CQG has implemented an anonymous RFQ Block system for traders to execute OTC block trades.
Traders authorized for an RFQ Block exchange can send a Request for Quote (RFQ) to others who are authorized for the RFQ Block exchange.
All traders authorized for the RFQ Block exchange will be able to view and respond to RFQ’s.
Traders not authorized for the RFQ Block exchange will not see the RFQ’s
All matching of orders occurs within CQG. Matched trades are not immediately sent to the exchange. Matched trades are sent to the exchange five minutes after execution.
Initially, only the two parties in the trade are aware that the match has occurred. Four minutes after the time the execution has occurred, the trade will be reported to CQG clients. One minute later the trade will be submitted to the exchange so that the information can be disseminated to the market as a block trade.