1
Receive the RFQ
Your venue or broker supplies the exact market or legs, sides, size and terms. RFQ delivery stays in the execution system.
2
Resolve and interpret
Resolve native IDs, read the settlement summaries and, for a new ticket, compose an analytical Combo under a supported venue/product convention.
3
Inspect the settlement logic
Analyze selected outcomes for implications, overlaps, impossible combinations and redundant legs. Read witness references and coverage before relying on a conclusion.
4
Compare possible fills
Supply current inventory and separate desk-buy/desk-sell candidate alternatives to evaluation. Review settlement obligations, contributions, extrema and scenario witnesses. Candidates are hypothetical and do not mutate the book.
5
Price, quote and execute
Your own model and risk limits determine premiums and sizes. Your venue or broker handles the quote lifecycle, acceptance and execution. Recheck current inventory and terms before confirmation in your desk systems.
Keep the responsibilities explicit
An unlisted Combo can be evaluated structurally without a market quote. You do not need to submit your proprietary RFQ premium to obtain terminal payouts. Future customer fair values are a separate extension.