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Getting Started — Global RFQ

From multiple counterparties to multiple counterparties. Execute the amount you are looking for. All anonymous.

Overview

1

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

Trade Tape Table

1

Recap of all derivatives trades on Global RFQ,
even if you did not participate
in the transaction.

Global RFQ Table

1

The top table will be all active Global RFQs. You can quote or execute any of the active GRFQs
or create a new one.

2

All Global RFQs are anonymous. No desk information is sent to the counterparties.

    Sending a Global RFQ

    1

    Click the "GRFQ" button above the GRFQ table.

    2

    Build your structure as you do in the Direct RFQ Popup

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

    When you create a Global RFQ it will be visible to everybody. Meaning everybody can quote your GRFQ and also execute.

      4

      GRFQ expires

      1. When an expiry for a leg expires
      2. When there is no activity for 24 hours (no new quotes and/or executions)

      Respond to a Global RFQ

      1

      Once you decide to respond with a price click on the black price box to open the quote window.

      2

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

      3

      Your quote will be valid for the length of time you set in the quote window

      1. Good 'Till Canceled
      4

      If your quote expires you can continue to resend prices until the quote gets executed or GRFQ expires.

      5

      You can also cancel one or both sides of your quote, by clicking x next to the side(s) you want
      to cancel.

      5

      If you want to update your quote, please cancel existing quote and then use the modal to submit new quote.

      Kill Desk Bids and Asks

      1

      These buttons will appear in the top right corner above your GRFQ 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.

      Executing a Global RFQ

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

      3

      After clicking “Buy”/”Sell” a window will appear
      with execution details

      4

      You will have to enter the quantity you are
      looking for.

      5

      Below it will show the limit price for the quantity.

      6

      Due to Deribit minimum block sizes please pay attention to Available Qty Ranges for Execution.

      7

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

      8

      The execution will hit the public Trade Tape Table below.

      9

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