ESP/RFS/RFQ State Transition Diagram
Trading Venue as Maker
RFQ
TODO
Single shot quote, ValidUntilTime. Possible Dealer Intervention may deliver other quote(s) prior to expiry of first. Expiry terminiates the workflow.
RFS
ESP
Trading Venue as Taker
RFQ
TODO
Single shot quote, ValidUntilTime. Possible Dealer Intervention may deliver other quote(s) prior to expiry of first. Expiry terminiates the workflow.
RFS
TODO
The messages flows documented here illustrate a standard "Last-Look" trading model. "No Last-Look" trading is possible on some Venues and comprises standard MassQuote provision alongside receipt of ExecutionReport messages from the Venue notifying the maker of the fills.
ESP
Overview
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