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Request for Quote

‘Request for Quote’ (RFQ) is a platform for interaction amongst the market participants who wish to negotiate transactions amongst themselves. This platform is a participant to participant model where an initiator may request other participants for a quote in corporate bonds, securitized debt instruments, municipal debt securities, Government securities, State development loans, Treasury bills, Commercial papers and Certificates of deposit or any other security as specified by Exchange from time to time. This platform effectively automates or provides an electronic form of transacting in OTC deals. The RFQ platform shall provide users a range of options to seek a quote and to respond to a quote, while keeping an audit trail of all the interactions i.e. quoted yield, mutually agreed price, deal terms etc. This may bring pre trade transparency for over the counter transactions in eligible securities.

NSE would manage the RFQ platform, setting terms & conditions to operate on the RFQ platform and specifying various parameters for dealing with related interactions amongst the participants. The RFQ platform would be hosted in the existing NSE Corporate Bond Reporting and Integrated Clearing & Settlement (CBRICS) environment.

Eligible Participants - All regulated entities, listed corporates, Institutional Investors as defined under SEBI ICDR Regulations, 2018, All India Financial Institutions and any other entity as allowed by Exchange from time to time will be eligible to participate on the RFQ platform. The participants may also set counterparty transaction limits which will be taken into consideration by the RFQ platform while facilitating negotiation of the deals between the counterparties.

Working Hours - The typical working hours are as under:

Market Hours

Business / Working Days

09:00 am to 04:00 pm for T+0 settlement (Excluding G-sec, SDL and T-bills)

Monday to Friday

09:00 am to 05:00 pm for T+1 settlement

Monday to Friday

Download NSE circular for RFQ (.pdf)

Download circular for Settlement of RFQ deals on CBRICS platform (.pdf)

Download Process flow for Request for Quote Platform (.pdf)

Download FAQs on Request for Quote Platform (.pdf)

Updated on: 24/07/2020
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