Connamara Launches RFQ Functionality for EP3 Platform

At Connamara, one of our values is to continuously communicate with our clients. This often entails direct communication regarding an ongoing project, but it can also mean listening to ideas about projects and features that don’t currently exist. After hearing demand from numerous customers, today we’re pleased to announce that we are adding Request For Quote (RFQ) functionality to our EP3 platform.

RFQ is used to solicit bids and offers in tradable instruments that are either complex in terms or are illiquid — SEF listed and OTC swaps (energy, rates, FX, credit, equities, crypto) are the most common examples. RFQ is also used to solicit bids and offers for complex option strategies.

In comparison to trading on a central limit order book (CLOB), which is usually anonymous, the parties trading via RFQ are typically aware of whom they are trading with and direct the requests to known parties. While RFQ trading can be used on standardized highly liquid instruments, the transparency makes it well suited for highly customizable, illiquid instruments. This trading method is particularly useful for large dealer banks and corporate hedgers. 

The RFQ functionality available in EP3 is a separate service that leverages the EP3 core components and infrastructure for market data dissemination and downstream transaction management, including regulatory, clearing, and transaction reporting. Because RFQ leverages the EP3 core components and infrastructure, customers can expect the same performance, reliability, and scalability that they are used to with the EP3 platform.

We expect RFQ to be live before the end of the quarter. If you have any questions about it in the meantime, please feel free to reach out to Dan Curry at dcurry@connamara.com.