Pricing and locking

Request

A taker submits a request for quote (RFQ): pair, term, size, direction. One maker answers a firm rate. Whoever carries the request never holds the taker's funds and never signs for it.

Lock

The taker accepts the quote. Both firms sign the terms. The position binds, and the taker's initial margin posts into its account for that maker. The rate is fixed.

The rate

The maker's firm quote is the locked rate. The payout is measured against it.