Why last look needs a new look - FX Markets

For what seems like an eternity, the controversy surrounding last look practices has hung over the foreign exchange industry like a dark cloud. The practice involves a liquidity provider (LP) rejecting or requoting a trade after receiving the order from a client, but crucially before executing it. Basically, it allows the LP, albeit for a brief moment, to assess the market and decide whether to accept or reject a trade, even after the investment manager has requested the transaction.

Rather than

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