Glossary · Market Structure
Streaming Liquidity
Also: streaming prices, electronic liquidity, executable streaming prices
Published
Streaming Liquidity — Streaming liquidity is the continuous delivery of executable two-way prices at defined sizes from a liquidity provider to a client over an API, typically WebSocket or FIX, so that the client can trade at any moment without requesting a quote first. It is the electronic counterpart to the OTC desk's request-for-quote workflow.
How a Stream Works
The provider publishes bids and offers for each pair at one or more size tiers, updating them as the market and its inventory change. The client trades by hitting a price within its validity window. Because the provider is quoting continuously, it prices the risk of being picked off after a market move into the spread, and it can tighten quotes for clients whose flow is predictable.
Streaming or RFQ
Streaming suits continuous or programmatic flow: a payment network converting throughout the day, a treasury working a balance in clips, or a system that hedges automatically. Request for quote suits blocks and sensitive orders where a single firm price for the full size is worth a conversation. Providers that offer both from one connection let a client route each order to the better tool.
Connectivity
Streams run over WebSocket for the price feed and FIX or REST for execution, with 24/7 availability and co-located infrastructure that keeps quote updates timely.
Sources
- Stillman Digital, Electronic Liquidity Solutions — Stillman Digital, Sep 2026