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Getting Started — Multi-dealer RFQ

Send and receive RFQs from multiple counterparties at once. Be anonymous doing it.

Overview

1

Select the MDRFQ icon in the left hand side bar of your Paradigm application.

2

All columns can be dragged to rearrange.

Trade Tape Table

1

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.

RFQ Table

1

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.

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You can see different Status of each RFQ:

  1. “Active” is an RFQ that you can quote or collecting quotes.
  2. “Filled” is an RFQ that you have executed.
  3. “Canceled” is an RFQ that was canceled.
  4. “Trd Away” is an RFQ that has been executed by another maker.
  5. “Expired” is an RFQ that has exceeded the time of the execution window – 24 hours.
3

You may see a value in the “Desk” column:

  1. For Takers – Makers who choose to respond to your RFQ will be displayed in the "Desk" column.
  2. For Makers – Takers from whom an RFQ is received are displayed in the "Desk" column. If takers choose to be anonymous, the column will be marked "--".

Sending an RFQ

1

Click the blue “RFQ” button, above your RFQ Table

2

Build your structure as you do in the Single-Dealer RFQ Popup

  1. Select Venue
  2. Select Product
  3. Choose Predefined or Custom Strategy
  4. Fill in the populated table details
3

Select the Counterparties you want to receive your RFQ

  1. You can make a counterparty a “Favorite”, by right clicking on their name
  2. Then going forward you can select “Favorite” at the top to quickly choose those Counterparties
  3. “LPs” will be sent to Liquidity Providers provided by Paradigm

Anonymous Toggle

1

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.

Respond to an RFQ

1

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.

2

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.

3

You will be prompted to submit a spread price or individual leg prices.

4

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.

5

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

6

You can also cancel one or both side of your quote, by clicking “Kill” next to the side(s) you want to cancel

Kill Desk Bids and Asks

1

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.

2

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.

Agreeing on a Price

1

As each Maker responds with a price, you as a Taker, will see the quotes aggregated and listed in order of best pricing

2

The Desk Ticker Name will be displayed next to each price.

3

The Taker will have “Buy” and “Sell” buttons to click and execute.

4

Please note that these buttons result in one-click executions, as there will be no pop-up confirmation found in the single-dealer executions.

5

Once a “Buy” or “Sell” button is selected, those instructions are sent to exchange to be executed and cleared automatically.

6

The execution will hit the public Trade Tape Table below.

6

All details will be shown only in the two counterparties Trade Blotter who entered into the agreement.