Forex ‘last look’: how non-banks stack up

Research shows patchy disclosures, plus differences from banks on pre-hedging and rejected orders

Risk 0819 In depth Mark Long nb illustration
Mark Long

This is the first of a two-part series looking at last look disclosures in the foreign exchange spot market. Part two looks at disclosures of the top 50 liquidity providers and is available here.

While becoming increasingly important players within the electronic foreign exchange cash market, some non-banks are not necessarily playing by the same rules as their bank competitors. Non-bank liquidity providers have all adhered to the global forex code, but compared to the top five banks, their

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