Directed Request for Quote (DRFQ)
Optimizing block negotiation and submission

Directed Request for Quote (DRFQ) in CME Direct revolutionizes the process for privately
negotiated transactions, providing technology to optimize block trading in Exchange-eligible
futures, options, and strategies.

Key benefits

Use a single electronic platform foryour entire negotiation lifecycle,
from inception to block submission

Connect with your network on
CME Direct to privately negotiate
blocks in structured windows

Save exportable audit trails forrecord-keeping requirements

How does it work?
If a Directed RFQ initiator, a broker or trader, wants a quote
for a future, option, or strategy they select recipients from their
network in the Directed RFQ window. The recipients are notifiedof the market and then can choose to respond with theirquantity and price.

CME Direct

Recipients can respond on the bid, offer, both, or choose
not to respond. The parties can continue their one-to-one
negotiation with their quotes as indications of interest, until one
party acts on a shown level. Once a quote has been acted on
and confirmed, the deal ticket is automatically populated forsubmission.

Access CME Group futures, options, and block
markets all on one screen with CME Direct, afast, secure, and highly-configurable trading
front-end. Access both CME Globex and CME
ClearPort with a single interface. Benefit fromthe deep liquidity of CME Group markets anduncover new trading opportunities.

To learn more, contact PlatformSolutions@cmegroup.com
or visit cmegroup.com/drfq

cmegroup.com
Neither futures trading nor swaps trading are suitable for all investors, and each involves the risk of loss. Swaps trading should only be undertaken by investors who are Eligible Contract
Participants (ECPs) within the meaning of Section 1a(18) of the Commodity Exchange Act. Futures and swaps each are leveraged investments and, because only a percentage of a contract’s value
is required to trade, it is possible to lose more than the amount of money deposited for either a futures or swaps position. Therefore, traders should only use funds that they can afford to lose
without affecting their lifestyles and only a portion of those funds should be devoted to any one trade because traders cannot expect to profit on every trade.
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The information within this communication has been compiled by CME Group for general purposes only. CME Group assumes no responsibility for any errors or omissions. Additionally, allexamples in this communication are hypothetical situations, used for explanation purposes only, and should not be considered investment advice or the results of actual market experience. Allmatters pertaining to rules and specifications herein are made subject to and superseded by official CME, CBOT, NYMEX and COMEX rules. Current rules should be consulted in all cases
concerning contract specifications.
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