# From a Regulatory Perspective Is Last Look Considered a Fair Practice in Financial Markets? ▴ Question

**Published:** 2025-08-13
**Categories:** Question

---

![Sleek Prime RFQ interface for institutional digital asset derivatives. An elongated panel displays dynamic numeric readouts, symbolizing multi-leg spread execution and real-time market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-rfq-options.jpg)

![A dark, sleek, disc-shaped object features a central glossy black sphere with concentric green rings. This precise interface symbolizes an Institutional Digital Asset Derivatives Prime RFQ, optimizing RFQ protocols for high-fidelity execution, atomic settlement, capital efficiency, and best execution within market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-protocol-control-system.jpg)

## Concept

From a regulatory perspective, the practice of “last look” in financial markets occupies a complex and contentious space. It is a mechanism primarily found in the over-the-counter (OTC) [foreign exchange](https://prime.greeks.live/question/what-are-the-regulatory-views-on-last-look-practices-in-the-foreign-exchange-market/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (FX) market, where a [liquidity provider](https://prime.greeks.live/area/liquidity-provider/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (LP) reserves the right to take a final look at a client’s trade request before deciding to accept or reject it at the quoted price. This final check introduces a brief delay, or “hold time,” during which the LP can assess whether the market has moved against their quoted price.

The core of the regulatory debate hinges on the purpose and application of this practice. Is it a necessary risk management tool for LPs in a fragmented, high-speed market, or is it a mechanism that creates an unfair information asymmetry and harms clients?

The original rationale for [last look](https://prime.greeks.live/area/last-look/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) was as a defense mechanism for market makers. In a decentralized market like FX, LPs provide quotes across multiple electronic platforms simultaneously. They face the risk of “[latency arbitrage](https://prime.greeks.live/area/latency-arbitrage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite),” where a fast trader could hit multiple quotes before the LP has time to update them in response to a market move.

The [last look window](https://prime.greeks.live/area/last-look-window/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) provides a buffer to reject trades on stale, now-unprofitable prices, thereby protecting the LP from being systematically picked off. From this viewpoint, the practice encourages LPs to provide tighter quotes and more liquidity than they otherwise would, theoretically benefiting the entire market.

> Last look functions as a conditional trade acceptance protocol, granting liquidity providers a final decision point to mitigate high-speed trading risks.

The controversy arises from the potential for this risk management tool to be used in ways that disadvantage the client. When a client sends a [trade request](https://prime.greeks.live/question/in-what-specific-scenarios-should-a-request-for-quotation-be-used-instead-of-a-request-for-proposal/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), they reveal their trading intention. A key regulatory concern is that an LP could use this information during the last look window for its own benefit. For instance, if the market moves in the LP’s favor during the [hold time](https://prime.greeks.live/area/hold-time/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), the trade is accepted.

If the market moves in the client’s favor (and against the LP’s), the trade is rejected. This asymmetric application, where the client bears the risk of adverse price moves but does not benefit from favorable ones, is at the heart of the fairness debate. The client is left with execution uncertainty; their trade might not be filled, and they are exposed to the market risk of having to re-initiate the trade at a potentially worse price.

Regulators and industry bodies have moved from a hands-off approach to establishing clear principles for the use of last look. The central theme of this evolution is the push for transparency and fairness. The [FX Global Code](https://prime.greeks.live/area/fx-global-code/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), a set of principles for the wholesale foreign exchange market, explicitly states that last look should be a risk control mechanism for validity and price checks only. It prohibits LPs from using the information from a client’s trade request to engage in their own trading activities during the last look window.

The regulatory perspective is coalescing around the idea that while last look may have a legitimate purpose, its application must be transparent, consistently applied, and auditable. The burden is shifting onto the LPs to prove that their use of last look is fair and not a tool to systematically disadvantage their clients.

![A spherical control node atop a perforated disc with a teal ring. This Prime RFQ component ensures high-fidelity execution for institutional digital asset derivatives, optimizing RFQ protocol for liquidity aggregation, algorithmic trading, and robust risk management with capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-powered-high-fidelity-digital-asset-derivatives-execution.jpg)

![A gold-hued precision instrument with a dark, sharp interface engages a complex circuit board, symbolizing high-fidelity execution within institutional market microstructure. This visual metaphor represents a sophisticated RFQ protocol facilitating private quotation and atomic settlement for digital asset derivatives, optimizing capital efficiency and mitigating counterparty risk](https://options.greeks.live/wp-content/uploads/2025/08/institutional-grade-precision-execution-engine-optimizing-digital-asset-derivatives-rfq-protocols-within-market-microstructure.jpg)

## Strategy

The strategic framework for regulating last look is built on a foundational trade-off ▴ preserving the incentives for market makers to provide liquidity while ensuring a fair and transparent execution environment for clients. Regulators and industry bodies, most notably through the FX Global Code, have developed a strategy centered on disclosure, fair application, and robust data analysis rather than an outright ban of the practice.

![Central nexus with radiating arms symbolizes a Principal's sophisticated Execution Management System EMS. Segmented areas depict diverse liquidity pools and dark pools, enabling precise price discovery for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-rfq-liquidity-orchestration.jpg)

## The Principle of Proportionality and Purpose

The regulatory strategy begins with defining the legitimate purpose of last look. According to Principle 17 of the FX Global Code, last look should be used solely as a risk control mechanism to verify the validity of a trade request and to check the price. The validity check ensures the request has the correct operational details and that there is sufficient credit between the counterparties. The [price check](https://prime.greeks.live/question/what-are-the-primary-sources-of-latency-in-a-dynamic-risk-check-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is intended to confirm that the [quoted price](https://prime.greeks.live/question/what-are-the-key-metrics-for-evaluating-dealer-performance-beyond-quoted-price/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is still consistent with the current market price available to the client.

This principle is designed to prevent “information leakage,” where the LP uses the knowledge of the client’s intended trade for other purposes, such as hedging its own risk before accepting the client’s trade or, more egregiously, front-running. The strategy is to narrow the permissible use of last look to its original defensive purpose, making any other application a violation of fair practice principles. LPs are explicitly prohibited from conducting trading activity that utilizes the information from the client’s trade request during the last look window.

![A central RFQ engine flanked by distinct liquidity pools represents a Principal's operational framework. This abstract system enables high-fidelity execution for digital asset derivatives, optimizing capital efficiency and price discovery within market microstructure for institutional trading](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-engine-optimal-execution-for-digital-asset-derivatives.jpg)

## Transparency as a Regulatory Tool

A cornerstone of the regulatory strategy is to empower clients through transparency. Since last look is not a uniform practice ▴ each LP can have its own methodology, hold times, and price check tolerances ▴ regulators have pushed for comprehensive disclosures. The idea is that if clients have clear, detailed information about an LP’s last look process, they can make informed decisions about where to direct their orders. This creates a competitive pressure on LPs to offer fairer terms.

The [Global Foreign Exchange Committee](https://prime.greeks.live/question/could-a-centralized-limit-order-book-ever-be-implemented-in-the-global-foreign-exchange-market/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (GFXC) has published Disclosure Cover Sheets to standardize these disclosures. Key elements that LPs are encouraged to disclose include:

- **Hold Time** ▴ The duration of the last look window. Regulators advocate that this window should be as short as possible, only long enough to perform the necessary price and validity checks without “additional, intentional delay.”

- **Price Check Methodology** ▴ How the LP determines if a price has moved. This includes the tolerance for price movement and whether the check is applied symmetrically or asymmetrically.

- **Symmetry of Application** ▴ Whether the LP rejects trades when the price moves against it, but also when it moves in its favor. A symmetric application is considered fairer, though less common.

- **Rejection Data** ▴ Providing clients with data on their rejection rates and the reasons for rejections. This data is crucial for clients to analyze the quality of their execution.

![A fractured, polished disc with a central, sharp conical element symbolizes fragmented digital asset liquidity. This Principal RFQ engine ensures high-fidelity execution, precise price discovery, and atomic settlement within complex market microstructure, optimizing capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/principal-rfq-engine-unifying-fragmented-digital-asset-derivatives-liquidity-for-best-execution.jpg)

## The Role of Transaction Cost Analysis (TCA)

Regulators recognize that disclosure alone is insufficient. The strategy relies on clients using the disclosed information to analyze their execution quality through [Transaction Cost Analysis](https://prime.greeks.live/area/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (TCA). TCA allows buy-side firms to move beyond simple metrics like the [quoted spread](https://prime.greeks.live/question/what-is-the-difference-between-quoted-spread-and-effective-spread-in-an-rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and analyze the hidden costs of trading, including those imposed by last look.

Key TCA metrics for evaluating last look practices include:

- **[Rejection Rate](https://prime.greeks.live/area/rejection-rate/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)** ▴ The percentage of trades that are rejected by the LP. A high rejection rate, especially during volatile periods, can be a red flag.

- **Post-Trade Markout** ▴ This measures the market movement immediately after a trade is executed or rejected. If rejected trades are consistently followed by market movements that would have been favorable to the client, it suggests the LP is using last look asymmetrically to avoid unprofitable trades.

- **Cost of Rejection** ▴ This calculates the difference between the price of the rejected trade and the price at which the client was eventually able to execute the trade elsewhere. This quantifies the direct financial impact of a rejection.

The table below illustrates a simplified TCA comparison between two hypothetical [liquidity providers](https://prime.greeks.live/question/what-role-do-non-bank-liquidity-providers-play-in-offering-deep-liquidity/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), demonstrating how data can reveal the strategic implications of their last look practices.

### Comparative Analysis of Liquidity Provider Last Look Practices

| Metric | Liquidity Provider A (Aggressive Last Look) | Liquidity Provider B (Code-Compliant Last Look) |
| --- | --- | --- |
| Quoted Spread | 0.2 pips | 0.4 pips |
| Hold Time | 50-100 milliseconds | 5-10 milliseconds |
| Rejection Rate (Normal Volatility) | 2% | 0.5% |
| Rejection Rate (High Volatility) | 15% | 1% |
| Average Cost of Rejection | 1.5 pips | 0.8 pips |
| Effective Spread (Quoted Spread + Cost of Rejection Rejection Rate) | 0.425 pips (in high volatility) | 0.408 pips (in high volatility) |

This analysis shows that while LP A offers a more attractive quoted spread, its aggressive use of last look results in a higher effective spread for the client during volatile times. The regulatory strategy is to encourage this type of data-driven analysis, allowing the market to reward fairer LPs and penalize those with opaque or predatory practices.

![A precision metallic dial on a multi-layered interface embodies an institutional RFQ engine. The translucent panel suggests an intelligence layer for real-time price discovery and high-fidelity execution of digital asset derivatives, optimizing capital efficiency for block trades within complex market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-high-fidelity-execution-system.jpg)

![A sleek, multi-layered institutional crypto derivatives platform interface, featuring a transparent intelligence layer for real-time market microstructure analysis. Buttons signify RFQ protocol initiation for block trades, enabling high-fidelity execution and optimal price discovery within a robust Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-crypto-derivatives-os-precision-execution-rfq-protocol-intelligence-layer.jpg)

## Execution

From an execution perspective, navigating the complexities of last look requires a deep understanding of its mechanics and a quantitative approach to evaluating its impact. For a buy-side institution, achieving [best execution](https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is not merely about finding the tightest spread but about managing the certainty and overall cost of the trade. The regulatory push for transparency provides the raw materials, but the execution strategy depends on how that information is processed and acted upon.

![Sleek, domed institutional-grade interface with glowing green and blue indicators highlights active RFQ protocols and price discovery. This signifies high-fidelity execution within a Prime RFQ for digital asset derivatives, ensuring real-time liquidity and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-prime-os-execution-interface.jpg)

## Anatomy of a Last Look Trade

Understanding the information flow is critical. The process unfolds in a matter of milliseconds, but each step has implications for execution quality.

- **Trade Request** ▴ The Liquidity Consumer (LC) sends a request to trade to the Liquidity Provider (LP) at the LP’s quoted price. At this moment, the LC has revealed its hand and is exposed to market risk.

- **Last Look Window Opens** ▴ The LP receives the request and begins its hold time. This is the critical period. The LP performs its validity and price checks.

- **Price and Validity Check** ▴ The LP’s system checks the trade’s operational details. Simultaneously, it compares the requested price against its current internal price feed. This check is governed by a pre-set tolerance level.

- **Decision Point** ▴ Based on the price check, the LP’s logic decides to accept or reject the trade.

<li>**Accept** ▴ If the price is within the tolerance, the trade is filled. The LC receives a confirmation.

- **Reject** ▴ If the price has moved beyond the tolerance in a direction adverse to the LP, the trade is rejected. The LC receives a rejection message and is left with an unfilled order and market exposure.

</li>
- **Last Look Window Closes** ▴ The decision is communicated to the LC. The duration from the request to this communication is the total “round-trip” time, which includes the hold time.

> Effective execution analysis quantifies the trade-off between the perceived benefit of a tight initial quote and the realized cost of execution uncertainty.

![A sophisticated metallic mechanism with a central pivoting component and parallel structural elements, indicative of a precision engineered RFQ engine. Polished surfaces and visible fasteners suggest robust algorithmic trading infrastructure for high-fidelity execution and latency optimization](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-mechanism-for-institutional-digital-asset-derivatives-rfq-and-high-fidelity-execution.jpg)

## Quantitative Evaluation of Fairness

A sophisticated trading desk must move beyond qualitative assessments and implement a rigorous quantitative framework to evaluate LPs. This involves capturing and analyzing detailed execution data. The following table provides a granular look at the kind of data required for a robust analysis of an LP’s last look practices over a series of trades.

### Detailed Execution Log for Last Look Analysis

| Trade ID | Timestamp (Request) | Currency Pair | Amount (M) | Quoted Price | Timestamp (Response) | Hold Time (ms) | Market Price at Response | LP Decision | Rejection Cost (pips) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| A-001 | 14:30:01.105 | EUR/USD | 10 | 1.08505 | 14:30:01.155 | 50 | 1.08506 | Accept | N/A |
| A-002 | 14:30:02.310 | EUR/USD | 10 | 1.08510 | 14:30:02.365 | 55 | 1.08518 | Reject | 0.8 |
| A-003 | 14:30:03.520 | EUR/USD | 10 | 1.08512 | 14:30:03.571 | 51 | 1.08511 | Accept | N/A |
| A-004 | 14:30:04.840 | EUR/USD | 10 | 1.08495 | 14:30:04.892 | 52 | 1.08485 | Accept | N/A |
| A-005 | 14:30:05.960 | EUR/USD | 10 | 1.08490 | 14:30:06.015 | 55 | 1.08499 | Reject | 0.9 |

In this example, the “Rejection Cost” is the adverse price movement for the client during the hold time on rejected trades. The analysis of trades A-002 and A-005 is particularly telling. In both cases, the market moved against the LP (and in favor of the client), and the LP rejected the trade. Conversely, in trade A-004, the market moved in the LP’s favor, and the trade was accepted.

This pattern is indicative of asymmetric last look. A fair, symmetric application would require the LP to also reject trade A-004, or to fill trades A-002 and A-005. The execution challenge is to systematically detect this pattern across thousands of trades and hold LPs accountable.

![Bicolored sphere, symbolizing a Digital Asset Derivative or Bitcoin Options, precisely balances on a golden ring, representing an institutional RFQ protocol. This rests on a sophisticated Prime RFQ surface, reflecting controlled Market Microstructure, High-Fidelity Execution, optimal Price Discovery, and minimized Slippage](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-precision-execution-1.jpg)

## Operationalizing Fairness

Armed with this data, a trading desk can take several concrete steps:

- **Segment Liquidity Providers** ▴ LPs can be tiered based on their last look performance. Those with low rejection rates and fair application can be prioritized in the execution algorithm.

- **Dynamic Routing** ▴ Execution logic can be designed to be more cautious with LPs that exhibit aggressive last look behavior, especially during times of high market volatility when the practice is most likely to be used.

- **Engage with LPs** ▴ The data provides the basis for a direct conversation with LPs. A trading desk can present an LP with a detailed analysis of its last look practices and ask for explanations or changes. The FX Global Code provides the framework for this dialogue.

- **Calibrate Execution Algorithms** ▴ The “cost of rejection” can be modeled as a component of the total [transaction cost](https://prime.greeks.live/area/transaction-cost/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). An algorithm can then choose an LP with a slightly wider but firm quote over one with a tighter but “last look” quote if the all-in cost is lower.

From a regulatory and execution standpoint, the era of last look being an unexamined part of the market structure is over. While the practice is not prohibited, its fairness is now a measurable quantity. The onus is on liquidity providers to be transparent and on liquidity consumers to use the available data to enforce a higher standard of execution, thereby aligning market practice with the principles of fairness and transparency.

![A multi-layered electronic system, centered on a precise circular module, visually embodies an institutional-grade Crypto Derivatives OS. It represents the intricate market microstructure enabling high-fidelity execution via RFQ protocols for digital asset derivatives, driven by an intelligence layer facilitating algorithmic trading and optimal price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-facilitating-high-fidelity-execution-and-optimal-price-discovery.jpg)

## References

- Bank of England, H.M. Treasury, and Financial Conduct Authority. “Fair and Effective Markets Review.” Bank of England, 2015.

- Cartea, Álvaro, Sebastian Jaimungal, and Jamie Walton. “Last Look and the Cost of Trading.” Quantitative Finance, vol. 16, no. 1, 2016, pp. 47-63.

- Global Foreign Exchange Committee. “FX Global Code ▴ August 2021.” GFXC, 2021.

- Global Foreign Exchange Committee. “Execution Principles Working Group Report on Last Look.” GFXC, August 2021.

- Moore, Richard, and Andreas Schrimpf. “Sizing Up the Last Look.” BIS Quarterly Review, March 2020, pp. 59-73.

- Norges Bank Investment Management. “The Role of Last Look in Foreign Exchange Markets.” NBIM Asset Manager Perspective, 2015.

- Oomen, Roel. “Last Look ▴ A Unified Framework for Symmetric and Asymmetric Designs and Their Impact on Execution Risk and Transaction Costs.” London School of Economics and Political Science, 2016.

- Weinstein, Jason, and Michael Miller. “Regulators Take a Hard Look at ‘Last Look’ in FX Markets.” Steptoe & Johnson LLP, 2016.

![A central teal sphere, representing the Principal's Prime RFQ, anchors radiating grey and teal blades, signifying diverse liquidity pools and high-fidelity execution paths for digital asset derivatives. Transparent overlays suggest pre-trade analytics and volatility surface dynamics](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-and-market-microstructure.jpg)

## Reflection

The evolution of the regulatory stance on last look reflects a deeper maturation of electronic markets. It marks a shift from a “caveat emptor” environment to one where principles of fairness, transparency, and accountability are being systematically embedded into the market’s plumbing. The core question for any market participant is no longer simply “what is the practice?” but “how does this practice affect my execution quality, and how can I measure it?”

The frameworks provided by bodies like the GFXC are not merely compliance checklists; they are strategic tools. They offer a common language and a set of metrics to dissect and debate the quality of liquidity. For an institution, this transforms the relationship with liquidity providers from a simple price-taking exercise into a continuous, data-driven dialogue about partnership and performance. The ability to conduct sophisticated transaction [cost analysis](https://prime.greeks.live/area/cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) becomes a competitive differentiator, separating those who can navigate the microstructure from those who are simply subject to it.

Ultimately, the debate over last look forces a consideration of what constitutes a “good” market. Is it one that simply offers the tightest possible quotes on a screen, even if those quotes are ephemeral? Or is it one that provides reliable, consistent, and predictable execution, even at a slightly wider price?

The current regulatory trajectory suggests the latter is the goal. The challenge and opportunity for every institution is to build the internal systems ▴ both technological and analytical ▴ to validate that the liquidity they consume aligns with this principle of robust and equitable market function.

![A sophisticated metallic and teal mechanism, symbolizing an institutional-grade Prime RFQ for digital asset derivatives. Its precise alignment suggests high-fidelity execution, optimal price discovery via aggregated RFQ protocols, and robust market microstructure for multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-precision-execution.jpg)

## Glossary

<a href="https://prime.greeks.live/area/liquidity-provider/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sophisticated apparatus, potentially a price discovery or volatility surface calibration tool. A blue needle with sphere and clamp symbolizes high-fidelity execution pathways and RFQ protocol integration within a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-institutional-digital-asset-derivatives-execution.jpg)

## Liquidity Provider

Meaning ▴ A Liquidity Provider is an entity, typically an institutional firm or professional trading desk, that actively facilitates market efficiency by continuously quoting two-sided prices, both bid and ask, for financial instruments. </a><a href="https://prime.greeks.live/question/what-are-the-regulatory-views-on-last-look-practices-in-the-foreign-exchange-market/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, multi-component device with a dark blue base and beige bands culminates in a sophisticated top mechanism. This precision instrument symbolizes a Crypto Derivatives OS facilitating RFQ protocol for block trade execution, ensuring high-fidelity execution and atomic settlement for institutional-grade digital asset derivatives across diverse liquidity pools](https://options.greeks.live/wp-content/uploads/2025/08/advanced-mechanism-for-principal-trading-firm-rfq-protocols-and-high-fidelity-digital-asset-derivatives-execution.jpg)

## Foreign Exchange

Regulatory views on FX last look demand absolute transparency, framing it as a risk control, not a profit tool. </a><a href="https://prime.greeks.live/area/latency-arbitrage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Precision-engineered institutional-grade Prime RFQ component, showcasing a reflective sphere and teal control. This symbolizes RFQ protocol mechanics, emphasizing high-fidelity execution, atomic settlement, and capital efficiency in digital asset derivatives market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-precision-execution-system-design.jpg)

## Latency Arbitrage

Meaning ▴ Latency arbitrage is a high-frequency trading strategy designed to profit from transient price discrepancies across distinct trading venues or data feeds by exploiting minute differences in information propagation speed. </a><a href="https://prime.greeks.live/area/last-look/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![An intricate, transparent cylindrical system depicts a sophisticated RFQ protocol for digital asset derivatives. Internal glowing elements signify high-fidelity execution and algorithmic trading](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-protocol-architecture.jpg)

## Last Look

Meaning ▴ Last Look refers to a specific latency window afforded to a liquidity provider, typically in electronic over-the-counter markets, enabling a final review of an incoming client order against real-time market conditions before committing to execution. </a><a href="https://prime.greeks.live/area/last-look-window/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Polished metallic pipes intersect via robust fasteners, set against a dark background. This symbolizes intricate Market Microstructure, RFQ Protocols, and Multi-Leg Spread execution](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-metallic-nodes-illustrating-rfq-protocols-for-multi-leg-digital-asset-derivatives-institutional-execution.jpg)

## Last Look Window

Meaning ▴ The Last Look Window defines a finite temporal interval granted to a liquidity provider following the receipt of an institutional client's firm execution request, allowing for a final re-evaluation of market conditions and internal inventory before trade confirmation. </a><a href="https://prime.greeks.live/question/in-what-specific-scenarios-should-a-request-for-quotation-be-used-instead-of-a-request-for-proposal/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A futuristic, dark grey institutional platform with a glowing spherical core, embodying an intelligence layer for advanced price discovery. This Prime RFQ enables high-fidelity execution through RFQ protocols, optimizing market microstructure for institutional digital asset derivatives and managing liquidity pools](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-intelligence-layer.jpg)

## Trade Request

An RFQ is a procurement protocol used for price discovery on known requirements; an RFP is for solution discovery on complex problems. </a><a href="https://prime.greeks.live/area/hold-time/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, angular Prime RFQ interface component featuring a vibrant teal sphere, symbolizing a precise control point for institutional digital asset derivatives. This represents high-fidelity execution and atomic settlement within advanced RFQ protocols, optimizing price discovery and liquidity across complex market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-control-point.jpg)

## Hold Time

Meaning ▴ Hold Time defines the minimum duration an order must remain active on an exchange's order book. </a><a href="https://prime.greeks.live/area/fx-global-code/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, domed control module, light green to deep blue, on a textured grey base, signifies precision. This represents a Principal's Prime RFQ for institutional digital asset derivatives, enabling high-fidelity execution via RFQ protocols, optimizing price discovery, and enhancing capital efficiency within market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/precision-control-for-institutional-digital-asset-rfq-execution.jpg)

## Fx Global Code

Meaning ▴ The FX Global Code represents a comprehensive set of global principles of good practice for the wholesale foreign exchange market. </a><a href="https://prime.greeks.live/question/what-are-the-key-metrics-for-evaluating-dealer-performance-beyond-quoted-price/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sophisticated teal and black device with gold accents symbolizes a Principal's operational framework for institutional digital asset derivatives. It represents a high-fidelity execution engine, integrating RFQ protocols for atomic settlement](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-core-engine-for-best-execution.jpg)

## Quoted Price

Evaluating dealer performance requires a systemic analysis of execution quality, measuring impact and certainty beyond the quote. </a><a href="https://prime.greeks.live/question/what-are-the-primary-sources-of-latency-in-a-dynamic-risk-check-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, illuminated control knob emerges from a robust, metallic base, representing a Prime RFQ interface for institutional digital asset derivatives. Its glowing bands signify real-time analytics and high-fidelity execution of RFQ protocols, enabling optimal price discovery and capital efficiency in dark pools for block trades](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-system-for-optimal-execution.jpg)

## Price Check

The primary sources of latency in a dynamic risk check system are network distance, computational hardware, and software logic overhead. </a><a href="https://prime.greeks.live/question/could-a-centralized-limit-order-book-ever-be-implemented-in-the-global-foreign-exchange-market/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract geometric design illustrating a central RFQ aggregation hub for institutional digital asset derivatives. Radiating lines symbolize high-fidelity execution via smart order routing across dark pools](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-high-fidelity-execution-architecture.jpg)

## Global Foreign Exchange Committee

A global FX CLOB is technically feasible but politically and commercially improbable without a seismic shift in market structure. </a><a href="https://prime.greeks.live/area/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A spherical, eye-like structure, an Institutional Prime RFQ, projects a sharp, focused beam. This visualizes high-fidelity execution via RFQ protocols for digital asset derivatives, enabling block trades and multi-leg spreads with capital efficiency and best execution across market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-prime-os-rfq-protocol-digital-asset-derivatives-block-trade-execution.jpg)

## Transaction Cost Analysis

Meaning ▴ Transaction Cost Analysis (TCA) is the quantitative methodology for assessing the explicit and implicit costs incurred during the execution of financial trades. </a><a href="https://prime.greeks.live/question/what-is-the-difference-between-quoted-spread-and-effective-spread-in-an-rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A polished teal sphere, encircled by luminous green data pathways and precise concentric rings, represents a Principal's Crypto Derivatives OS. This institutional-grade system facilitates high-fidelity RFQ execution, atomic settlement, and optimized market microstructure for digital asset options block trades](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-institutional-digital-asset-derivatives-execution-hub.jpg)

## Quoted Spread

The quoted spread is the dealer's offered cost; the effective spread is the true, realized cost of your institutional trade execution. </a><a href="https://prime.greeks.live/area/rejection-rate/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract geometric forms depict a Prime RFQ for institutional digital asset derivatives. A central RFQ engine drives block trades and price discovery with high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-optimizing-market-microstructure-for-high-fidelity-execution.jpg)

## Rejection Rate

Meaning ▴ Rejection Rate quantifies the proportion of submitted orders or requests that are declined by a trading venue, an internal matching engine, or a pre-trade risk system, calculated as the ratio of rejected messages to total messages or attempts over a defined period. </a><a href="https://prime.greeks.live/question/what-role-do-non-bank-liquidity-providers-play-in-offering-deep-liquidity/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A smooth, off-white sphere rests within a meticulously engineered digital asset derivatives RFQ platform, featuring distinct teal and dark blue metallic components. This sophisticated market microstructure enables private quotation, high-fidelity execution, and optimized price discovery for institutional block trades, ensuring capital efficiency and best execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-system-microstructure-core.jpg)

## Liquidity Providers

Non-bank liquidity providers function as specialized processing units in the market's architecture, offering deep, automated liquidity. </a><a href="https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Intricate metallic components signify system precision engineering. These structured elements symbolize institutional-grade infrastructure for high-fidelity execution of digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-precision-engineering-for-high-fidelity-execution-and-latency-optimization.jpg)

## Best Execution

Meaning ▴ Best Execution is the obligation to obtain the most favorable terms reasonably available for a client's order. </a><a href="https://prime.greeks.live/area/transaction-cost/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A central, precision-engineered component with teal accents rises from a reflective surface. This embodies a high-fidelity RFQ engine, driving optimal price discovery for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-execution-engine-for-price-discovery.jpg)

## Transaction Cost

Meaning ▴ Transaction Cost represents the total quantifiable economic friction incurred during the execution of a trade, encompassing both explicit costs such as commissions, exchange fees, and clearing charges, alongside implicit costs like market impact, slippage, and opportunity cost. </a><a href="https://prime.greeks.live/area/cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sophisticated control panel, featuring concentric blue and white segments with two teal oval buttons. This embodies an institutional RFQ Protocol interface, facilitating High-Fidelity Execution for Private Quotation and Aggregated Inquiry](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-rfq-protocol-interface-for-digital-asset-derivatives-execution.jpg)

## Cost Analysis

Meaning ▴ Cost Analysis constitutes the systematic quantification and evaluation of all explicit and implicit expenditures incurred during a financial operation, particularly within the context of institutional digital asset derivatives trading. </a>

**Tags:** [Foreign Exchange Markets](https://options.greeks.live/area/foreign-exchange-markets/), [Transaction Cost](https://options.greeks.live/area/transaction-cost/), [Asymmetric Slippage](https://options.greeks.live/area/asymmetric-slippage/), [FX Global Code](https://options.greeks.live/area/fx-global-code/), [Liquidity Provider](https://options.greeks.live/area/liquidity-provider/), [Best Execution](https://options.greeks.live/area/best-execution/)	

## Discover More

- 
### [How Does Transaction Cost Analysis Quantify the Hidden Risks of Last Look?](https://options.greeks.live/question/how-does-transaction-cost-analysis-quantify-the-hidden-risks-of-last-look/)
![Glowing teal conduit symbolizes high-fidelity execution pathways and real-time market microstructure data flow for digital asset derivatives. Smooth grey spheres represent aggregated liquidity pools and robust counterparty risk management within a Prime RFQ, enabling optimal price discovery.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-market-microstructure-prime-os.jpg)

TCA quantifies last look's hidden risks by measuring market movement during the hold time to calculate the economic cost of rejections.

- 
### [How Can Transaction Cost Analysis Differentiate between Legitimate and Predatory Last Look Practices?](https://options.greeks.live/question/how-can-transaction-cost-analysis-differentiate-between-legitimate-and-predatory-last-look-practices/)
![A sleek, spherical, off-white device with a glowing cyan lens symbolizes an Institutional Grade Prime RFQ Intelligence Layer. It drives High-Fidelity Execution of Digital Asset Derivatives via RFQ Protocols, enabling Optimal Liquidity Aggregation and Price Discovery for Market Microstructure Analysis.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-optimal-execution-1.jpg)

Transaction Cost Analysis quantifies discretionary latency and asymmetric slippage to expose predatory last look behavior.

- 
### [What Are the Key Differences between Last Look and Firm Quote Protocols in Execution?](https://options.greeks.live/question/what-are-the-key-differences-between-last-look-and-firm-quote-protocols-in-execution/)
![Precision instrument featuring a sharp, translucent teal blade from a geared base on a textured platform. This symbolizes high-fidelity execution of institutional digital asset derivatives via RFQ protocols, optimizing market microstructure for capital efficiency and algorithmic trading on a Prime RFQ.](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-algorithmic-execution-infrastructure-for-institutional-digital-asset-derivatives-request-for-quote-protocols-optimal-liquidity.jpg)

Firm quotes offer execution certainty via irrevocable commitment; last look protocols grant liquidity providers a final decision, trading certainty for potential price improvement.

- 
### [Does the Global FX Code of Conduct Adequately Address the Issue of Asymmetric Hold Times?](https://options.greeks.live/question/does-the-global-fx-code-of-conduct-adequately-address-the-issue-of-asymmetric-hold-times/)
![A multi-layered, circular device with a central concentric lens. It symbolizes an RFQ engine for precision price discovery and high-fidelity execution. This robust system enables institutional digital asset derivatives trading, reflecting advanced market microstructure, volatility surface analysis, Principal's operational framework, and efficient options trading.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-for-precision-execution.jpg)

The Global FX Code aims to curtail asymmetric hold times through transparency, yet its efficacy hinges on client vigilance to enforce fair execution.

- 
### [What Are the Best Practices for Discussing Last Look with Liquidity Providers?](https://options.greeks.live/question/what-are-the-best-practices-for-discussing-last-look-with-liquidity-providers/)
![Two intertwined, reflective, metallic structures with translucent teal elements at their core, converging on a central nexus against a dark background. This represents a sophisticated RFQ protocol facilitating price discovery within digital asset derivatives markets, denoting high-fidelity execution and institutional-grade systems optimizing capital efficiency via latent liquidity and smart order routing across dark pools.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-execution-system-architecture.jpg)

Engaging with liquidity providers on last look is a systematic calibration of their risk controls with your execution policy.

- 
### [What Are the Regulatory Implications of Using Last Look Liquidity in Different Jurisdictions?](https://options.greeks.live/question/what-are-the-regulatory-implications-of-using-last-look-liquidity-in-different-jurisdictions/)
![An abstract geometric composition depicting the core Prime RFQ for institutional digital asset derivatives. Diverse shapes symbolize aggregated liquidity pools and varied market microstructure, while a central glowing ring signifies precise RFQ protocol execution and atomic settlement across multi-leg spreads, ensuring capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-architecture.jpg)

Last look's regulatory implications demand a system architecture of provable fairness across divergent global jurisdictions.

- 
### [What Is the Difference between Symmetric and Asymmetric Last Look and Its Impact on Traders?](https://options.greeks.live/question/what-is-the-difference-between-symmetric-and-asymmetric-last-look-and-its-impact-on-traders/)
![Abstract depiction of an institutional digital asset derivatives execution system. A central market microstructure wheel supports a Prime RFQ framework, revealing an algorithmic trading engine for high-fidelity execution of multi-leg spreads and block trades via advanced RFQ protocols, optimizing capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-rfq-execution-system-1.jpg)

Symmetric last look is a bilateral risk control rejecting trades on adverse or favorable price moves; asymmetric is a unilateral option for LPs to reject losses while accepting gains.

- 
### [What Are the Key Differences between a Code Compliant and a Non Compliant Last Look Policy?](https://options.greeks.live/question/what-are-the-key-differences-between-a-code-compliant-and-a-non-compliant-last-look-policy/)
![Precisely engineered abstract structure featuring translucent and opaque blades converging at a central hub. This embodies institutional RFQ protocol for digital asset derivatives, representing dynamic liquidity aggregation, high-fidelity execution, and complex multi-leg spread price discovery.](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-digital-asset-derivatives-rfq-multi-leg-execution-protocol.jpg)

A compliant last look is a transparent risk-control mechanism; a non-compliant policy is an opaque source of execution uncertainty.

- 
### [Can Transaction Cost Analysis Truly Mitigate the Risks Associated with Last Look Venues?](https://options.greeks.live/question/can-transaction-cost-analysis-truly-mitigate-the-risks-associated-with-last-look-venues/)
![A sophisticated RFQ engine module, its spherical lens observing market microstructure and reflecting implied volatility. This Prime RFQ component ensures high-fidelity execution for institutional digital asset derivatives, enabling private quotation for block trades.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-for-best-execution-protocol.jpg)

TCA mitigates last look risk by quantifying execution uncertainty, transforming hidden costs into a decisive strategic advantage.

---

## Raw Schema Data

```json
{
    "@context": "https://schema.org",
    "@type": "BreadcrumbList",
    "itemListElement": [
        {
            "@type": "ListItem",
            "position": 1,
            "name": "Home",
            "item": "https://options.greeks.live"
        },
        {
            "@type": "ListItem",
            "position": 2,
            "name": "Question",
            "item": "https://options.greeks.live/question/"
        },
        {
            "@type": "ListItem",
            "position": 3,
            "name": "From a Regulatory Perspective Is Last Look Considered a Fair Practice in Financial Markets?",
            "item": "https://options.greeks.live/question/from-a-regulatory-perspective-is-last-look-considered-a-fair-practice-in-financial-markets/"
        }
    ]
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "Organization",
    "@id": "https://greeks.live/#organization",
    "name": "Greeks.Live",
    "url": "https://greeks.live/",
    "description": "Greeks.live is the definitive toolkit for the professional options trader, dedicated to empowering our users with institutional-grade data, advanced analytics, and a comprehensive suite of trading tools designed to provide a decisive edge in the market. Every article and guide published under the Greeks.live name is a product of our deep commitment to data-driven analysis and our mission to support the global trading community.",
    "email": "support@greeks.live",
    "logo": {
        "@type": "ImageObject",
        "url": "https://options.greeks.live/wp-content/uploads/2025/07/Greeks.Live-Logo-Icon.svg"
    },
    "hasPart": [
        {
            "@type": "WebSite",
            "name": "About Us",
            "url": "https://about.greeks.live"
        },
        {
            "@type": "WebSite",
            "name": "App Download Page",
            "url": "https://about.greeks.live/#/download/basic_trade"
        },
        {
            "@type": "WebSite",
            "name": "Newcomers' Guide",
            "url": "https://twisty-sign-c8b.notion.site/Guide-for-Greeks-live-X-Deribit-Newbies-5a08a3052822427d800af6eaf3704c8d"
        },
        {
            "@type": "WebSite",
            "name": "Knowledge Base",
            "url": "https://linktr.ee/greeks.live"
        },
        {
            "@type": "WebSite",
            "name": "Option Terminology",
            "url": "https://greekslive.notion.site/88dfc00e7c584d4d8969b6302a79a12f?pvs=4"
        },
        {
            "@type": "WebSite",
            "name": "Terms of Service",
            "url": "https://greeks.live/#/tos"
        },
        {
            "@type": "WebSite",
            "name": "Disclaimer",
            "url": "https://greeks.live/#/disclaimer"
        }
    ],
    "sameAs": [
        "https://x.com/greekslive",
        "https://youtube.com/@greeks_live?si=-KjT0Lkw4WUCI0tD",
        "https://t.me/greekslive_notifications",
        "https://t.me/greekslive",
        "https://pinterest.com/greekslive/"
    ],
    "makesOffer": [
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "RFQ Platform",
                "url": "https://rfq.greeks.live",
                "description": "Execute institutional-grade block trades for crypto options and futures. This platform provides deep, over-the-counter (OTC) liquidity via a professional Request for Quote system.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Lending Tools",
                "url": "https://lend.greeks.live",
                "description": "Manage crypto lending and borrowing activities to earn yield or secure loans. This suite of tools helps users analyze interest rates and manage collateralized debt positions.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Data Lab",
                "url": "https://greeks.live/#/deribit/tools/datalab/BTC",
                "description": "Analyze historical and real-time options data with advanced metrics. This tool is designed for backtesting strategies and identifying market trends through comprehensive data visualization.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Profit & Loss Analysis (PnL)",
                "url": "https://greeks.live/#/deribit/tools/pnl_analysis",
                "description": "Track and analyze the Profit and Loss (PnL) of your options portfolio. This tool provides detailed performance metrics to help traders evaluate and refine their strategies.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Position Visualization",
                "url": "https://greeks.live/#/deribit/tools/pv/BTC",
                "description": "Visualize complex options positions and their corresponding risk profiles. This tool generates payoff diagrams to help traders intuitively understand potential profit, loss, and exposure.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Options Calculator",
                "url": "https://greeks.live/#/deribit/tools/calculator",
                "description": "Calculate the theoretical price and risk parameters ('the Greeks') of crypto options. An essential tool for pricing new trades and analyzing the sensitivity of existing positions.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Greeks.live Main Platform",
                "url": "https://greeks.live/",
                "description": "The central hub for the Greeks.live suite of professional cryptocurrency options and derivatives trading tools. Access analytics, manage positions, and explore the ecosystem.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Community Forum",
                "url": "https://t.greeks.live",
                "description": "Join the official Greeks.live community. Connect with other traders, share insights, and receive the latest updates directly from the team.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Greeks.live for Deribit",
                "url": "http://deribit.greeks.live",
                "description": "A dedicated interface for trading on the Deribit exchange. This platform leverages Greeks.live's advanced analytics and tools specifically for users of Deribit's options and futures markets.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Greeks.live for OKX",
                "url": "http://okx.greeks.live",
                "description": "A dedicated interface for trading on the OKX exchange. This platform integrates Greeks.live's powerful analytics with the OKX marketplace, focusing on its options and derivatives products.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "GLVS.AI Trading Platform",
                "url": "https://www.glvs.ai/",
                "description": "An AI-powered platform for automated crypto options trading. Leverage advanced algorithms and data-driven signals to develop and deploy sophisticated, hands-free trading strategies.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "API Testnet & Sandbox",
                "url": "https://test.greeks.live",
                "description": "A dedicated testnet environment for developers to test their API integrations and automated trading strategies. This sandbox allows for full functionality testing without risking real funds.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        }
    ],
    "subOrganization": [
        {
            "@type": "Organization",
            "name": "GreeksLive HK Co., Limited",
            "email": "support@greeks.live",
            "telephone": "+852-56418949",
            "address": {
                "@type": "PostalAddress",
                "streetAddress": "Unit 11, 27/F, K. Wah Centre, 191 Java Road",
                "addressLocality": "Hong Kong",
                "addressRegion": "North Point",
                "addressCountry": "CN",
                "postalCode": "0000"
            },
            "geo": {
                "@type": "GeoCoordinates",
                "latitude": "22.2932357",
                "longitude": "114.2022026"
            },
            "image": "https://options.greeks.live/wp-content/uploads/2025/08/Wah-Centre-Hong-Kong.jpg"
        }
    ]
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "Article",
    "mainEntityOfPage": {
        "@type": "WebPage",
        "@id": "https://options.greeks.live/question/from-a-regulatory-perspective-is-last-look-considered-a-fair-practice-in-financial-markets/"
    },
    "headline": "From a Regulatory Perspective Is Last Look Considered a Fair Practice in Financial Markets? \u25b4 Question",
    "description": "From a regulatory viewpoint, last look is a permissible risk control if applied fairly and transparently; otherwise, it is an unfair practice. \u25b4 Question",
    "url": "https://options.greeks.live/question/from-a-regulatory-perspective-is-last-look-considered-a-fair-practice-in-financial-markets/",
    "datePublished": "2025-08-13T09:17:12+00:00",
    "dateModified": "2025-08-13T09:17:14+00:00",
    "articleSection": [
        "Question"
    ],
    "author": {
        "@id": "https://greeks.live/#organization"
    },
    "publisher": {
        "@id": "https://greeks.live/#organization"
    },
    "image": {
        "@type": "ImageObject",
        "url": "https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-execution-control-for-optimal-market-microstructure-precision.jpg",
        "caption": "This image captures a sophisticated control mechanism, featuring a polished metallic base and a glowing, dark teal sphere, symbolizing precise operational command. It embodies the institutional-grade capabilities of a Prime RFQ for digital asset derivatives, facilitating atomic settlement and cross-margining. This interface represents bespoke pricing via advanced RFQ protocols, enabling high-frequency trading and optimal execution across diverse liquidity venues. It ensures real-time risk management and capital efficiency for multi-leg spreads and block trades, minimizing slippage within market microstructure."
    },
    "keywords": [
        "Asymmetric Slippage",
        "Best Execution",
        "Cost Analysis",
        "Execution Risk",
        "Foreign Exchange Markets",
        "FX Global Code",
        "Hold Time",
        "Last Look",
        "Last Look Window",
        "Latency Arbitrage",
        "Liquidity Provider",
        "Market Microstructure",
        "Price Improvement",
        "Regulatory Scrutiny",
        "Rejection Rate",
        "Transaction Cost",
        "Transaction Cost Analysis"
    ]
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "WebSite",
    "url": "https://options.greeks.live/",
    "potentialAction": {
        "@type": "SearchAction",
        "target": "https://options.greeks.live/?s=search_term_string",
        "query-input": "required name=search_term_string"
    }
}
```


---

**Original URL:** https://options.greeks.live/question/from-a-regulatory-perspective-is-last-look-considered-a-fair-practice-in-financial-markets/
