Clients switch off dealers using aggressive last-look strategies
Buy side unhappy with quality of liquidity provision that allows last look
Buy-side clients have begun to switch off banks that use aggressive last-look strategies and deliberately increase reject ratios, as market awareness of the pitfalls of this type of ordering grows.
Last look has long been a quirky feature of the FX market structure, widely used by market-makers across electronic trading platforms because it gives liquidity providers the opportunity to reject a trade just before execution.
Such behaviour can have a serious impact on a client's quality of
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