Connect, send and receive RFQs directly from counterparties.
Click the create icon at the right of the Search Bar
Select New Trade Channel from dropdown
Search for desired Counterparty Name
Select the counterparty name
Click Invite button
You will see trade channel created in right hand side menu
By default a CF Future, DO Put, BTC Future and OG Put buttons are created in the channel ribbon. This is where all trade buttons will be saved.
Click blue “RFQ” button in any trade channel
Select choices from each drop-down: Venue, Product, Structure, Account
As those combinations are selected, the structure will populate a Strategy Details table to input RFQ details: Expiry, Strike, Contracts
You can toggle on the “Add Hedge” function, in order to add future leg(s) with the option structure. Follow the next section on those details.
Click “Save Strategy” to add it as Quick Trade Button to that Trade Channel
Click “Submit RFQ” to send notification to Trade Channel Counterparty
To Hedge an option structure, toggle the “Add Hedge” function to on
Based on your pre-defined structure, either one or two future legs will be added to the Strategy Details table
Complete the following fields: Action, Expiry, Leg Price and Contracts
If you would like to remove one or multiple future legs, you can click the red “x” on the far right of that row or toggle “Add Future” function to “off”
Upon receiving the RFQ, Maker clicks the Quote button
Quote Details modal will popup
Enter the quote either by Leg Prices or Two-Way
Your market will be parsed into the TradeBot RFQ message
Market will only be live for the time set on Maker's dashboard, then the quote expires
If the Taker does not interact with the quote before the timer completes, then the quote will expire and become inactive
Anyone on the Maker Desk can cancel the Maker quote by clicking the Cancel button
When you agree on a price the party who initiated the RFQ (Taker) can click the Buy or Sell button, before timer completes
The Taker will get an additional confirmation pop-up window to confirm the agreement details
Once the intended action is clicked in Confirm window, the agreement is complete
A Recap of agreement details are displayed via TradeBot within the conversation window for both parties
Clearing on Deribit
Select the MDRFQ icon in the laft hand side bar of your Paradigm application
All columns can be dragged to rearrange
Recap of all 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 an 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 window. Otherwise leave red if you prefer the counterparties to see your Desk name when sending the RFQ.
Once you send the RFQ, it will now appear in your RFQ Board. The Status will show “Active” and the Bid/Ask fields. A spinner appears while the Taker is waiting on the Liquidity Provider(s) 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 Table below
All details will be shown only in the two counterparties’ Trade Blotter who entered into the agreement