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Overview: Request for Quote (RFQ)

  • Updated

General

ZHLS provides liquidity via a Request for Quote system which gives platforms access to multiple liquidity providers, resulting in a more efficient market.

Quantity Precision - Represents the smallest unit that a platform can submit on an order when providing a quantity.

Any ending zeros will be dropped from the price and quantity precision.

The supported fiat currency is USD. 

The supported fiat currency must be in the account prior to exchange to prevent delayed settlement.

 

Supported Assets

Please refer to the ‘What assets do you support?’ page to view supported Liquidity (RFQ) assets.

 

Technology

General Guidelines

  • All quotes expire after 5 seconds.
  • Certain configurations need to be made by the Zero Hash Client Services team. Please reach out via a shared Slack or Telegram channel to enquire about using the product.
  • We currently support 3 different models (See below sections for details). Work directly with a Zero Hash representative to learn which suits your platform best:

Model

Platform a counterparty to trades?

Credit Check

Notes
Standard Yes Platform's Account
  • Preferred if the platform is indifferent to taking on a crypto side of the trade
Novated No Float Account
  • Preferred if the platform does not wish to touch crypto in any trade
  • Crypto and fiat legs of a trade settle immediately
Platform Direct No Platform Customer Account
  • Useful for platforms that wish to ledger the customer's fiat balance at Zero Hash
  • Platforms can show a "Available" versus "Pending" balance on their front end

 

High Level Flow - All Models

mceclip1.png

 

API Documentation

 

Models

Standard Step-by-Step

1. Get a quote

  • Send a GET /liquidity/rfq request.
  • Assume a Platform with the participant_code PLAT01 is submitting this request
  • Request examples with parameters (you must enter either a quantity or total figure):

Quantity

"side":"buy",
"underlying":"BTC",
"quoted_currency":"USD",
"quantity": 1

 

Total

"side":"buy",
"underlying":"BTC",
"quoted_currency":"USD",
"total": 65000

 

2. Receive response

  • Response example (applicable to both Quantity and Total example above)
{

"message": {
"request_id": "ce819fe8-b1d7-43bb-961c-e09ede0988d3",
"participant_code": "PLAT01",
"quoted_currency": "USD",
"side": "buy",
"quantity": "1",
"price": "65000",
"quote_id": "5cd07738b861c31e3bd61467BTC1Buy1568311644602",
"expire_ts": 1624314992377,
"account_group": "00SCXM",
"account_label": "general",
"underlying": "BTC"
}
}

 

3. Execute order

  • Send a POST /liquidity/execute request using the quote_id from the response in step 2.
  • The credit check is done on the PLAT01's USD balance, 00SCXM account group.
  • You will have 5 seconds before the quote expires.
  • Execution example:
{
“quote_id”: “5cd07738b861c31e3bd61467BTC1Buy1568311644602"
}

 

4. Receive confirmation

{
“request_id:” “14f8ebb8-7530-4aa4-bef9-9d73d56313f3",
“quote”: {
“request_id”:“ce819fe8-b1d7-43bb-961c-e09ede0988d3”,
“participant_code”: “PLAT01”,
“underlying_currency”: “BTC”,
“quoted_currency”: “USD”,
“side”: “BUY”,
“quantity”: “1”,
“price”: “65000”,
“quote_id”: “5cd07738b861c31e3bd61467BTC1Buy1568311644602”,
“expire_ts”: 1568311649602,
"account_group": "00SCXM",
"account_label": "general,
},
“trade_id”: “ba97133e-ab15-4c86-86c1-86671b8420bc”,
“status”: “Completed”
}

When your trade has completed, the asset that the platform purchased will be auto-allocated to the Zero Hash Liquidity Services (00SCXM) platform, or account group. If you wish to allocate assets purchased via the liquidity stream to a separate account group, you will need to do this via the allocations page on the portal or the POST /transfers endpoint.

 

Novated Step-by-Step

1. Get a quote

  • Send a GET /liquidity/rfq request
  • Enter your customer participant code as participant_code
  • Request examples with parameters:

Quantity

"side":"buy",
"underlying":"BTC",
"quoted_currency":"USD",
"participant_code":"CUST01",
"quantity": 1

 

Total

"side":"buy",
"underlying":"BTC",
"quoted_currency":"USD",
"participant_code":"CUST01",
"total": 20000

 

2. Receive response

  • obo: on-behalf-of
  • Response example:
{
"message": {
    "request_id": "ad476ea9-90d0-4cbb-a785-10af88889e91",
    "participant_code": "PLAT01",
    "quoted_currency": "USD",
    "side": "buy",
    "quantity": "1",
    "price": "20000",
    "quote_id": "51fee850-1e2e-4cf9-933e-00911052785b",
    "expire_ts": 1670013576526,
    "account_group": "00SCXM",
    "account_label": "general",
    "obo_participant": {
        "participant_code": "CUST01",
        "account_group": "PLAT01",
        "account_label": "general"
},
    "underlying": "BTC",
    "asset_cost_notional": "20000"
   }
}

 

3. Execute order

  • Send a POST /liquidity/execute request using the quote_id from the response in step 2.
  • The credit check is done on the PLAT01's Float Account. This is under the 00SCXM participant code, PLAT01 account group.
  • You will have 5 seconds before the quote expires.
  • Execution example:
{
“quote_id”: “51fee850-1e2e-4cf9-933e-00911052785b"
}

 

4. Receive confirmation

{
"message": {
  "request_id": "d0b02e44-6e30-48af-bf30-4961d0b2f878",
  "quote": {
      "request_id": "ad476ea9-90d0-4cbb-a785-10af88889e91",
      "participant_code": "PLAT01",
      "quoted_currency": "USD",
      "side": "buy",
      "quantity": "1",
      "price": "20000",
      "quote_id": "51fee850-1e2e-4cf9-933e-00911052785b",
      "expire_ts": 1670013576526,
      "account_group": "00SCXM",
      "account_label": "general",
      "obo_participant": {
          "participant_code": "CUST01",
          "account_group": "PLAT01",
          "account_label": "general"
   },
   "underlying": "BTC",
   "asset_cost_notional": "20000",   
   "transaction_timestamp": 1670013573726
},
"trade_id": "2d8d4215-0dcc-437f-9676-e7408faef55d",
"status": "Completed",
"trade_ids_list": [
   "2d8d4215-0dcc-437f-9676-e7408faef55d"
  ]
 }
}

 

Trade ID is a single trade where both the crypto and fiat legs settle immediately.

 

Novated Deferred Step-by-Step

1. Get a quote

  • Send a GET /liquidity/rfq request
  • Enter your customer participant code as participant_code
  • Request examples with parameters:

Quantity

"side":"buy",
"underlying":"BTC",
"quoted_currency":"USD",
"participant_code":"CUST01",
"quantity": 1

 

Total

"side":"buy",
"underlying":"BTC",
"quoted_currency":"USD",
"participant_code":"CUST01",
"total": 20000

 

2. Receive response

  • obo: on-behalf-of
  • Response example:
{
"message": {
    "request_id": "bb2699bd-2806-4527-966d-c2819e5452fd",
    "participant_code": "PLAT01",
    "quoted_currency": "USD",
    "side": "buy",
    "quantity": "1",
    "price": "20000",
    "quote_id": "d4461760-6416-4da1-80a6-de45b6c9458b",
    "expire_ts": 1670014554460,
    "account_group": "00SCXM",
    "account_label": "general",
    "obo_participant": {
        "participant_code": "CUST01",
        "account_group": "PLAT01",
        "account_label": "general"
    },
"underlying": "BTC"
"asset_cost_notional": "20000"
 }
}

 

3. Execute order

  • Send a POST /liquidity/execute request using the quote_id from the response in step 2.
  • The credit check is done on the PLAT01's Float Account. This is under the 00SCXM participant code, PLAT01 account group.
  • You will have 5 seconds before the quote expires.
  • Execution example:
{
“quote_id”: “d4461760-6416-4da1-80a6-de45b6c9458b"
}

 

4. Receive confirmation

{
"message": {
    “request_id:” “6c503408-9590-4aca-ba0a-f1fc460fa466",
    “quote”: {
        “request_id”:“bb2699bd-2806-4527-966d-c2819e5452fd”,
        “participant_code”: “PLAT01”,
        “quoted_currency”: “USD”,
        “side”: “buy”,
        “quantity”: “1”,
        “price”: “20000”,
        “quote_id”: “d4461760-6416-4da1-80a6-de45b6c9458b”,
        “expire_ts”: 1670014554460,
        "account_group": "00SCXM",
        "account_label": "general",
        "obo_participant": {
            "participant_code": "CUST01",
            "account_group": "PLAT01",
            "account_label": "general"
        },
        "underlying": "BTC",
        "asset_cost_notional": "20000",
        "transaction_timestamp": 1670014551296
},
"trade_id": "4381f259-8dc5-410e-bb1e-131e28d19108",
"status": "Completed",
"trade_ids_list": [ 
    “4381f259-8dc5-410e-bb1e-131e28d19108”,
    "9882148b-c703-459b-b86c-ece4ffd1bb32"
  ]
 }
}

 

You will receive 2 trade id's in the response. 1 is settling the crypto leg immediately into the customer account, and the other trade is reserved for the USD leg, which will settle on a T+X basis.

 

Platform Direct Step-by-Step

1. Get a quote

  • Send a GET /liquidity/rfq request.
  • Enter your customer participant code as participant_code
  • Request examples with parameters:

Quantity

"side":"buy",
"underlying":"BTC",
"quoted_currency":"USD",
"participant_code":"CUST01",
"quantity": 1

 

Total

"side":"buy",
"underlying":"BTC",
"quoted_currency":"USD",
"participant_code":"CUST01",
"total": 65000

 

2. Receive response

  • obo: on-behalf-of
  • Response example:
{
"message": {
"request_id": "ce819fe8-b1d7-43bb-961c-e09ede0988d3",
"participant_code": "PLAT01",
"quoted_currency": "USD",
"side": "buy",
"quantity": "1",
"price": "65000",
"quote_id": "5cd07738b861c31e3bd61467BTC1Buy1568311644602",
"expire_ts": 1624314992377,
"account_group": "00SCXM",
"account_label": "general",
"obo_participant": {
    "participant_code": "CUST01",
    "account_group": "PLAT01",
    "account_label": "general"
                   },
"underlying": "BTC"
}
}

 

3. Execute order

  • Send a POST /liquidity/execute request using the quote_id from the response in step 2.
  • The credit check is done on the CUST01's USD account. This is under the CUST01 participant code, PLAT01 account group.
  • You will have 5 seconds before the quote expires.
  • Execution example:
{
“quote_id”: “5cd07738b861c31e3bd61467BTC1Buy1568311644602"
}

 

4. Receive confirmation

{
“request_id:” “14f8ebb8-7530-4aa4-bef9-9d73d56313f3",
“quote”: {
“request_id”:“ce819fe8-b1d7-43bb-961c-e09ede0988d3”,
“participant_code”: “PLAT01”,
“underlying_currency”: “BTC”,
“quoted_currency”: “USD”,
“side”: “BUY”,
“quantity”: “1”,
“price”: “65000”,
“quote_id”: “5cd07738b861c31e3bd61467BTC1Buy1568311644602”,
“expire_ts”: 1568311649602,
"account_group": "00SCXM",
"account_label": "general",
"obo_participant": {
     "participant_code": "CUST01",
     "account_group": "PLAT01",
     "account_label": "general"
                   },
“trade_id“:"ba97133e-ab15-4c86-86c1-86671b8420bc",
“status”: “Completed”
}

 

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