Market Making

QwickRoute

The Evolution of RFQ in ETF Trading

Electronification of ETF Liquidity

A look at how Request for Quote (RFQ) protocols have evolved alongside the ETF market — from early equity-style workflows to today's electronic execution — and why the pace of market structure change has outstripped the tools traders rely on.

Intersection of RFQ and Electronic Execution ›

Intersection of RFQ and Electronic Execution

Where does RFQ fit inside an algo strategy? This episode breaks down how IOIs have historically limited actionable liquidity and created information leakage — and how aRFQ introduces a more dynamic, efficient workflow.

Brian Reale

Director at MCAP

Why ETF Execution Needed an Evolved Order Protocol

ETF execution has been notoriously hard to automate. Fair-value-tracking algos struggle with closed markets, complex baskets, and low average daily volumes. aRFQ flips the model — going to ETF pricing experts rather than calculating value internally.

Brian Reale

Director at MCAP

Early Access to Liquidity vs. Trading in the Herd

Being told to "wait an hour" before trading can mean taking unnecessary market risk. This episode challenges the conventional wisdom around ETF liquidity timing and makes the case for engaging liquidity earlier — on your terms.

Brian Reale

Director at MCAP

Intersection of RFQ and Electronic Execution

Where does RFQ fit inside an algo strategy? This episode breaks down how IOIs have historically limited actionable liquidity and created information leakage — and how aRFQ introduces a more dynamic, efficient workflow.

Brian Reale

Director at MCAP

Why ETF Execution Needed an Evolved Order Protocol

ETF execution has been notoriously hard to automate. Fair-value-tracking algos struggle with closed markets, complex baskets, and low average daily volumes. aRFQ flips the model — going to ETF pricing experts rather than calculating value internally.

Brian Reale

Director at MCAP

Early Access to Liquidity vs. Trading in the Herd

Being told to "wait an hour" before trading can mean taking unnecessary market risk. This episode challenges the conventional wisdom around ETF liquidity timing and makes the case for engaging liquidity earlier — on your terms.

Brian Reale

Director at MCAP