What Is an Inquirer
An inquirer is a market participant who requests current pricing, availability, or terms from a broker, dealer, or exchange before executing a trade. Inquiries are common in equities, fixed income, commodities, and foreign exchange, and they help traders assess liquidity and fair value.
How Inquiries Work in Practice
A trader submits an inquiry through a trading desk, electronic platform, or interdealer broker. The responder quotes a price or spread based on inventory, risk limits, and market conditions. The inquirer can accept, negotiate, or decline, and the interaction may or may not result in a trade.
Why Inquiries Matter for Markets
Inquiries support price discovery by revealing real-time supply and demand. They also help institutions manage execution risk and access less liquid instruments. For more on market structure and inquiry-based trading, see the U.S. Securities and Exchange Commission overview at sec.gov.
