# How Can a Firm Quantitatively Prove Its Adherence to Principle 17? ▴ Question

**Published:** 2025-08-12
**Categories:** Question

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![Transparent geometric forms symbolize high-fidelity execution and price discovery across market microstructure. A teal element signifies dynamic liquidity pools for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-rfq-execution-for-institutional-digital-asset-derivatives-1.jpg)

![A precise metallic central hub with sharp, grey angular blades signifies high-fidelity execution and smart order routing. Intersecting transparent teal planes represent layered liquidity pools and multi-leg spread structures, illustrating complex market microstructure for efficient price discovery within institutional digital asset derivatives RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-for-high-fidelity-execution-across-market-microstructure-dynamics.jpg)

## Concept

The assertion of adherence to [Principle 17](https://prime.greeks.live/area/principle-17/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) of the [FX Global Code](https://prime.greeks.live/area/fx-global-code/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is a declaration of operational integrity. It signifies a firm’s commitment to a transparent and fair execution process, particularly concerning the practice of ‘last look’. This principle is a foundational element in maintaining a robust, fair, liquid, and open wholesale foreign exchange market.

The core of Principle 17 is the transparent application of [last look](https://prime.greeks.live/area/last-look/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), a practice where a market maker, after receiving a trade request, has a final opportunity to accept or reject the trade at the quoted price. A firm’s ability to quantitatively prove its adherence moves beyond a mere statement of compliance; it becomes a tangible demonstration of its ethical framework and a key component of its [risk management](https://prime.greeks.live/area/risk-management/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) system.

![A luminous central hub, representing a dynamic liquidity pool, is bisected by two transparent, sharp-edged planes. This visualizes intersecting RFQ protocols and high-fidelity algorithmic execution within institutional digital asset derivatives market microstructure, enabling precise price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-execution-protocols-microstructure-engine.jpg)

## The Systemic Importance of Last Look

Last look is a mechanism for risk control. It allows market makers to protect themselves from losses that could arise from latency in the pricing stream or from trading with counterparties who may have a speed advantage. When employed correctly, it contributes to market stability by enabling liquidity providers to offer tighter spreads than they otherwise might.

The challenge lies in ensuring that this practice is not used to the detriment of the client. The FX Global Code provides a framework for the appropriate use of last look, emphasizing that it should be a risk control measure, not a tool for generating revenue at the client’s expense.

> A firm’s quantitative proof of adherence to Principle 17 is a demonstration of its commitment to fair and transparent execution.

![A segmented teal and blue institutional digital asset derivatives platform reveals its core market microstructure. Internal layers expose sophisticated algorithmic execution engines, high-fidelity liquidity aggregation, and real-time risk management protocols, integral to a Prime RFQ supporting Bitcoin options and Ethereum futures trading](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-core-microstructure.jpg)

## Beyond a Statement of Commitment

A simple statement of commitment to the FX Global Code is insufficient. To truly embody the principles of the code, a firm must be able to demonstrate its adherence through concrete data. This requires a robust internal framework for capturing, storing, and analyzing trade data. The ability to produce quantitative evidence of compliance is a powerful differentiator in a competitive market.

It provides clients with the assurance that they are being treated fairly and that the firm is committed to providing best execution. This transparency builds trust and strengthens client relationships, which are the cornerstones of a successful financial services firm.

- **Transparency** ▴ Market participants employing last look should be transparent regarding its use and provide appropriate disclosures to clients. 

- **Fairness** ▴ The application of last look should be fair and reasonable, and not used to disadvantage clients.

- **Risk Management** ▴ Last look is a risk management tool for market makers, and its use should be consistent with this purpose. 

![Transparent conduits and metallic components abstractly depict institutional digital asset derivatives trading. Symbolizing cross-protocol RFQ execution, multi-leg spreads, and high-fidelity atomic settlement across aggregated liquidity pools, it reflects prime brokerage infrastructure](https://options.greeks.live/wp-content/uploads/2025/07/cross-protocol-rfq-execution-digital-asset-derivatives-microstructure-system.jpg)

![A central, intricate blue mechanism, evocative of an Execution Management System EMS or Prime RFQ, embodies algorithmic trading. Transparent rings signify dynamic liquidity pools and price discovery for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-institutional-digital-asset-derivatives-framework-driving-high-fidelity-rfq-execution-and-optimized-market-microstructure-for-capital-efficiency.jpg)

## Strategy

A strategic approach to proving adherence to Principle 17 requires a firm to move beyond a compliance-oriented mindset and embrace a data-driven culture of continuous improvement. The goal is to build a comprehensive system for monitoring and analyzing [execution quality](https://prime.greeks.live/area/execution-quality/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), with a specific focus on the use of last look. This system should be designed to provide a clear and objective view of the firm’s trading practices, enabling it to identify and address any potential issues before they become problematic. The foundation of this strategy is a robust data architecture capable of capturing the necessary information with a high degree of granularity and accuracy.

![Robust polygonal structures depict foundational institutional liquidity pools and market microstructure. Transparent, intersecting planes symbolize high-fidelity execution pathways for multi-leg spread strategies and atomic settlement, facilitating private quotation via RFQ protocols within a controlled dark pool environment, ensuring optimal price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-microstructure-prime-os.jpg)

## A Framework for Quantitative Analysis

The development of a quantitative framework for analyzing adherence to Principle 17 involves several key components. First, the firm must define a set of key performance indicators (KPIs) that will be used to measure execution quality. These KPIs should be tailored to the specific nature of the firm’s business and the types of clients it serves. Second, the firm must establish a process for collecting and storing the data required to calculate these KPIs.

This data should include not only trade execution data but also market data, such as the prevailing bid-ask spread at the time of the trade. Finally, the firm must implement a system for analyzing this data and generating reports that provide a clear and concise overview of its performance.

![A dark, transparent capsule, representing a principal's secure channel, is intersected by a sharp teal prism and an opaque beige plane. This illustrates institutional digital asset derivatives interacting with dynamic market microstructure and aggregated liquidity](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-market-microstructure.jpg)

## Key Metrics for Last Look Analysis

A number of specific metrics can be used to assess the fairness and transparency of a firm’s last look practices. These include:

- **[Hold Time](https://prime.greeks.live/area/hold-time/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)** ▴ This measures the length of time a firm holds a client’s trade request before either accepting or rejecting it. An unusually long hold time could indicate that the firm is using the [last look window](https://prime.greeks.live/area/last-look-window/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) to observe market movements before deciding whether to execute the trade.

- **[Rejection Rate](https://prime.greeks.live/area/rejection-rate/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)** ▴ This measures the percentage of trades that are rejected during the last look window. A high rejection rate could be a red flag, particularly if it is correlated with market movements that are unfavorable to the client.

- **Slippage** ▴ This measures the difference between the price at which a trade is requested and the price at which it is executed. While some slippage is to be expected, a pattern of negative slippage (i.e. slippage that is consistently unfavorable to the client) could indicate that the firm is using last look to its advantage.

> The strategic implementation of a quantitative framework for monitoring last look is a proactive measure to ensure fairness and build client trust.

The following table provides a comparison of different approaches to analyzing [last look data](https://prime.greeks.live/area/last-look-data/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite):

### Comparison of Last Look Analysis Approaches

| Approach | Description | Advantages | Disadvantages |
| --- | --- | --- | --- |

![A transparent sphere, representing a granular digital asset derivative or RFQ quote, precisely balances on a proprietary execution rail. This symbolizes high-fidelity execution within complex market microstructure, driven by rapid price discovery from an institutional-grade trading engine, optimizing capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-precision-1.jpg)

![Sharp, transparent, teal structures and a golden line intersect a dark void. This symbolizes market microstructure for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-precision-execution-leveraging-granular-market-microstructure-intelligence.jpg)

## Execution

The execution of a quantitative adherence program for Principle 17 requires a firm to translate its strategic framework into a set of concrete operational procedures. This involves not only the implementation of new technologies and processes but also a commitment to cultural change. The entire organization, from the front office to the back office, must be aligned with the goal of providing fair and transparent execution to clients. This requires a clear and consistent message from senior management, as well as ongoing training and education for all employees.

![A clear glass sphere, symbolizing a precise RFQ block trade, rests centrally on a sophisticated Prime RFQ platform. The metallic surface suggests intricate market microstructure for high-fidelity execution of digital asset derivatives, enabling price discovery for institutional grade trading](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-microstructure-2.jpg)

## Building a Data-Driven Compliance Culture

The first step in executing a quantitative adherence program is to build a data-driven compliance culture. This means that all employees must understand the importance of data in ensuring compliance with the FX Global Code. They must also be trained on how to use the firm’s data analysis tools to monitor their own performance and identify any potential issues. This can be achieved through a combination of formal training programs, regular communication from senior management, and the integration of compliance metrics into employee performance evaluations.

![A symmetrical, multi-faceted structure depicts an institutional Digital Asset Derivatives execution system. Its central crystalline core represents high-fidelity execution and atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-engine-microstructure.jpg)

## A Practical Guide to Quantitative Analysis

The following table provides a practical guide to the [quantitative analysis](https://prime.greeks.live/question/how-has-regulation-fd-changed-the-nature-of-quantitative-analysis-for-us-equities/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) of last look data. It includes a list of key metrics, the data required to calculate them, and a set of potential [red flags](https://prime.greeks.live/area/red-flags/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) to look out for.

### Quantitative Analysis of Last Look Data

| Metric | Data Required | Potential Red Flags |
| --- | --- | --- |

> A culture of data-driven compliance, supported by robust analytical tools, is the most effective way to ensure adherence to Principle 17.

![Abstract RFQ engine, transparent blades symbolize multi-leg spread execution and high-fidelity price discovery. The central hub aggregates deep liquidity pools](https://options.greeks.live/wp-content/uploads/2025/07/principal-rfq-engine-for-crypto-derivatives-high-fidelity-block-trade.jpg)

## Interpreting the Results

The interpretation of the results of a quantitative analysis of last look data requires a deep understanding of the FX market and the firm’s own business. It is important to remember that not all red flags are necessarily indicative of wrongdoing. For example, a high rejection rate could be the result of a technical issue, rather than a deliberate attempt to manipulate the market.

It is therefore essential to investigate all red flags thoroughly before drawing any conclusions. This may involve a [manual review](https://prime.greeks.live/question/how-should-a-best-execution-committees-review-process-differ-for-algorithmic-equity-trades-versus-manual-rfq-bond-trades/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) of the trades in question, as well as discussions with the traders and other employees involved.

- **Data Collection** ▴ The first step is to collect the necessary data from the firm’s trading systems. This data should be stored in a central repository where it can be easily accessed for analysis.

- **Data Analysis** ▴ The next step is to analyze the data using a variety of statistical techniques. This analysis should be designed to identify any patterns or anomalies that could be indicative of non-compliance with Principle 17.

- **Reporting** ▴ The results of the analysis should be presented in a clear and concise report. This report should be distributed to all relevant stakeholders, including senior management, the compliance department, and the front office.

- **Remediation** ▴ If any issues are identified, the firm must take immediate steps to remediate them. This may involve changes to the firm’s trading practices, as well as disciplinary action against any employees who have violated the firm’s policies.

![A cutaway view reveals an advanced RFQ protocol engine for institutional digital asset derivatives. Intricate coiled components represent algorithmic liquidity provision and portfolio margin calculations](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-engine-digital-asset-derivatives-core-internal-mechanism-visualized.jpg)

## References

- Boge, Matthew. “An update on the FX Global Code ▴ Implementation and Principle 17.” Speech, FX Week Australia, Sydney, May 8, 2018.

- Cleary Gottlieb. “The FX Global Code.” Alert Memorandum, July 6, 2017.

- FX Working Group. “FX Global Code.” Bank for International Settlements, May 2016.

- Global Foreign Exchange Committee. “FX Global Code.” August 2018.

- The Investment Association. “GUIDE TO THE FX GLOBAL CODE.” February 2019.

![An institutional-grade platform's RFQ protocol interface, with a price discovery engine and precision guides, enables high-fidelity execution for digital asset derivatives. Integrated controls optimize market microstructure and liquidity aggregation within a Principal's operational framework](https://options.greeks.live/wp-content/uploads/2025/07/proprietary-institutional-digital-asset-derivatives-rfq-protocol-engine-facilitating-high-fidelity-execution-and-granular-market-microstructure-analysis-for-prime-os.jpg)

## Reflection

The quantitative proof of adherence to Principle 17 is a journey, not a destination. It is a continuous process of data collection, analysis, and improvement. The firms that will succeed in this new era of transparency are those that embrace this challenge and use it as an opportunity to build a more robust and resilient business. The ability to demonstrate adherence to the FX Global Code is a powerful competitive advantage.

It is a signal to clients that the firm is committed to fairness, transparency, and best execution. In a market that is becoming increasingly commoditized, these are the qualities that will differentiate the winners from the losers.

![A central circular element, vertically split into light and dark hemispheres, frames a metallic, four-pronged hub. Two sleek, grey cylindrical structures diagonally intersect behind it](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-for-digital-asset-derivatives-execution-1.jpg)

## Glossary

<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 central glowing core within metallic structures symbolizes an Institutional Grade RFQ engine. This Intelligence Layer enables optimal Price Discovery and High-Fidelity Execution for Digital Asset Derivatives, streamlining Block Trade and Multi-Leg Spread Atomic Settlement](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-microstructure-core.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/area/principle-17/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## Principle 17

Meaning ▴ Principle 17 establishes the operational mandate for dynamic, pre-trade liquidity aggregation across disparate digital asset derivatives venues. </a><a href="https://prime.greeks.live/area/risk-management/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A transparent glass bar, representing high-fidelity execution and precise RFQ protocols, extends over a white sphere symbolizing a deep liquidity pool for institutional digital asset derivatives. A small glass bead signifies atomic settlement within the granular market microstructure, supported by robust Prime RFQ infrastructure ensuring optimal price discovery and minimal slippage](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-digital-asset-derivatives-rfq-execution-prime-os-intelligence-layer-facilitating-optimal-price-discovery-and-best-execution.jpg)

## Risk Management

Meaning ▴ Risk Management is the systematic process of identifying, assessing, and mitigating potential financial exposures and operational vulnerabilities within an institutional trading framework. </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">
![A sophisticated, multi-component system propels a sleek, teal-colored digital asset derivative trade. The complex internal structure represents a proprietary RFQ protocol engine with liquidity aggregation and price discovery mechanisms](https://options.greeks.live/wp-content/uploads/2025/07/principals-high-fidelity-rfq-engine-for-digital-asset-derivatives-execution.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/execution-quality/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A futuristic apparatus visualizes high-fidelity execution for digital asset derivatives. A transparent sphere represents a private quotation or block trade, balanced on a teal Principal's operational framework, signifying capital efficiency within an RFQ protocol](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-via-prime-os.jpg)

## Execution Quality

Meaning ▴ Execution Quality quantifies the efficacy of an order's fill, assessing how closely the achieved trade price aligns with the prevailing market price at submission, alongside consideration for speed, cost, and market impact. </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">
![A precise geometric prism reflects on a dark, structured surface, symbolizing institutional digital asset derivatives market microstructure. This visualizes block trade execution and price discovery for multi-leg spreads via RFQ protocols, ensuring high-fidelity execution and capital efficiency within Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-precision-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/area/hold-time/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Robust metallic structures, symbolizing institutional grade digital asset derivatives infrastructure, intersect. Transparent blue-green planes represent algorithmic trading and high-fidelity execution for multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-microstructure-1.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/rejection-rate/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A crystalline sphere, symbolizing atomic settlement for digital asset derivatives, rests on a Prime RFQ platform. Intersecting blue structures depict high-fidelity RFQ execution and multi-leg spread strategies, showcasing optimized market microstructure for capital efficiency and latent liquidity](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-microstructure-8.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/area/last-look-data/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Central polished disc, with contrasting segments, represents Institutional Digital Asset Derivatives Prime RFQ core. A textured rod signifies RFQ Protocol High-Fidelity Execution and Low Latency Market Microstructure data flow to the Quantitative Analysis Engine for Price Discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-core-system-high-fidelity.jpg)

## Last Look Data

Meaning ▴ Last Look Data refers to the information and observational window granted to a liquidity provider following the submission of a client's firm order request, enabling a final assessment of prevailing market conditions, inventory risk, and pricing before trade execution confirmation. </a><a href="https://prime.greeks.live/question/how-has-regulation-fd-changed-the-nature-of-quantitative-analysis-for-us-equities/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## Quantitative Analysis

Regulation FD re-architected quantitative analysis by shifting the focus from privileged access to superior processing of public and alternative data. </a><a href="https://prime.greeks.live/area/red-flags/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Intricate mechanisms represent a Principal's operational framework, showcasing market microstructure of a Crypto Derivatives OS. Transparent elements signify real-time price discovery and high-fidelity execution, facilitating robust RFQ protocols for institutional digital asset derivatives and options trading](https://options.greeks.live/wp-content/uploads/2025/07/principal-rfq-protocol-engine-for-institutional-digital-asset-derivatives.jpg)

## Red Flags

Meaning ▴ Red Flags represent critical indicators or systemic anomalies that signal potential deviations from expected operational parameters or established risk thresholds within institutional digital asset trading environments. </a><a href="https://prime.greeks.live/question/how-should-a-best-execution-committees-review-process-differ-for-algorithmic-equity-trades-versus-manual-rfq-bond-trades/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precise mechanical instrument with intersecting transparent and opaque hands, representing the intricate market microstructure of institutional digital asset derivatives. This visual metaphor highlights dynamic price discovery and bid-ask spread dynamics within RFQ protocols, emphasizing high-fidelity execution and latent liquidity through a robust Prime RFQ for atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineering-driving-institutional-digital-asset-derivatives-execution-across-advanced-rfq-protocols-and-prime-brokerage-frameworks.jpg)

## Manual Review

A Best Execution Committee's review shifts from a quantitative audit of an algorithm in equities to a qualitative audit of human judgment in bonds. </a>

**Tags:** [Last Look](https://options.greeks.live/area/last-look/), [Algorithmic Trading](https://options.greeks.live/area/algorithmic-trading/), [Principle 17](https://options.greeks.live/area/principle-17/), [Rejection Rate](https://options.greeks.live/area/rejection-rate/), [Slippage Analysis](https://options.greeks.live/area/slippage-analysis/), [FX Global Code](https://options.greeks.live/area/fx-global-code/)	

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- 
### [What Key Metrics Should an Institution Monitor to Assess Fair Last-Look Practices?](https://options.greeks.live/question/what-key-metrics-should-an-institution-monitor-to-assess-fair-last-look-practices/)
![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)

Institutions must monitor fill ratios, hold times, and slippage symmetry to ensure last-look is a fair risk control, not an unfair option.

- 
### [What Regulatory Changes Have Been Implemented to Govern the Use of Last Look?](https://options.greeks.live/question/what-regulatory-changes-have-been-implemented-to-govern-the-use-of-last-look/)
![A sophisticated, symmetrical apparatus depicts an institutional-grade RFQ protocol hub for digital asset derivatives, where radiating panels symbolize liquidity aggregation across diverse market makers. Central beams illustrate real-time price discovery and high-fidelity execution of complex multi-leg spreads, ensuring atomic settlement within a Prime RFQ.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-rfq-protocol-facilitating-atomic-settlement-and-high-fidelity-execution-of-multi-leg-spreads.jpg)

Governing last look has shifted to a principles-based framework demanding transparency and fair application from market makers.

- 
### [What Are the Legal and Regulatory Implications of Systematically Quantifying Unfair Last Look Practices?](https://options.greeks.live/question/what-are-the-legal-and-regulatory-implications-of-systematically-quantifying-unfair-last-look-practices/)
![Abstract dual-cone object reflects RFQ Protocol dynamism. It signifies robust Liquidity Aggregation, High-Fidelity Execution, and Principal-to-Principal negotiation. Essential for Crypto Derivatives OS Block Trades, ensuring Atomic Settlement and Volatility Surface integrity.](https://options.greeks.live/wp-content/uploads/2025/08/institutional-grade-rfq-execution-framework-for-digital-asset-derivatives-optimal-liquidity-aggregation-and-atomic-settlement.jpg)

Systematically quantifying unfair last look practices creates the empirical evidence required for legal action and regulatory enforcement.

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---

**Original URL:** https://options.greeks.live/question/how-can-a-firm-quantitatively-prove-its-adherence-to-principle-17/
