What is Request for Quote (RFQ)?
The Request For Quote (RFQ) functionality on Coinbase Exchange allows liquidity providers to respond and interact with real-time RFQ requests from other customers.
How does it work?
Coinbase Exchange utilizes a FIX API connection for RFQ messaging.
A customer submits an RFQ-eligible order to Coinbase Exchange
Coinbase Exchange sends a Quote Request to RFQ providers
RFQ providers send their quote to Coinbase Exchange
Coinbase Exchange responds whether the quote was accepted or rejected
At the expiration of the quote request all RFQ provider quotes receive a response
Execution report, if the offer was the best at expiration time
Canceled status report, if the offer was not the best at expiration time
Coinbase Exchange notifies the customer that their RFQ order has been filled
Coinbase Exchange users must contact their Account Manager or support team to participate in RFQs. In order to maintain active status for the RFQ program and receive RFQ requests, Coinbase will set guideline participation rules which will be shared with RFQ providers.