FEMR responses show split on last look debate
Spotlight on last look following investigation into benchmarks
Participants are divided over the role of last look in foreign exchange, according to responses to a review of wholesale markets, conducted by the Bank of England (BoE) and Financial Conduct Authority (FCA).
The Fair and Effective Markets Review (FEMR) consultation, published on February 24, seeks to establish acceptable practices in wholesale markets and especially in FX, after several high-profile scandals tarnished the City's reputation as a global financial centre.
One area of focus is the
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