The Investment Association (IA) has published a series of guidelines designed to ‘shine a light’ and address a number of concerns in the use of ‘Last Look’. Last Look is the practice whereby a liquidity provider, such as a bank, has the final opportunity to decline or accept a trade request. As part of the guidelines, the IA has identified a number of instances in which Last Look should no longer be considered acceptable due to the potential for misuse of information by the liquidity provider.

View Investment Association calls for increased transparency in the use of FX last look, 22 February 2018