Last look guidance receives mixed reviews

Some liquidity providers back GFXC guidance; others say it doesn’t go far enough

electronic trading

The Global Foreign Exchange Committee’s latest actions around the thorny subject of last look in spot FX have received mixed reviews from liquidity providers (LPs), with some welcoming them as a step in the right direction, and others demanding the group go further still.

Last look is a controversial practice that refers to the period of time after an order is received, but before it is executed. During this period, which can be five to 300 milliseconds, an LP does its credit and price checks

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