MCAP's aRFQ™ Protocol Gains Traction Among Institutional ETF Traders
Event summary
- MCAP's aRFQ™ protocol now used by 50 institutional clients and 15 liquidity providers after 2+ years of live operation.
- Q4 2025 performance: 92% of executions priced at or inside NBBO, average 1.9-second auction completion time.
- Protocol generates 32x more liquidity than lit NBBO, with 4.6 dealers quoting per order on average.
- aRFQ™ integrates directly into smart order routers, eliminating need for manual RFQ processes.
The big picture
MCAP's aRFQ™ addresses a structural challenge in ETF execution: balancing competitive liquidity with electronic workflow efficiency. As algorithmic trading dominates more of the ETF landscape, the protocol's ability to deliver firm pricing within smart order routers positions it as a potential industry standard. The success of this model could influence how other asset classes approach execution automation.
What we're watching
- Adoption Pace
- Whether MCAP can sustain current growth trajectory as ETF trading volumes continue rising.
- Competitive Response
- How traditional RFQ providers and IOI-based venues react to aRFQ's integration into electronic workflows.
- Asset Class Expansion
- The pace at which QwickRoute extends its auction-based model beyond ETFs into other asset classes.
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