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Screenshot of a breaking news alert e-mail from Q2 2017
Wolverine Execution Services (WEX), a provider of premier technology and execution services to Institutional clients, announced the launch of Request For Quote (RFQ).
This new functionality, within the WEX Trading Platform (WTP), will provide a simple and fully electronic workflow, which will mirror the traditional high touch trading.
Only available in the WTP, RFQ allows the user to request option quotes for single or multi leg spreads and quickly select one or many liquidity providers to furnish a single or two sided market. Once the request is made, the liquidity provider is immediately notified and can respond with a quote.
The firm who responds with the best quote may receive a systematized order from the client allowing them to trade the order using WTP.
Acknowledging our client feedback, WEX has created the first version of our RFQ offering as a method to bridge the gap between voice and electronic trading,” said Joseph Sacchetti, Partner at Wolverine Execution Services. “Clients wanted a compliant, electronic audit trail from the initiation of the quote to the final execution in an electronic format that would emulate their current voice quoting/trading experience. This will allow liquidity providers to enhance their high touch service, while still providing the full transparency that their clients demand, all within WTP.
Some of the RFQs key features and benefits include:
- Access multiple liquidity sources and providers
- A transparent electronic audit trail in one system
- View market data alongside the RFQ
- Liquidity provider can trade client’s order all within WTP