An RFQ asks one or more OTC desks or market makers for a firm price on a block, which you can accept or reject. It is private and immediate, but you only see the quote, not the live book behind it.
An RFQ gives certainty and no visible footprint, but the quote bundles the desk's spread and you cannot see what the same size would have cost on the open market. A lit, routed execution is transparent but shows size.
Price the same block on live books before you accept the quote. The difference between the desk's quote and the routed best-execution price is the desk's spread — which you can then negotiate or split.
EnsoTrade prices a large order against live order books across venues — which venues to use, what size each piece should be, and whether to rest an order or cross the spread. It is independent measurement, not execution: your own desk or execution partner keeps placing the orders on its own accounts, and we never touch custody, keys or funds. Before a window we price it at your real clip size on the venues you can use; after a window we score the fill with full workings. We quote no price or saving until you give your real clip size and fee stack — then the number is yours to check.
Price an order before you trade and score the fill after, on live multi-venue order books. We never touch custody, keys or orders — the independence is the point.
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