Last look in the FX market is under scrutiny again.
In August, six non-bank liquidity providers – Citadel Securities, Flow Traders, HC Tech, Jump Trading, Virtu Financial and XTX Markets – issued statements criticizing the practice.
This followed the publication of data on Risk.net indicating that one-in-four of the top 50 liquidity providers do not publicly disclose how they use it.
Last look gives market makers a final opportunity to reject an order after a client commits to trade at a quoted price.
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