# How Does the Fx Global Code Address Asymmetric Slippage in Last Look? ▴ Question

**Published:** 2025-08-04
**Categories:** Question

---

![A sleek, multi-component mechanism features a light upper segment meeting a darker, textured lower part. A diagonal bar pivots on a circular sensor, signifying High-Fidelity Execution and Price Discovery via RFQ Protocols for Digital Asset Derivatives](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-institutional-digital-asset-derivatives-rfq-execution-microstructure-for-optimal-price-discovery-and-atomic-settlement-with-prime-os-integration.jpg)

![A modular component, resembling an RFQ gateway, with multiple connection points, intersects a high-fidelity execution pathway. This pathway extends towards a deep, optimized liquidity pool, illustrating robust market microstructure for institutional digital asset derivatives trading and atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/rfq-protocol-layer-connecting-institutional-digital-asset-liquidity-pools.jpg)

## Concept

The architecture of modern [foreign exchange](https://prime.greeks.live/area/foreign-exchange/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) markets rests on a series of protocols governing the exchange of information and risk. Within this system, the practice of ‘last look’ functions as a final validation checkpoint for a [liquidity provider](https://prime.greeks.live/area/liquidity-provider/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) before committing to a trade at a quoted price. This mechanism, when operating as a pure risk control, is a structural component of the market’s design.

A problem arises when this final check introduces informational advantages that are exploited to the detriment of the liquidity consumer. This is the issue of [asymmetric slippage](https://prime.greeks.live/area/asymmetric-slippage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), where price movements in the provider’s favor are accepted, while movements in the consumer’s favor are rejected.

The FX Global Code enters this dynamic as a set of harmonizing principles for the wholesale [foreign exchange market](https://prime.greeks.live/area/foreign-exchange-market/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). It is a framework designed to ensure the market’s integrity, fairness, and overall health. The Code addresses the potential for misuse of last look by establishing clear standards for transparency and conduct. It mandates that [market participants](https://prime.greeks.live/question/in-what-ways-does-multilateral-netting-improve-capital-efficiency-for-market-participants/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) employing last look must be explicit about how and why they use it.

This includes disclosing the factors that might lead to a trade rejection and the length of the hold time during which the [last look window](https://prime.greeks.live/area/last-look-window/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is active. The core objective is to recalibrate the relationship between [liquidity providers](https://prime.greeks.live/area/liquidity-providers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and consumers, moving it from a potentially adversarial interaction to one founded on clear, mutually understood rules of engagement.

> The FX Global Code establishes principles of transparency and fairness to mitigate the potential for last look to be used as a tool for generating asymmetric slippage.

At its heart, the Code is an attempt to codify good faith. It recognizes that [last look](https://prime.greeks.live/area/last-look/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) can be a legitimate risk management tool for liquidity providers dealing with latency and the high-speed nature of electronic markets. A price quote is a perishable piece of information, and the last look window provides a moment to ensure the market hasn’t moved significantly before a trade is executed. The Code’s intervention is designed to delineate the acceptable use of this tool from its exploitation.

By insisting on transparency and fair application, the Code provides a vocabulary and a set of expectations for market participants. It allows liquidity consumers to assess the quality of execution they are receiving and to make informed choices about their trading counterparties. The principles laid out in the Code, particularly [Principle 17](https://prime.greeks.live/area/principle-17/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), are the foundation upon which a more equitable market structure can be built, one where the final look is a confirmation of terms, not an opportunity for one-sided gain.

![A central precision-engineered RFQ engine orchestrates high-fidelity execution across interconnected market microstructure. This Prime RFQ node facilitates multi-leg spread pricing and liquidity aggregation for institutional digital asset derivatives, minimizing slippage](https://options.greeks.live/wp-content/uploads/2025/08/high-fidelity-rfq-execution-for-institutional-crypto-derivatives.jpg)

![Translucent, overlapping geometric shapes symbolize dynamic liquidity aggregation within an institutional grade RFQ protocol. Central elements represent the execution management system's focal point for precise price discovery and atomic settlement of multi-leg spread digital asset derivatives, revealing complex market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-driving-optimal-liquidity-aggregation-for-precise-price-discovery-and-atomic-settlement.jpg)

## Strategy

A strategic approach to addressing asymmetric slippage through the [FX Global Code](https://prime.greeks.live/area/fx-global-code/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) involves a multi-layered implementation of its principles. For institutional traders, the Code serves as both a shield and a benchmark. The primary strategic shift it engenders is from a passive acceptance of execution outcomes to an active analysis of liquidity provider behavior against a globally recognized standard. The Code, and specifically its guidance on last look, provides the tools for this analysis.

![Two abstract, segmented forms intersect, representing dynamic RFQ protocol interactions and price discovery mechanisms. The layered structures symbolize liquidity aggregation across multi-leg spreads within complex market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-microstructure.jpg)

## Adopting a Framework of Quantifiable Transparency

The core of the strategy lies in leveraging the Code’s emphasis on transparency. Principle 17 of the FX Global Code is the central pillar here, stating that market participants employing last look should be transparent about its use and provide appropriate disclosures to clients. This principle moves the concept of transparency from a vague ideal to an actionable set of requirements. An effective strategy involves systematically gathering and analyzing these disclosures from all liquidity providers.

This process includes:

- **Systematic Review of Disclosures** ▴ Actively requesting and examining the last look disclosure statements from every liquidity provider. This documentation should clearly outline the methodology used for price checks and the typical length of the last look window.

- **Benchmarking [Hold Times](https://prime.greeks.live/area/hold-times/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)** ▴ Measuring the actual hold times for trades and comparing them against the disclosed times. Significant deviations can be a red flag for practices inconsistent with the Code.

- **Analyzing Rejection Patterns** ▴ Scrutinizing the reasons provided for rejected trades. The Code implies that rejections should be for valid risk control purposes, such as a material change in the [quoted price](https://prime.greeks.live/question/what-are-the-primary-drivers-for-a-dealers-quoted-price-in-an-rfq-auction/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). A pattern of rejections that consistently favors the liquidity provider suggests the potential for asymmetric slippage.

![Geometric forms with circuit patterns and water droplets symbolize a Principal's Prime RFQ. This visualizes institutional-grade algorithmic trading infrastructure, depicting electronic market microstructure, high-fidelity execution, and real-time price discovery](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-engine-prime-os-microstructure-analytics.jpg)

## How Does the Code Reshape the Provider Relationship?

The FX Global Code fundamentally reframes the dialogue between liquidity consumers and providers. It transforms the relationship into one where the terms of engagement are explicit and adherence to principles of fairness can be measured. A key strategic element is to use the Code as a basis for negotiation and ongoing assessment of liquidity providers.

A comparative analysis of liquidity provider practices, both before and after the widespread adoption of the Code, illustrates this shift:

### Table 1 ▴ Evolution of Liquidity Provider Practices

| Practice | Pre-Code Environment | Post-Code Environment |
| --- | --- | --- |
| Last Look Disclosure | Often opaque or non-existent. Clients had little insight into why trades were rejected. | Clear, detailed disclosures are expected, outlining the price validation process and hold times as per Principle 17. |
| Hold Times | Variable and undisclosed. Longer hold times could be used to the provider’s advantage. | Disclosed and monitored. The emphasis is on minimizing hold times to what is necessary for a legitimate risk check. |
| Use of Client Information | A significant risk that information from a trade request could be used for the provider’s own trading activity during the last look window. | Principle 17 explicitly states that market participants should not conduct trading activity that utilizes information from the client’s trade request during the last look window. |
| Slippage Application | Asymmetric slippage was a common concern, with clients often experiencing negative slippage while positive slippage was absorbed by the provider. | The principles of fairness and transparency push for symmetrical application of slippage, or at a minimum, clear disclosure of how slippage is handled. |

> By creating a common set of expectations, the Code allows market participants to more effectively differentiate between liquidity providers based on their adherence to principles of fair practice.

This strategic framework allows an institution to build a more resilient and efficient execution process. It is a methodical approach that replaces assumptions with data-driven insights. The Code provides the mandate for this data collection, and the resulting analysis empowers the institution to make strategic decisions that enhance execution quality and reduce the implicit costs associated with poor practices like asymmetric slippage.

![Abstract forms depict institutional liquidity aggregation and smart order routing. Intersecting dark bars symbolize RFQ protocols enabling atomic settlement for multi-leg spreads, ensuring high-fidelity execution and price discovery of digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-high-fidelity-execution-2.jpg)

![A stacked, multi-colored modular system representing an institutional digital asset derivatives platform. The top unit facilitates RFQ protocol initiation and dynamic price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-15.jpg)

## Execution

Executing a strategy to mitigate asymmetric slippage using the FX Global Code requires a granular, data-centric approach. It involves integrating the Code’s principles into the very fabric of the trading workflow, from counterparty selection to post-trade analysis. This is a deeply operational task that combines technology, quantitative analysis, and rigorous internal processes.

![A central, symmetrical, multi-faceted mechanism with four radiating arms, crafted from polished metallic and translucent blue-green components, represents an institutional-grade RFQ protocol engine. Its intricate design signifies multi-leg spread algorithmic execution for liquidity aggregation, ensuring atomic settlement within crypto derivatives OS market microstructure for prime brokerage clients](https://options.greeks.live/wp-content/uploads/2025/07/precision-rfq-engine-for-crypto-derivatives-liquidity-aggregation.jpg)

## Operationalizing the Fx Global Code

The first step in execution is to translate the high-level principles of the Code into a concrete set of internal policies and procedures. This operational playbook should be a living document, updated as market practices evolve and new insights are gained.

A detailed procedural guide for implementation would include the following steps:

- 
**Counterparty Due Diligence** ▴ Before onboarding any new liquidity provider, a thorough review of their Statement of Commitment to the FX Global Code should be conducted. This should be accompanied by a detailed questionnaire regarding their last look practices, covering all aspects mentioned in Principle 17.

- 
**System Configuration** ▴ The [Execution Management System](https://prime.greeks.live/area/execution-management-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (EMS) or Trading Platform must be configured to capture all relevant data points for each trade. This includes the quoted price, the executed price, the time of the trade request, the time of the execution or rejection, and the reason code for any rejection.

- 
**Real-Time Monitoring** ▴ While not always feasible for all participants, those with the capability should implement real-time monitoring of execution metrics. This can help to identify anomalous patterns in rejections or hold times as they occur.

- 
**Post-Trade [Transaction Cost Analysis](https://prime.greeks.live/area/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (TCA)** ▴ A rigorous TCA process is the cornerstone of executing this strategy. This analysis should go beyond simple [slippage measurement](https://prime.greeks.live/area/slippage-measurement/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and specifically test for asymmetry. The data gathered in the system configuration step is critical for this analysis.

- 
**Regular Provider Reviews** ▴ The results of the TCA should be used to conduct regular, data-driven reviews with each liquidity provider. These reviews should be collaborative, with the goal of improving execution quality and ensuring alignment with the Code’s principles.

![A sleek blue and white mechanism with a focused lens symbolizes Pre-Trade Analytics for Digital Asset Derivatives. A glowing turquoise sphere represents a Block Trade within a Liquidity Pool, demonstrating High-Fidelity Execution via RFQ protocol for Price Discovery in Dark Pool Market Microstructure](https://options.greeks.live/wp-content/uploads/2025/07/advanced-institutional-digital-asset-derivatives-rfq-execution-system-for-optimal-price-discovery-and-high-fidelity-execution.jpg)

## Quantitative Modeling of Asymmetric Slippage

A quantitative approach is essential to move from anecdotal evidence of poor execution to a demonstrable case. A key component of this is the development of a model to specifically measure asymmetric slippage. This can be achieved by analyzing the distribution of slippage for all trades with a given liquidity provider.

The following table provides a simplified example of the kind of data that would be collected and analyzed:

### Table 2 ▴ Hypothetical Slippage Analysis

| Trade ID | Timestamp | Currency Pair | Amount (M) | Quoted Price | Executed Price | Hold Time (ms) | Slippage (pips) | Outcome |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 10:01:01.100 | EUR/USD | 10 | 1.0850 | 1.0850 | 5 | 0.0 | Accepted |
| 2 | 10:01:02.300 | EUR/USD | 10 | 1.0851 | 1.0852 | 15 | -1.0 | Accepted |
| 3 | 10:01:03.500 | EUR/USD | 10 | 1.0849 | N/A | 20 | N/A | Rejected (Price Move) |
| 4 | 10:01:04.700 | EUR/USD | 10 | 1.0848 | 1.0848 | 6 | 0.0 | Accepted |
| 5 | 10:01:05.900 | EUR/USD | 10 | 1.0847 | 1.0848 | 18 | -1.0 | Accepted |

In this hypothetical data, a key area of investigation would be the rejected trade (ID 3). The analysis would involve comparing the market movement at the time of the rejection. If the price moved in the client’s favor (i.e. the price went down to 1.0848), the rejection could be a sign of asymmetric slippage.

The analysis would also look at the hold times. The longer hold times for trades 2 and 5, which resulted in negative slippage, compared to the shorter hold times for the zero-slippage trades, could also be a point of discussion with the provider.

> A systematic, data-driven execution strategy is the most effective way to ensure that the principles of the FX Global Code are being upheld in practice.

![Abstract interconnected modules with glowing turquoise cores represent an Institutional Grade RFQ system for Digital Asset Derivatives. Each module signifies a Liquidity Pool or Price Discovery node, facilitating High-Fidelity Execution and Atomic Settlement within a Prime RFQ Intelligence Layer, optimizing Capital Efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-market-microstructure.jpg)

## What Is the Ultimate Goal of This Execution Strategy?

The ultimate goal of this detailed execution strategy is to create a trading environment where execution quality is maximized and hidden costs are minimized. It is about creating a system of accountability where liquidity providers are incentivized to adhere to the principles of the FX Global Code. By systematically measuring and analyzing execution data, a trading firm can identify and reward providers who offer fair and transparent execution, while directing flow away from those who do not. This proactive approach to execution management is the practical embodiment of the FX Global Code’s mission to foster a more robust, fair, and transparent foreign exchange market.

![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)

## References

- Global Foreign Exchange Committee. “FX Global Code.” 2021.

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

- The Investment Association. “Guide to the FX Global Code.” 2019.

- Cleary Gottlieb Steen & Hamilton LLP. “The FX Global Code.” 2017.

- Sullivan & Cromwell LLP. “FX Global Code ▴ Global Principles of Good Practice in the Foreign Exchange Market.” 2017.

- FlexTrade. “Global FX Code Gains Adoption but Last Look is a Thorny Issue.” 2018.

- O’Hara, Maureen. “Market Microstructure Theory.” Blackwell Publishers, 1995.

- Harris, Larry. “Trading and Exchanges ▴ Market Microstructure for Practitioners.” Oxford University Press, 2003.

![A central RFQ aggregation engine radiates segments, symbolizing distinct liquidity pools and market makers. This depicts multi-dealer RFQ protocol orchestration for high-fidelity price discovery in digital asset derivatives, highlighting diverse counterparty risk profiles and algorithmic pricing grids](https://options.greeks.live/wp-content/uploads/2025/07/centralized-digital-asset-rfq-orchestration-for-multi-venue-liquidity-aggregation-and-high-fidelity-execution-across-diverse-counterparties.jpg)

## Reflection

The principles articulated within the FX Global Code offer a robust framework for addressing specific inefficiencies like asymmetric slippage. The true measure of their impact, however, lies in how they are integrated into an institution’s operational DNA. Viewing the Code as a mere compliance checklist is a profound misreading of its potential. A deeper understanding reveals it as a blueprint for constructing a superior execution system, one founded on the principles of transparency, quantifiable fairness, and continuous, data-driven dialogue with market counterparties.

![A sophisticated system's core component, representing an Execution Management System, drives a precise, luminous RFQ protocol beam. This beam navigates between balanced spheres symbolizing counterparties and intricate market microstructure, facilitating institutional digital asset derivatives trading, optimizing price discovery, and ensuring high-fidelity execution within a prime brokerage framework](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-10.jpg)

## Beyond Compliance a Systemic Advantage

Consider your own execution framework. Is it designed to passively receive liquidity, or does it actively probe and verify the quality of that liquidity against a defined set of principles? The methodologies discussed for analyzing hold times, rejection patterns, and slippage symmetry are components of a larger intelligence layer.

This layer transforms post-trade analysis from a historical report into a predictive tool, shaping future routing decisions and fostering a market environment that rewards fair practice. The ultimate strategic advantage is found in building this system, an architecture of accountability that aligns your firm’s interests with the broader goals of a healthy, transparent market.

![Precision-engineered modular components, with transparent elements and metallic conduits, depict a robust RFQ Protocol engine. This architecture facilitates high-fidelity execution for institutional digital asset derivatives, enabling efficient liquidity aggregation and atomic settlement within market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-optimizing-high-fidelity-execution-and-liquidity-aggregation.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 symmetrical, multi-faceted digital structure, a liquidity aggregation engine, showcases translucent teal and grey panels. This visualizes diverse RFQ channels and market segments, enabling high-fidelity execution for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/precision-liquidity-aggregation-engine-for-digital-asset-derivatives-trading.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/area/foreign-exchange/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Precision-engineered multi-vane system with opaque, reflective, and translucent teal blades. This visualizes Institutional Grade Digital Asset Derivatives Market Microstructure, driving High-Fidelity Execution via RFQ protocols, optimizing Liquidity Pool aggregation, and Multi-Leg Spread management on a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-multi-vane-system-illustrating-institutional-digital-asset-derivatives-rfq-protocols-market-microstructure-optimized-liquidity-aggregation-prime-os-high-fidelity-execution.jpg)

## Foreign Exchange

Meaning ▴ Foreign Exchange, or FX, designates the global, decentralized market where currencies are traded. </a><a href="https://prime.greeks.live/area/asymmetric-slippage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A vibrant blue digital asset, encircled by a sleek metallic ring representing an RFQ protocol, emerges from a reflective Prime RFQ surface. This visualizes sophisticated market microstructure and high-fidelity execution within an institutional liquidity pool, ensuring optimal price discovery and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-high-fidelity-execution-framework.jpg)

## Asymmetric Slippage

Meaning ▴ Asymmetric slippage denotes a differential in the realized execution price impact between equivalent-sized buy and sell orders for a given asset. </a><a href="https://prime.greeks.live/area/foreign-exchange-market/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precision-engineered, multi-layered system visually representing institutional digital asset derivatives trading. Its interlocking components symbolize robust market microstructure, RFQ protocol integration, and high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-high-fidelity-execution-4.jpg)

## Foreign Exchange Market

Meaning ▴ The Foreign Exchange Market, commonly known as FX or Forex, represents the global decentralized financial market for the exchange of currencies. </a><a href="https://prime.greeks.live/question/in-what-ways-does-multilateral-netting-improve-capital-efficiency-for-market-participants/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Modular institutional-grade execution system components reveal luminous green data pathways, symbolizing high-fidelity cross-asset connectivity. This depicts intricate market microstructure facilitating RFQ protocol integration for atomic settlement of digital asset derivatives within a Principal's operational framework, underpinned by a Prime RFQ intelligence layer](https://options.greeks.live/wp-content/uploads/2025/07/modular-high-fidelity-execution-architecture-for-institutional-digital-asset-derivatives-rfq-protocol-integration-and-principals-operational-framework-optimization.jpg)

## Market Participants

Multilateral netting enhances capital efficiency by compressing numerous gross obligations into a single net position, reducing settlement risk and freeing capital. </a><a href="https://prime.greeks.live/area/liquidity-providers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![An abstract, multi-component digital infrastructure with a central lens and circuit patterns, embodying an Institutional Digital Asset Derivatives platform. This Prime RFQ enables High-Fidelity Execution via RFQ Protocol, optimizing Market Microstructure for Algorithmic Trading, Price Discovery, and Multi-Leg Spread](https://options.greeks.live/wp-content/uploads/2025/08/institutional-grade-digital-asset-derivatives-trading-platform-powering-high-fidelity-execution-via-advanced-rfq-protocol-prime-os-intelligence-layer.jpg)

## Liquidity Providers

Meaning ▴ Liquidity Providers are market participants, typically institutional entities or sophisticated trading firms, that facilitate efficient market operations by continuously quoting bid and offer prices for financial instruments. </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 sleek, futuristic apparatus featuring a central spherical processing unit flanked by dual reflective surfaces and illuminated data conduits. This system visually represents an advanced RFQ protocol engine facilitating high-fidelity execution and liquidity aggregation for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-digital-asset-options-rfq-liquidity-aggregation-interface.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/last-look/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sophisticated mechanism depicting the high-fidelity execution of institutional digital asset derivatives. It visualizes RFQ protocol efficiency, real-time liquidity aggregation, and atomic settlement within a prime brokerage framework, optimizing market microstructure for multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-protocol-execution-liquidity-aggregation-system.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/principle-17/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A central glowing blue mechanism with a precision reticle is encased by dark metallic panels. This symbolizes an institutional-grade Principal's operational framework for high-fidelity execution of digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/precision-core-enabling-institutional-digital-asset-derivatives-rfq-execution.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/fx-global-code/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract forms on dark, a sphere balanced by intersecting planes. This signifies high-fidelity execution for institutional digital asset derivatives, embodying RFQ protocols and price discovery within a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-platform-microstructure-execution-prime-os.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/hold-times/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Sleek metallic structures with glowing apertures symbolize institutional RFQ protocols. These represent high-fidelity execution and price discovery across aggregated liquidity pools](https://options.greeks.live/wp-content/uploads/2025/07/precision-digital-asset-derivatives-trading-systems-optimizing-rfq-protocols-for-institutional-block-trade-execution.jpg)

## Hold Times

Meaning ▴ Hold Times refers to the specified minimum duration an order or a particular order state must persist within a trading system or on an exchange's order book before a subsequent action, such as cancellation or modification, is permitted or a new related order can be submitted. </a><a href="https://prime.greeks.live/question/what-are-the-primary-drivers-for-a-dealers-quoted-price-in-an-rfq-auction/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A polished, cut-open sphere reveals a sharp, luminous green prism, symbolizing high-fidelity execution within a Principal's operational framework. The reflective interior denotes market microstructure insights and latent liquidity in digital asset derivatives, embodying RFQ protocols for alpha generation](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-execution-engine-prime-os-alpha-intelligence.jpg)

## Quoted Price

A dealer's RFQ price is a calculated risk assessment, synthesizing inventory, market impact, and counterparty risk into a single quote. </a><a href="https://prime.greeks.live/area/execution-management-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A transparent, blue-tinted sphere, anchored to a metallic base on a light surface, symbolizes an RFQ inquiry for digital asset derivatives. A fine line represents low-latency FIX Protocol for high-fidelity execution, optimizing price discovery in market microstructure via Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-rfq-protocol-sphere-high-fidelity-execution-gateway.jpg)

## Execution Management System

Meaning ▴ An Execution Management System (EMS) is a specialized software application engineered to facilitate and optimize the electronic execution of financial trades across diverse venues and asset classes. </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 central engineered mechanism, resembling a Prime RFQ hub, anchors four precision arms. This symbolizes multi-leg spread execution and liquidity pool aggregation for RFQ protocols, enabling high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-framework-enabling-multi-leg-spread-strategies-for-optimized-liquidity.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/area/slippage-measurement/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![The image features layered structural elements, representing diverse liquidity pools and market segments within a Principal's operational framework. A sharp, reflective plane intersects, symbolizing high-fidelity execution and price discovery via private quotation protocols for institutional digital asset derivatives, emphasizing atomic settlement nodes](https://options.greeks.live/wp-content/uploads/2025/07/systemic-interplay-for-institutional-digital-asset-derivatives-execution-via-advanced-rfq-protocols.jpg)

## Slippage Measurement

Meaning ▴ Slippage Measurement quantifies the difference between the expected execution price of an order and its actual fill price, serving as a critical metric for evaluating execution quality and the efficiency of order routing protocols within institutional digital asset trading systems. </a>

**Tags:** [Execution Management System](https://options.greeks.live/area/execution-management-system/), [Liquidity Providers](https://options.greeks.live/area/liquidity-providers/), [GFXC](https://options.greeks.live/area/gfxc/), [Hold Times](https://options.greeks.live/area/hold-times/), [Last Look](https://options.greeks.live/area/last-look/), [Transaction Cost Analysis](https://options.greeks.live/area/transaction-cost-analysis/)	

## Discover More

- 
### [What Are the Disclosure Requirements for Liquidity Providers That Employ Last Look Protocols?](https://options.greeks.live/question/what-are-the-disclosure-requirements-for-liquidity-providers-that-employ-last-look-protocols/)
![Interlocking transparent and opaque geometric planes on a dark surface. This abstract form visually articulates the intricate Market Microstructure of Institutional Digital Asset Derivatives, embodying High-Fidelity Execution through advanced RFQ protocols. It symbolizes Aggregated Inquiry, optimal Liquidity Pool access, and Atomic Settlement within a Principal OS.](https://options.greeks.live/wp-content/uploads/2025/07/geometric-abstraction-of-institutional-digital-asset-derivatives-market-microstructure-driving-high-fidelity-execution-via-principal-rfq-protocols-and-optimal-liquidity-aggregation.jpg)

Disclosure requirements for last look protocols compel providers to offer a transparent, auditable blueprint of their execution logic.

- 
### [What Specific Information Should a Liquidity Consumer Expect in a Last Look Disclosure Sheet?](https://options.greeks.live/question/what-specific-information-should-a-liquidity-consumer-expect-in-a-last-look-disclosure-sheet/)
![A metallic blade signifies high-fidelity execution and smart order routing, piercing a complex Prime RFQ orb. Within, market microstructure, algorithmic trading, and liquidity pools are visualized. Glowing blue pathways represent RFQ protocol and price discovery, ensuring optimized capital efficiency for institutional digital asset derivatives.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-prime-os-execution-precision.jpg)

A Last Look disclosure sheet details a liquidity provider's final trade acceptance criteria, ensuring transparent and predictable execution.

- 
### [How Can Transaction Cost Analysis Be Used to Detect the Abuse of Last Look Practices?](https://options.greeks.live/question/how-can-transaction-cost-analysis-be-used-to-detect-the-abuse-of-last-look-practices/)
![A transparent blue sphere, symbolizing precise Price Discovery and Implied Volatility, is central to a layered Principal's Operational Framework. This structure facilitates High-Fidelity Execution and RFQ Protocol processing across diverse Aggregated Liquidity Pools, revealing the intricate Market Microstructure of Institutional Digital Asset Derivatives.](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-execution-system-microstructure-principal-framework.jpg)

TCA quantifies the economic cost of discretionary delays, transforming patterns of rejection and slippage into a clear signal of abuse.

- 
### [How Has the Fx Global Code Impacted Last Look Practices?](https://options.greeks.live/question/how-has-the-fx-global-code-impacted-last-look-practices/)
![A sleek, futuristic object with a glowing line and intricate metallic core, symbolizing a Prime RFQ for institutional digital asset derivatives. It represents a sophisticated RFQ protocol engine enabling high-fidelity execution, liquidity aggregation, atomic settlement, and capital efficiency for multi-leg spreads.](https://options.greeks.live/wp-content/uploads/2025/07/advanced-institutional-digital-asset-derivatives-rfq-protocol-execution-engine-for-optimal-liquidity-aggregation-and-atomic-settlement.jpg)

The FX Global Code has systemically impacted last look by mandating transparency, which has measurably reduced rejection rates and hold times.

- 
### [What Data Is Essential for a Buy Side Firm to Effectively Monitor Last Look Practices?](https://options.greeks.live/question/what-data-is-essential-for-a-buy-side-firm-to-effectively-monitor-last-look-practices/)
![A dark, precision-engineered module with raised circular elements integrates with a smooth beige housing. It signifies high-fidelity execution for institutional RFQ protocols, ensuring robust price discovery and capital efficiency in digital asset derivatives market microstructure.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-system-core-high-speed-price-discovery-module.jpg)

A firm's effective monitoring of last look requires high-frequency, timestamped data to analyze LP behavior and ensure fair execution.

- 
### [Does the FX Global Code Provide Sufficient Guidance on the Fair Use of Last Look?](https://options.greeks.live/question/does-the-fx-global-code-provide-sufficient-guidance-on-the-fair-use-of-last-look/)
![Abstract geometric planes and light symbolize market microstructure in institutional digital asset derivatives. A central node represents a Prime RFQ facilitating RFQ protocols for high-fidelity execution and atomic settlement, optimizing capital efficiency across diverse liquidity pools and managing counterparty risk.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-intelligence.jpg)

The FX Global Code provides a framework for fair last look, but its sufficiency depends on market participants' commitment to transparency.

- 
### [What Are the Regulatory Perspectives on the Use of Last Look in Fx Markets?](https://options.greeks.live/question/what-are-the-regulatory-perspectives-on-the-use-of-last-look-in-fx-markets/)
![Internal, precise metallic and transparent components are illuminated by a teal glow. This visual metaphor represents the sophisticated market microstructure and high-fidelity execution of RFQ protocols for institutional digital asset derivatives. It reflects a principal's operational framework, ensuring atomic settlement and optimal price discovery through an intelligence layer.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-microstructure-prime-os-intelligence-layer-atomic-settlement-precision.jpg)

The regulatory view frames FX last look as a transparent risk control, not an informational tool for trading advantage.

- 
### [How Can an Institution Quantify the Financial Impact of Unfair Last Look Behavior on Its Portfolio?](https://options.greeks.live/question/how-can-an-institution-quantify-the-financial-impact-of-unfair-last-look-behavior-on-its-portfolio/)
![A polished, dark teal institutional-grade mechanism reveals an internal beige interface, precisely deploying a metallic, arrow-etched component. This signifies high-fidelity execution within an RFQ protocol, enabling atomic settlement and optimized price discovery for institutional digital asset derivatives and multi-leg spreads, ensuring minimal slippage and robust capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/08/quantitative-finance-driven-rfq-workflow-for-best-execution-in-digital-assets.jpg)

Quantifying the financial impact of last look requires a systematic analysis of rejection costs, hold times, and asymmetric slippage.

- 
### [How Does the ‘Last Look’ Protocol Affect Information Leakage and Counterparty Risk?](https://options.greeks.live/question/how-does-the-last-look-protocol-affect-information-leakage-and-counterparty-risk/)
![A central rod, symbolizing an RFQ inquiry, links distinct liquidity pools and market makers. A transparent disc, an execution venue, facilitates price discovery. A teal beam, representing an intelligence layer, depicts high-fidelity execution for digital asset derivatives, optimizing market microstructure and managing counterparty risk.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-protocol-execution-optimization.jpg)

The 'last look' protocol creates information leakage and counterparty risk by allowing liquidity providers a final moment to reject unprofitable trades.

---

## 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": "How Does the Fx Global Code Address Asymmetric Slippage in Last Look?",
            "item": "https://options.greeks.live/question/how-does-the-fx-global-code-address-asymmetric-slippage-in-last-look/"
        }
    ]
}
```

```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/how-does-the-fx-global-code-address-asymmetric-slippage-in-last-look/"
    },
    "headline": "How Does the Fx Global Code Address Asymmetric Slippage in Last Look? \u25b4 Question",
    "description": "The FX Global Code provides a framework for fairness and transparency, enabling the measurement and mitigation of asymmetric slippage in last look practices. \u25b4 Question",
    "url": "https://options.greeks.live/question/how-does-the-fx-global-code-address-asymmetric-slippage-in-last-look/",
    "datePublished": "2025-08-04T21:30:45+00:00",
    "dateModified": "2025-08-04T21:30:45+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/2025/07/cross-protocol-rfq-execution-digital-asset-derivatives-microstructure-system.jpg",
        "caption": "This abstract visualization depicts the intricate market microstructure of institutional digital asset derivatives. Transparent conduits symbolize secure, high-fidelity execution channels for multi-leg spreads and block trades, driven by an algorithmic trading engine. Metallic elements signify robust Prime RFQ infrastructure and atomic settlement, enabling efficient liquidity aggregation and private quotation via RFQ protocols. This embodies a Principal's framework for optimal price discovery, counterparty risk mitigation, and best execution for portfolio margin and capital efficiency."
    },
    "keywords": [
        "Asymmetric Slippage",
        "Best Execution",
        "Execution Management System",
        "Foreign Exchange",
        "Foreign Exchange Market",
        "FX Global Code",
        "GFXC",
        "Hold Times",
        "Last Look",
        "Last Look Window",
        "Liquidity Provider",
        "Liquidity Providers",
        "Market Microstructure",
        "Principle 17",
        "Slippage Measurement",
        "Trade Rejection Analysis",
        "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"
    }
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "FAQPage",
    "mainEntity": [
        {
            "@type": "Question",
            "name": "How Does The Code Reshape The Provider Relationship?",
            "acceptedAnswer": {
                "@type": "Answer",
                "text": "The FX Global Code fundamentally reframes the dialogue between liquidity consumers and providers. It transforms the relationship into one where the terms of engagement are explicit and adherence to principles of fairness can be measured. A key strategic element is to use the Code as a basis for negotiation and ongoing assessment of liquidity providers."
            }
        },
        {
            "@type": "Question",
            "name": "What Is The Ultimate Goal Of This Execution Strategy?",
            "acceptedAnswer": {
                "@type": "Answer",
                "text": "The ultimate goal of this detailed execution strategy is to create a trading environment where execution quality is maximized and hidden costs are minimized. It is about creating a system of accountability where liquidity providers are incentivized to adhere to the principles of the FX Global Code. By systematically measuring and analyzing execution data, a trading firm can identify and reward providers who offer fair and transparent execution, while directing flow away from those who do not. This proactive approach to execution management is the practical embodiment of the FX Global Code's mission to foster a more robust, fair, and transparent foreign exchange market."
            }
        }
    ]
}
```


---

**Original URL:** https://options.greeks.live/question/how-does-the-fx-global-code-address-asymmetric-slippage-in-last-look/
