Do you have any experience about RFQ? I use "Request for Quote" (RFQ) orders to trade bonds recently. However I encountered issues and errors 9 out of 10 times. I only got my order filled via RFQ system very few times. I'm not sure if the issues are related to the platform (Interactive Brokers) that I use, or liquidity providers/exchanges. I sent RFQ requests. Then I received price quotes from a liquidity provider. I pressed "transmit" button to accept the offer. However the order did not execute. I either encountered errors, or the order was being held forever ("dark blue" status in Interactive Broker) Price quotes are supposed to be firm. I don't understand why my orders did not get filled. Have you used RFQ orders before? Did you get your orders filled successfully every time / most of the time? Thank you for your time and answer.
You do not set any price for RFQ requests. You wait for the liquidity provider to give you the price for the quantity you want to buy/selll. Then you hit the transmit button if you accept the price they offer.. Your order is supposed to be filled at the agreed price.
"Those quotes are firm for a period but will disappear after a short time."(*) Are you waiting too long before hitting transmit? Eh, just spitballing.
It has a countdown of 5 minutes. I usually clicked to accept within 1-2 minutes. I even clicked a few seconds just after the provider gave a price quote and it still didn't get filled.