> For clean Markdown of any page, append .md to the page URL.
> For a complete documentation index, see https://docs.stage.paradigm.co/llms.txt.
> For AI client integration (Claude Code, Cursor, etc.), connect to the MCP server at https://docs.stage.paradigm.co/_mcp/server.

# Summary

Vault Request for Quote (VRFQ) enables vault providers to create short-lived private auction RFQ markets. In VRFQ, only the creator of the market is able to see the returned prices, the associated counterparty & is able to execute upon the market.

Ribbon is available as a venue.\\

### High-Level

VRFQ is centered around the concepts of "RFQs", "Quotes", "Orders" and "Trades":

* RFQs are strategies comprised of one or more instruments with Taker defined attributes. RFQs are to be Quoted upon by the Makers.
* Quotes are created by the Maker in response to a requested RFQ.
* Orders are created by the Taker to execute upon existing Quotes.
* Trades occur when the Taker executes upon an existing Quote on an RFQ.

At a high level, the VRFQ workflow is:

1. *Taker* creates an RFQ with the desired Instruments and quantity ratios.
2. *Makers* Quote the RFQ.
3. *Takers* can execute an Order upon an RFQ and consume the Quote which suits the set Limit Price & venue enforced "Block Size Minimums".
4. Once a Quote and an Order are matched, the executions are sent to the underlying venue for clearing & settlement.
5. The *Maker* receives confirmation if clearing & settlement was successful or rejected.
6. All *Makers* are able to see cleared & settled Trades, but NOT the counterparties or the traded RFQ/Order/Quote `side`.

### Key Concepts [](#key-vrfq-concepts)

In VRFQ,

* All Users act as *Makers* and the RFQs are always settled by the Venue platform who acts as a *Taker*
* RFQs are public auctions and all quotes are blind.
* All trades are on an anonymous basis with no participant or directional information revealed.
* There aren't partials fills of Quotes and Orders, all orders or All-Or-None.
* It is not possible to have multiple Trades and a single Order can’t consume more than a Quote.
* WebSocket messages will contain two keys, kind and status. You should use these keys to know the status and finality of the concept it's referring too.

### Code Examples

Reach out if you ever need any help! We are more than happy to help.

*You will need to update the provided Code Examples with your own Paradigm Access Key and Secret Key.*

You can find all existing examples in our [GitHub Repo](https://github.com/tradeparadigm/code-samples/tree/main/python/api/vrfq)

> **Note**
>
> All examples in this section are in Python3.