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General TradingR
Request For Market (RFM)
A query sent by a trader to a dealer or liquidity provider asking for a two-way price quote (bid and ask) on a specific financial instrument without revealing whether they intend to buy or sell.
Example
“An institutional trader sends an RFM to three dealers for 10,000 lots of EUR/USD, receiving two-way quotes from each, and then executes at the tightest spread offered.”