RFQ execution

GM Markets is a DEX. Trades execute via RFQ — Request-For-Quote — through regulated tokenized security issuers who hold the underlying shares in custody 1:1 to back the on-chain tokens.

#The lifecycle of one trade

1. You request — opening the trade sheet sends a quote request for your size and side
2. Tokenized security issuer responds — a live quote returns in milliseconds, typically valid for 5–10 seconds
3. You accept — tapping Confirm within the quote window commits the trade at that price (or within your slippage tolerance)
4. Settlement — the trade settles back-to-back against the underlying primary market; the on-chain token transfers to or from your wallet

Because the quote may move slightly between request and confirmation, slippage tolerance is a first-class user-facing setting. The default is 0.5%, editable to 0.1% / 0.5% / 1% / custom in the trade sheet.

#How prices stay close to the underlying market

Quotes are priced by tokenized security issuers against the live underlying market. When you accept a quote, the trade is settled back-to-back against the underlying instrument, so your fill closely tracks the prevailing market price at execution time. If the market moves beyond your tolerance during the quote window, the trade stays in pending state until cancelled by the user.

#See also

• Quick Trade — the full trade sheet, including slippage, TP/SL, and the order state machine
• Pricing and fees — what the platform fee is and where it shows up
• Trading hours — what happens off-hours