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

1. The “Action” column for each option leg in pre-defined strategies, are set to be presented from the Buyer’s Perspective. This “Action” does not indicate intention of execution. Execution occurs after price response from Maker, and means the following:

1. "Buying" the strategy (lifting the Maker's offer) will result in executing each leg in the same direction as per it's Action entered in the Strategy Details table
2. "Selling" the strategy (hitting the Maker's Bid) will result in executing each leg in the opposite direction of it's Action entered in the Strategy Details table

2. Expiry and Strikes are the listed contracts available for the product selected
3. All product quantities are entered in terms of # of contracts. A full summary of contract multipliers for each venue here.

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

1. If it is a structure that only has one option expiration, then one future leg will be added
2. If it is a structure that has two option expirations (i.e. Calendar Spreads), then two future legs will be added to hedged deltas in each option expiration

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

1. Once an Agreement is complete, details are auto-submitted to Deribit for clearing

1. For spreads and combinations, Paradigm generates individual leg prices

1. These prices are displayed on your Blotter under Leg Price column
2. To view how prices are calculated, please see Paradigm Leg Price Assignment Methodology

2. Deribit performs order and credit checks before executing and clearing every trade
3. After these Deribit checks are complete and successful, the block trade will appear in your Deribit account’s Trade History

Email Recaps

1. Automated emails are sent to all members on both Desks of the trade, with full agreement details

Blotter

1. All agreement details are displayed in the product’s Blotter page

1. Including live settlement status on the respective clearing venue

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:

1. “Active” is an RFQ that you can quote or collecting quotes
2. “Filled” is an RFQ that you has been executed
3. “Canceled” is the RFQ 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

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 "--"

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

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

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 Counterparites
3. “All” will be sent to all Approved counterparties under Counterparty Management in your Admin Dashboard.
4. “LPs” will be sent to Liquidity Providers provided by Paradigm

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