The number of price updates is increasing as the hold time for quotes decreases.
This is partly the result of firms demonstrating their compliance with new last-look guidance, according to Kurt vom Scheidt, global head of FX at Saxo Bank – though faster market data also push the market in that direction.
“Firms are keen to adhere to the code’s guidance on last look, especially when that is defined to be an extra hold time for an order accept/reject decision beyond an immediate price/risk check,” says Vom Scheidt.
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