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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)

      Making on 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.

      Taking on 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

      To execute taker has to click
      on the black price box

      3

      After clicking on the black price box a Quote window will appear with RFQ Details

      4

      Taker will have to enter Quantity and Price on the corresponding side to cross the opposite

      5

      Due to different minimum block sizes enforced by venues please pay attention to the quantity. Find about minimum block sizes for each venue here.

      6

      Once the “Submit Quote“ button is clicked, those instructions are sent to the exchange to be executed and cleared automatically

      7

      The execution will hit the public Trade Tape Table below and will show a notification on the top right side

      8

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

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