As titled. Do you have any experience about RFQ?
I use "Request for Quote" (RFQ) orders to buy/sell bonds and illiquid instruments 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 FRQ orders to invest before?
Did you get your orders filled successfully every time / most of the time?
Thank you for your time and answer.