On 18 August 2021, the Global Foreign Exchange Committee (GFXC) issued a guidance paper on ‘last look’ trading within the Foreign Exchange market. Last look is a practice used in electronic trading where a market participant has a final opportunity to accept or reject a trade request made on its quoted price. The GFXC is also strongly encouraging liquidity providers and platforms to provide information on their trading practices and operations, including for last look, by completing a Disclosure Cover Sheet. To help address the challenges market participants can face in accessing and evaluating the information that is disclosed to them, standardised Disclosure Cover Sheets for liquidity providers and for FX E-Trading platforms have also been published.

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