From BAML to UBS: how 15 banks stack up on ‘last look’

Disclosures show striking differences on pre-hedging, hold times and trade acceptance

fx-last-look-divergence analysis reveals significant differences in forex dealing practices among big banks

A newcomer to foreign exchange might assume the story of a trade ends at the point a client decides to accept a dealer’s price: both parties want to trade and a rate has been agreed, so surely that’s the end of it, right?

Wrong. What happens after that point depends on which dealer is involved. The order could be accepted almost instantly, rejected by the dealer, or deliberately held up for as much as 200 milliseconds prior to acceptance. Some dealers may hedge the trade before it is accepted

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