MCAP Inc. Reports Major Growth in Institutional Adoption of aRFQ™ Automated Protocol for ETFs

MCAP Inc. Sees Promising Growth in aRFQ™ Adoption for ETFs

MCAP Inc. (OTC: MCAP) has recently highlighted a remarkable trend of increasing institutional uptake of its innovative automated execution protocol, aRFQ™. Operating on QwickRoute, a platform designed for auction-based execution and market data, aRFQ™ has been instrumental for over two years, catering to the sophisticated needs of institutional clients navigating the ETF landscape.

As of now, aRFQ™ is actively streaming across the operations of more than 50 institutional clients while engaging with 15 liquidity providers. This surge in adoption showcases the evolving requirements and competitive nature of electronic trading, particularly in ETF executions. The real-world performance data touts a strong effectiveness rate: in the fourth quarter of 2025, upwards of 92% of executions via aRFQ™ were priced within or better than the National Best Bid and Offer (NBBO), demonstrating negligible market impact. Notably, the auctions completed within an impressive average of 1.9 seconds, with an average of 4.6 dealers quoted per order, leading to more than 32 times the liquidity compared to what’s typically available at the lit NBBO.

Aaron Kehoe, the Head of QwickRoute, emphasized the core principles that drive aRFQ™, stating that competition remains paramount for achieving the best execution outcomes. He explained, “With aRFQ™, we've seamlessly integrated the essence of competitive auction execution into electronic trading workflows. This system is not only automated and repeatable but also specifically designed to facilitate consistent price discovery across orders of varying sizes, all while minimizing operational complexities.”

The growth in ETF trading volumes and advancing algorithmic order flows has presented challenges for execution desks, often requiring them to resort to manual Request for Quote (RFQ) processes to tap into competitive and multi-dealer liquidity. Also, the existing IOI-based venues generally provide only indicative pricing that isn’t immediately actionable. By introducing aRFQ™, MCAP Inc. aims to bridge this gap by providing a firm, competitive auction liquidity that’s integrally embedded within the standard electronic execution workflow.

Unlike conventional RFQ procedures, which disrupt electronic trading by prompting traders to step outside their usual workflows, aRFQ™ offers a fully automated protocol accessible directly through the smart order router. This means it operates alongside exchanges, dark pools, and other electronic trading venues, functioning as a destination in the existing routing table. The unique architecture of aRFQ™ not only meets the demands of various order sizes but does so through one unified broker-dealer connection, avoiding the need for alterations to pre-existing Order Management Systems (OMs) or algorithmic strategies.

For those interested in understanding the mechanics of the aRFQ™ execution protocol, more information can be accessed through this link.

About QwickRoute

QwickRoute serves as an auction-driven execution and market data platform, managed by MCAP LLC, a subsidiary broker-dealer wholly owned by MCAP Inc. The platform provides institutional clients with competitive auction liquidity access via a streamlined broker-dealer connection, focusing mainly on the ETF market with plans for expansion into additional assets in sight. Furthermore, QwickRoute diligently generates a proprietary dataset detailing auction dynamics, execution quality metrics, and insights into liquidity provider behaviors, culminating in actionable market intelligence alongside optimally reliable execution.

About MCAP Inc.

MCAP Inc. stands as a prominent U.S. public holding company specializing in securities trading and financial technology innovations. The company’s portfolio includes subsidiaries that focus on electronic market making and execution, development of securities trading tech, and advancements in algorithmic execution platforms. All of their trading activities are conducted under the auspices of MCAP LLC, a registered broker-dealer and a recognized member of both FINRA and SIPC.