What you will accomplish
- Separate the client quote from the Quote.Trade execution
- Define quote firmness, expiry, and last-look rules
- Manage principal and hedging risk
- Link the client trade to the Quote.Trade order
Before you begin
- An approved Quote.Trade institutional or partner relationship
- A client agreement and eligible account/custody model
- Pricing, credit, and exposure controls
- A trade blotter that links each client trade to its Quote.Trade order
Define the desk’s role and counterparty
Document whether the desk acts as principal, agent, riskless principal, or technology router; who is the client counterparty; where collateral sits; and when a client trade becomes binding. A Quote.Trade API integration does not determine those relationships.
Standardize the client RFQ
Capture the asset, side, quantity or notional, settlement currency, requested product, expiry, account, custody route, jurisdiction, account restrictions, and any special terms. Validate the RFQ before requesting a Quote.Trade price.
Get current Quote.Trade execution terms
Use current Quote.Trade market data, depth, or approved quote workflow. Record source timestamp, exact size, side, all-in venue price, available quantity, and quote expiry/firmness. Do not expose a stale indicative price as firm client terms.
Build and approve the client quote
Apply the desk’s pricing rules for spread, fees, credit, inventory, hedge slippage, and settlement cost. Tie the client acceptance to the exact terms, expiry, account, and amount. Disclose any relevant principal conflict and quote conditions.
Define when the client trade and venue trade become binding
Choose whether the desk pre-hedges, executes after client acceptance, or uses a synchronized firm all-or-none workflow where supported. Define who bears market movement, rejects, and unavailable size. Submit each venue order once and preserve identifiers.
Link the client trade to the Quote.Trade order
Link the client confirmation to the Quote.Trade order, fill, hedge, fees, P&L, collateral, and settlement. If the venue result is unknown, check Quote.Trade orders and positions before changing the client record or sending another hedge.
Measure price, fill rate, latency, and usable size
Track quote availability, price, usable size, rejects, latency, realized hedge cost, settlement time, and system incidents by market and order size. Route orders only when Quote.Trade improves the desk’s full result.
Common problems and fixes
The client accepts after the venue quote expires
Re-quote and obtain a new client acceptance; do not silently substitute materially different terms.
The venue rejects after the client trade becomes binding
Follow the desk’s documented process for handling the resulting hedge risk.
The API result is uncertain
Check current Quote.Trade orders and positions before another hedge or client change.
The desk claims “best execution” from one price snapshot
Use a written comparison method and the actual all-in result, including size, liquidity, settlement, reliability, and costs. One screenshot is not enough.