Interdealer Dealer Client Markets

objective

Execute interdealer and dealer-client market workflows with reproducible diagnostics and production controls.

workflow

1. define venue segmentation, protocol assumptions, and execution benchmarks.
2. ingest quote, response-time, hit-ratio, and fill-quality data by market channel.
3. compare interdealer versus dealer-to-client behavior under normal and stressed conditions.
4. stress execution with volatility shocks, quote-withdrawal events, and liquidity fragmentation.
5. release only when venue-routing and quote-quality metrics are stable and within limits.

required diagnostics

• quote spread and response-latency comparison by channel.
• hit-ratio and reject-rate behavior by counterparty cohort.
• slippage and fill-quality attribution for rfq and streamed quotes.
• information-leakage proxy behavior around quote requests.
• channel-level liquidity resilience during stress windows.