Institutional Block Trading via RFQ
A single request goes out to permissioned trading desks, which return firm, competing quotes. The trade is executed against the best response at a privately negotiated price and settled atomically on Canton.
One venue, three markets
Competitive request markets for spot, fixed income, and repo, with market-native quoting and DvP settlement on Canton.
Spot Assets
Request markets across spot, fixed income, and repo, all quoted in competition and settled on Canton.
Fixed Income
Bonds and other fixed income instruments quoted on yield or spread basis, with accrued interest and market conventions handled natively.
Repo
Borrow or lend against high-quality collateral, with rate, term, and settlement agreed through a competitive repo market.
Two sides to every quote
Request liquidity from multiple dealers
Request a market from permissioned dealers and execute the full size against the best firm response.
Price each opportunity
Receive eligible RFQs, quote directly to the taker, and winner sees the cover level on completed trades gaining a per-trade read on market pricing.
The RFQ lifecycle
Every step is available via API calls: request, stream quotes, execute, settle. Trading desks can automate the full RFQ lifecycle end to end, and the interface runs on the same rails as our CLOB.
Request
One ticket, any-to-all makers
Execute
Best price wins
Built for trading desks
Competition
Every request puts multiple dealers in competition; quotes are firm, not indicative.
Discretion
The taker controls counterparty lists and can choose between disclosure or anonymous trading.
Best Execution
Timestamped quote history for compliance and transaction cost analysis.
Settlement
Straight-through processing with atomic DvP settlement.