Window” setting there, applies to both quoting in Single-Dealer and Multi-Dealer RFQ workflows.
If your quote expires and the RFQ is still Active, Makers can continue to resend prices until the RFQ gets Filled, Trd Away, Canceled, or Expired
You can also cancel one or both side of your quote, by clicking “Kill” next to the side(s) you want to cancel
These buttons will appear in in the top right corner above your RFQ board, if you or a member on your desk have one or more outstanding quotes.
By selecting these appropriate buttons you can cancel all your desk’s outstanding bids, offers, or everything. This will cancel those prices, even if you did not originally send the quote.
As each Maker responds with a price, you as a Taker, will see the quotes aggregated and listed in order of best pricing
The Desk Ticker Name will be displayed next to each price.
The Taker will have “Buy” and “Sell” buttons to click and execute.
Please note that these buttons result in one-click executions, as there will be no pop-up confirmation found in the single-dealer executions.
Once a “Buy” or “Sell” button is selected, those instructions are sent to exchange to be executed and cleared automatically.
The execution will hit the public Trade Tape Table below.
All details will be shown only in the two counterparties Trade Blotter who entered into the agreement.