> For the complete documentation index, see [llms.txt](https://docs.dreamos.app/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.dreamos.app/rfq-execution-model.md). # RFQ Execution Model Dream uses a request-for-quote (RFQ) execution model to source options pricing from institutional liquidity providers. Rather than maintaining a traditional options order book, Dream requests executable quotes for each trade. ### How RFQ Execution Works #### 1. Quote Request When a user selects an option, Dream constructs a quote request using the specified: * Underlying asset * Option type * Strike price * Expiration * Trade size #### 2. Quote Collection The request is routed to eligible institutional liquidity providers. Each available provider can return an executable quote based on its pricing and risk models. #### 3. Quote Selection Dream evaluates the returned quotes and selects the most competitive available price for the request. #### 4. Execution When the user accepts the quote and execution completes, the selected liquidity provider assumes the opposing market exposure. #### 5. Position Management Following execution, Dream manages the user-facing position, including balances, position tracking, and settlement. ### Quote Availability Quotes are specific to the requested contract and trade size. Availability and pricing can vary depending on the underlying asset, strike, expiration, market conditions, and quantity. Quotes are also time-sensitive. If a quote becomes stale, a new request is required. ### Closing Positions Through RFQ The same RFQ model is used when requesting to close an open position. Dream requests an executable quote for the contract and size being closed. If no executable quote is available, the position remains open until a quote becomes available or the contract reaches expiration. ### Liquidity Providers Institutional liquidity providers supply executable pricing and assume the opposing market exposure when trades execute. Dream acts as the brokerage interface, handling quote routing, trade execution workflows, balances, and position management. --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation by asking a question. Perform an HTTP GET request on the following URL with the `ask` and `goal` query parameters: ``` GET https://docs.dreamos.app/rfq-execution-model.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is what the user is ultimately trying to achieve, the reason they need the answer. Sharing it helps GitBook give you a better, more relevant answer. A goal is most helpful when it describes the outcome the user wants rather than restating the question. For example, with `ask=how do I create an API token`, a goal like `automate deployments from our CI pipeline` lets GitBook tailor the answer to that use case. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.