> For the complete documentation index, see [llms.txt](https://docs.axis.to/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.axis.to/susdx-the-rewards-vault/how-axis-earns-yield/trading-strategies/otc-rfq.md). # OTC/RFQ OTC/RFQ is a **future expansion** of what Axis can offer, built on the protocol's existing execution infrastructure rather than on any lending activity, Axis does no institutional lending. Axis runs a strong order-execution and order-management system (OMS) with direct venue access, broad market connectivity, and pre- and post-trade risk management. The same infrastructure that positions and hedges the protocol's own inventory can, over time, provide tight and competitive quotes to fintechs, neobanks, and other liquidity providers that need to convert one asset into another, any-to-any, across a growing set of asset standards and classes. Offering this kind of execution would also help manage the protocol's reserves productively and sustainably, making returns less reliant on pure market inefficiency. This is a direction on the roadmap, not a live product today. Over-the-counter and request-for-quote execution gives the engine a bilateral path for sourcing a price for a defined asset, size, and settlement arrangement. ## How an RFQ works An RFQ asks one or more counterparties to respond with an executable quote instead of exposing the full order to a public order book. A quote normally specifies the asset, side, size, price, validity window, and settlement terms. ## Illustrative structure A trader may request quotes to sell a block and receive a response at a premium to an executable market hedge. If the bilateral sale and the hedge can both be completed within the risk and cost budget, the paired execution may seek the remaining spread. The quoted premium is not guaranteed profit. The hedge can move or fail before execution, the counterparty can withdraw or reject the quote, and legal, credit, custody, and settlement terms can change the result. ## Why bilateral execution can help OTC/RFQ execution can provide a firm price for a defined size, reduce public order-book impact, and match specific settlement needs. It can also concentrate counterparty exposure and reveal information about trading interest. ## Residual risks Key risks include counterparty default, quote expiry, information leakage, incomplete or delayed hedging, documentation disputes, custody failure, settlement mismatch, and limited ability to unwind a block. Read [Venue & Counterparty Risk](/risk/venue-counterparty-risk.md) for the counterparty framework and [How Rewards Reach sUSDx](/susdx-the-rewards-vault/reward-distribution.md) for the boundary between a realized result and a vault reward. --- # 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 dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter: ``` GET https://docs.axis.to/susdx-the-rewards-vault/how-axis-earns-yield/trading-strategies/otc-rfq.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal. 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.