# How Does the Fx Global Code Address the Issue of Information Leakage in Last Look Pools? ▴ Question

**Published:** 2025-08-16
**Categories:** Question

---

![Abstract composition featuring transparent liquidity pools and a structured Prime RFQ platform. Crossing elements symbolize algorithmic trading and multi-leg spread execution, visualizing high-fidelity execution within market microstructure for institutional digital asset derivatives via RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-trading-system-precision-engineering-facilitating-high-fidelity-execution-via-rfq-protocols-and-optimal-liquidity-aggregation.jpg)

![Two smooth, teal spheres, representing institutional liquidity pools, precisely balance a metallic object, symbolizing a block trade executed via RFQ protocol. This depicts high-fidelity execution, optimizing price discovery and capital efficiency within a Principal's operational framework for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/precision-execution-bridging-institutional-liquidity-pools-via-rfq-protocol-for-optimized-digital-asset-derivatives-price-discovery.jpg)

## Concept

![A sleek, institutional grade sphere features a luminous circular display showcasing a stylized Earth, symbolizing global liquidity aggregation. This advanced Prime RFQ interface enables real-time market microstructure analysis and high-fidelity execution for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-digital-asset-derivatives-trading-platform-displaying-global-liquidity-aggregation-and-real-time-price-discovery-for-rfq-protocols.jpg)

## The Inherent Asymmetry in Last Look

In the architecture of modern [foreign exchange](https://prime.greeks.live/question/how-does-t1-settlement-affect-foreign-exchange-and-cross-border-funding-operations/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) markets, the practice of “last look” represents a critical, albeit contentious, node of interaction. It is a risk management protocol affording a [liquidity provider](https://prime.greeks.live/area/liquidity-provider/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (LP) a final, brief window to validate the price and conditions of a trade request before execution. This mechanism is designed to protect market makers from latency arbitrage and sudden, adverse price movements in the interval between quote provision and trade acceptance. However, this very interval, the “last look window,” creates an inherent informational asymmetry.

The client has revealed their intent ▴ direction, currency pair, and volume ▴ while the LP retains the optionality to decline the trade. The central challenge the [FX Global Code](https://prime.greeks.live/area/fx-global-code/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) addresses is the management of the potent information conveyed within that request, ensuring the protocol remains a shield for [risk management](https://prime.greeks.live/area/risk-management/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) rather than becoming a sword for opportunistic trading.

The issue of [information leakage](https://prime.greeks.live/area/information-leakage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) arises directly from this asymmetry. Leakage, in this context, is the transmission or use of a client’s confidential [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) data for any purpose beyond the legitimate risk assessment of that specific trade. When an LP receives a request, they gain a real-time, actionable signal of market interest. The core of the problem is what happens next, particularly if the trade is rejected.

Unfettered, an LP could theoretically use this information to trade ahead of the client’s now-unfilled order, adjust their own pricing models to the client’s detriment, or incorporate the data into their broader high-frequency trading strategies. This exploitation of client intent degrades market integrity, widens spreads, and increases the implicit costs of execution for all participants, undermining the trust that is the bedrock of a functioning market.

![Abstract institutional-grade Crypto Derivatives OS. Metallic trusses depict market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-market-microstructure-optimizing-rfq-protocols-for-high-fidelity-execution-via-prime-os.jpg)

## Principle 17 as a System Protocol

The FX Global Code, particularly its foundational [Principle 17](https://prime.greeks.live/area/principle-17/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), functions as a standardized protocol intended to govern and rectify this informational imbalance. It is a set of globally recognized principles of good practice, establishing a clear framework for the appropriate use of [last look](https://prime.greeks.live/area/last-look/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). The Code re-frames last look from a discretionary practice into a transparent, auditable risk control mechanism.

It stipulates that if last look is employed, it must be for the explicit and sole purpose of checking the validity of the trade request against current market prices and available credit. This principle effectively re-architects the rules of engagement, shifting the focus from the LP’s informational advantage to their responsibility in handling sensitive client data.

> The FX Global Code establishes a clear protocol for the appropriate use of last look, transforming it from a discretionary practice into a transparent and auditable risk control mechanism.

Crucially, the Code mandates transparency. Market participants utilizing last look are expected to provide comprehensive disclosures to their clients. These disclosures are not perfunctory; they are detailed operational documents that must explain how the last look process functions, the typical duration of the [hold time](https://prime.greeks.live/area/hold-time/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), and the specific criteria under which a trade may be rejected. This requirement for transparency is the first line of defense against information leakage.

It forces LPs to codify their practices, making them subject to scrutiny and analysis by their clients. By bringing the mechanics of last look into the light, the Code provides liquidity consumers with the necessary information to conduct meaningful [due diligence](https://prime.greeks.live/area/due-diligence/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and select counterparties whose practices align with their execution objectives, fostering a more equitable and robust market ecosystem.

![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)

![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)

## Strategy

![Abstract bisected spheres, reflective grey and textured teal, forming an infinity, symbolize institutional digital asset derivatives. Grey represents high-fidelity execution and market microstructure teal, deep liquidity pools and volatility surface data](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocols-for-digital-asset-derivatives-execution.jpg)

## A Framework for Information Control

The FX Global Code’s strategic approach to mitigating information leakage within last look pools is centered on erecting a robust framework for information control. This framework is built upon two primary pillars ▴ explicit prohibitions on data misuse and rigorous standards for transparency. The core strategic objective is to neutralize the informational advantage an LP gains during the [last look window](https://prime.greeks.live/area/last-look-window/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), ensuring that the client’s data serves only its intended purpose ▴ the validation of their trade request.

Principle 17 is the lynchpin of this strategy, stating unequivocally that market participants should not engage in any trading activity that utilizes the information from a client’s trade request during the last look window. This prohibition is absolute and forms the strategic bulwark against leakage.

This directive strategically bifurcates the information’s potential use. Information received can be used for the “defensive” purpose of risk management for that specific trade but is forbidden for any “offensive” or opportunistic trading. For instance, an LP is permitted to pre-hedge a client’s trade after accepting it, as this is part of the risk management of the filled position. However, using the information from a [rejected trade](https://prime.greeks.live/question/how-does-information-leakage-from-a-rejected-order-impact-subsequent-trading-strategies/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) request to inform their proprietary trading strategy is a direct violation of the Code’s principles.

This clear delineation provides a strategic bright line, moving the market away from a gray area of acceptable practice toward a more defined and ethical standard. The strategy is to create a market environment where clients can confidently send requests for quotes, knowing that their intent will not be weaponized against them, regardless of the trade’s outcome.

![Abstractly depicting an institutional digital asset derivatives trading system. Intersecting beams symbolize cross-asset strategies and high-fidelity execution pathways, integrating a central, translucent disc representing deep liquidity aggregation](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-ecosystem-unifying-rfq-protocols-for-high-fidelity-execution-and-deep-liquidity-aggregation-across-multi-leg-spreads.jpg)

## Operationalizing Transparency as a Strategic Tool

The second pillar of the Code’s strategy is the operationalization of transparency. The Code compels LPs to provide clients with detailed disclosures that function as a strategic tool for due diligence. These disclosures are intended to be far more than legal boilerplate; they are expected to be clear, concise, and comprehensive explanations of the LP’s last look mechanics.

A client should be able to understand the precise methodology used for the [price check](https://prime.greeks.live/guide/why-your-covered-call-strategy-needs-a-volatility-check/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), the typical [hold times](https://prime.greeks.live/area/hold-times/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) for their orders, and the potential reasons for rejection. This level of transparency allows liquidity consumers to move from a position of blind trust to one of informed consent.

This strategic emphasis on disclosure empowers clients to perform sophisticated [Transaction Cost Analysis](https://prime.greeks.live/area/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (TCA). With detailed information on an LP’s last look process, a client can more accurately analyze their execution data. They can compare rejection rates across different LPs, measure the market impact following a rejected trade, and assess whether an LP’s practices align with their stated policies. This data-driven approach to counterparty management is a powerful strategic deterrent to information leakage.

LPs are aware that their performance is being measured against their own disclosures and against the broader market, creating a strong incentive to adhere to the Code’s principles. The table below outlines the strategic shift in information handling prompted by the Code’s framework.

| Practice Area | Pre-Code Environment (Implicit) | Post-Code Framework (Explicit) |
| --- | --- | --- |
| Information Use | Opaque and discretionary. Information from rejected trades could be used for proprietary trading or to inform pricing algorithms without explicit prohibition. | Strictly limited. Information from a trade request is to be used solely for the validity and price check of that specific request. Any other use is proscribed. |
| Client Disclosures | Minimal or non-existent. Clients had little visibility into the mechanics of an LP’s last look process, including hold times and rejection criteria. | Mandatory and comprehensive. LPs must provide clear, detailed disclosures on their last look methodology, enabling informed client consent and analysis. |
| Hold Times | Variable and undisclosed. Lengthy hold times could increase the client’s market risk and provide more opportunity for the LP to assess the information. | Transparent. LPs are expected to disclose typical hold times, allowing clients to assess the associated risks and the efficiency of the LP’s process. |
| Auditability | Difficult. Without clear standards or disclosure requirements, it was challenging for clients to audit LP behavior or prove detrimental activity. | Enhanced. Standardized disclosures and clear principles provide a baseline against which LP behavior can be measured, analyzed, and audited through TCA. |

![A sleek, layered structure with a metallic rod and reflective sphere symbolizes institutional digital asset derivatives RFQ protocols. It represents high-fidelity execution, price discovery, and atomic settlement within a Prime RFQ framework, ensuring capital efficiency and minimizing slippage](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-high-fidelity-execution-via-prime-os.jpg)

## Differentiating Legitimate Risk Management

A key strategic challenge the Code addresses is distinguishing between illegitimate information usage and legitimate risk management practices, particularly in complex scenarios like “cover-and-deal” arrangements. These arrangements are common for regional banks that act as principals for their clients but rely on larger LPs to manage the ultimate market risk. In such a model, the regional bank may need to begin hedging its risk during the last look window provided to its end client. The FX Global Code provides specific guidance to accommodate this market structure, stipulating that such practices are permissible only under conditions of full transparency and client consent.

The end client must be made aware of the cover-and-deal arrangement and understand how the regional bank manages its risk. This strategic nuance demonstrates that the Code is not a blunt instrument but a sophisticated framework designed to enhance market integrity while accommodating established and necessary business models. The overarching strategy remains consistent ▴ all practices must be transparent, consensual, and designed to promote fair and effective market functioning.

![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](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)

![A precisely engineered multi-component structure, split to reveal its granular core, symbolizes the complex market microstructure of institutional digital asset derivatives. This visual metaphor represents the unbundling of multi-leg spreads, facilitating transparent price discovery and high-fidelity execution via RFQ protocols within a Principal's operational framework](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-digital-asset-derivatives-rfq-protocols-revealing-market-microstructure-for-high-fidelity-execution-and-atomic-settlement-within-principals-operational-framework.jpg)

## Execution

![A central rod, symbolizing an RFQ inquiry, links distinct liquidity pools and market makers. A transparent disc, an execution venue, facilitates price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-protocol-execution-optimization.jpg)

## The Operational Playbook for Due Diligence

For an institutional client, executing the principles of the FX Global Code requires a systematic and data-driven approach to counterparty evaluation. Adherence to the Code is voluntary, so the onus is on liquidity consumers to integrate its framework into their due diligence and oversight processes. This involves moving beyond accepting a counterparty’s “Statement of Commitment” at face value and instead performing a rigorous, evidence-based assessment of their last look practices. The following procedural list provides a playbook for this evaluation, designed to uncover the operational realities of an LP’s information handling protocols.

- **Request and Analyze Disclosures** ▴ The initial step is to formally request and meticulously review the LP’s disclosure documents pertaining to last look. This analysis should focus on clarity, completeness, and specificity. Vague language around “market volatility” as a reason for rejection is a red flag. The document should precisely define the price check methodology, the reference price used, and the tolerance levels for price movements.

- **Quantify Hold Times** ▴ The client’s [execution management system](https://prime.greeks.live/area/execution-management-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (EMS) or third-party TCA provider should be configured to measure the time elapsed between sending a trade request and receiving an acceptance or rejection. This “hold time” data should be collected for every trade and analyzed statistically. Significant variations in hold times or consistently long durations relative to peers warrant further investigation.

- **Conduct [Post-Rejection Markout](https://prime.greeks.live/area/post-rejection-markout/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) Analysis** ▴ This is the most critical quantitative test. For every rejected trade, the client should track the market movement in the seconds and minutes following the rejection. A consistent pattern of the market moving against the client’s original direction after a rejection (i.e. the price gets worse for the client) can be an indicator that the LP’s rejection was informed by market impact or that information about the rejected order is influencing prices.

- **Interview The Counterparty** ▴ Engage in direct dialogue with the LP. The goal is to move beyond the written disclosures and understand the governance and control environment surrounding their last look process. Questions should be specific:

<li>What technical controls are in place to segregate the information from a client’s trade request from the firm’s proprietary trading desks?

- Describe the audit trail for a rejected trade. What data is logged, and for how long is it retained?

- Under what specific circumstances would a trade be rejected for a reason other than price movement (e.g. a validity check failure)?

- How is the reference price for the final price check constructed? Is it based solely on the LP’s own internal data, or does it incorporate external feeds?

</li>
- **Review Systemic Rejection Patterns** ▴ Analyze rejection data in aggregate. Look for patterns related to trade size, time of day, or market conditions. An unusually high rejection rate for large orders or during volatile periods could suggest that the last look window is being used as a free option to avoid taking on risk, rather than as a simple price validation tool.

![A precision instrument probes a speckled surface, visualizing market microstructure and liquidity pool dynamics within a dark pool. This depicts RFQ protocol execution, emphasizing price discovery for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-flow.jpg)

## Quantitative Modeling of Last Look Performance

To execute a robust oversight framework, qualitative due diligence must be paired with rigorous quantitative analysis. The data generated by trading activity provides the ground truth of an LP’s behavior. The table below presents a hypothetical dataset for a client analyzing two different liquidity providers (LP-A and LP-B) over a period of one month. This data is the raw material for diagnosing adherence to the Code’s principles.

| Metric | Liquidity Provider A | Liquidity Provider B | Description and Interpretation |
| --- | --- | --- | --- |
| Total Trade Requests | 10,000 | 10,000 | The total number of orders sent to the LP for execution. |
| Acceptance Rate | 98.5% | 96.0% | The percentage of trade requests that are accepted and executed. A lower rate requires investigation. |
| Average Hold Time (ms) | 15 ms | 45 ms | The average time the LP holds the order before responding. Longer times increase client risk and information leakage potential. |
| Hold Time Standard Deviation | 5 ms | 25 ms | Measures the consistency of the hold time. High deviation suggests an inconsistent, discretionary process. |
| Post-Rejection Markout (1 sec) | -0.05 pips | -0.30 pips | The average market movement 1 second after a rejection, from the client’s perspective. A significantly negative number for LP-B suggests the market consistently moves against the client’s interest immediately following their rejections, a strong red flag for information leakage. |
| Rejection Reason “Price” | 95% | 70% | The percentage of rejections explicitly attributed to price movement. A lower percentage for LP-B implies other, less transparent reasons for rejection. |
| Rejection Reason “Other/N/A” | 5% | 30% | A high percentage of unspecified rejection reasons is a major transparency concern and violates the spirit of the Code. |

> Consistent negative markouts on rejected trades serve as a powerful quantitative signal, suggesting that a client’s trading intent may be systematically leaking into the market.

From this analysis, a clear picture emerges. LP-A demonstrates behavior consistent with the FX Global Code ▴ high acceptance rates, fast and consistent hold times, minimal adverse post-rejection markouts, and transparent rejection reasons. In contrast, LP-B’s data profile is problematic. The longer, more variable hold times, combined with the significantly negative post-rejection markout and opaque rejection reasons, would provide a strong, data-backed justification for the client to de-prioritize or terminate their relationship with LP-B. This quantitative execution of the Code’s principles transforms it from a set of ethical guidelines into a powerful tool for optimizing execution quality and managing counterparty risk.

![A proprietary Prime RFQ platform featuring extending blue/teal components, representing a multi-leg options strategy or complex RFQ spread. The labeled band 'F331 46 1' denotes a specific strike price or option series within an aggregated inquiry for high-fidelity execution, showcasing granular market microstructure data points](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-protocol-1.jpg)

## System Integration for Auditable Compliance

Effective execution of this oversight requires a technological architecture designed for data capture and analysis. The client’s trading systems must be configured to log not only executed trades but the entire lifecycle of a trade request. This includes precise, synchronized timestamps for key events ▴ the moment a request is sent, the moment the acknowledgment (acceptance or rejection) is received, and the reason code for any rejection. Many trading platforms use the FIX (Financial Information eXchange) protocol, and ensuring the system captures and stores tags like Text (58) and OrdRejReason (103) is fundamental.

This data forms the basis of the audit trail. Furthermore, the system must be integrated with a low-latency market data feed. This is essential for conducting the post-rejection markout analysis, as the client needs to compare the rejected price against a reliable, independent market price at the exact moment of rejection and in the moments that follow. Without this system-level integration, any attempt to enforce the principles of the FX Global Code remains a theoretical exercise rather than an executable strategy.

![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)

## References

- Global Foreign Exchange Committee. “FX Global Code.” May 2017.

- Global Foreign Exchange Committee. “GFXC Request for Feedback on Last Look practices in the FX Market.” December 2017.

- Rime, Dagfinn, and Andreas Schrimpf. “The Anatomy of the Global FX Market.” BIS Quarterly Review, December 2019.

- Moore, Michael J. and Richard K. Lyons. “An Information-Based Model of the Bid-Ask Spread in a Limit-Order Market.” Journal of Financial and Quantitative Analysis, vol. 37, no. 4, 2002, pp. 623-46.

- Evans, Martin D. D. “FX Trading and the Global Code of Conduct.” National Bureau of Economic Research, Working Paper 24924, 2018.

- Financial Stability Board. “Foreign Exchange Benchmarks ▴ Final Report.” 2014.

- Bank for International Settlements. “Triennial Central Bank Survey of Foreign Exchange and Over-the-counter (OTC) Derivatives Markets in 2019.” 2019.

- Osler, Carol L. “Foreign Exchange Microstructure ▴ A Survey.” International Economic Journal, vol. 23, no. 4, 2009, pp. 439-73.

![Beige module, dark data strip, teal reel, clear processing component. This illustrates an RFQ protocol's high-fidelity execution, facilitating principal-to-principal atomic settlement in market microstructure, essential for a Crypto Derivatives OS](https://options.greeks.live/wp-content/uploads/2025/07/institutional-crypto-derivatives-rfq-protocol-execution-engine.jpg)

## Reflection

![A sleek, institutional-grade RFQ engine precisely interfaces with a dark blue sphere, symbolizing a deep latent liquidity pool for digital asset derivatives. This robust connection enables high-fidelity execution and price discovery for Bitcoin Options and multi-leg spread strategies](https://options.greeks.live/wp-content/uploads/2025/07/institutional-crypto-derivatives-rfq-engine-linking-deep-liquidity-pools.jpg)

## From Principles to Performance

The integration of the FX Global Code into the market’s operational fabric marks a significant maturation point for the world’s largest and most liquid market. The Code’s principles, particularly those governing last look, provide a standardized protocol for information handling, yet they are not self-enforcing. Their true power is unlocked when market participants move beyond passive acknowledgment and actively embed these principles into their own operational architecture. This requires viewing execution not as a series of discrete trades, but as a continuous process of data analysis, counterparty evaluation, and system refinement.

The framework offered by the Code prompts a fundamental question for any institution ▴ is our execution system designed merely to transact, or is it engineered to learn? A system that passively accepts rejections without analysis is leaving value on the table. A system engineered for learning, however, captures every data point, measures every millisecond of latency, and analyzes every basis point of post-rejection market movement.

It treats each interaction as a source of intelligence, refining its understanding of counterparty behavior and continuously optimizing its liquidity sourcing strategy. The ultimate advantage in modern markets is derived from this superior operational loop, where principles are translated into performance, and data is transformed into a decisive edge.

![Central institutional Prime RFQ, a segmented sphere, anchors digital asset derivatives liquidity. Intersecting beams signify high-fidelity RFQ protocols for multi-leg spread execution, price discovery, and counterparty risk mitigation](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-cross-asset-rfq-execution-hub.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">
![Central axis with angular, teal forms, radiating transparent lines. Abstractly represents an institutional grade Prime RFQ execution engine for digital asset derivatives, processing aggregated inquiries via RFQ protocols, ensuring high-fidelity execution and price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-high-fidelity-execution-market-microstructure-price-discovery-volatility-surface-analytics.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/how-does-t1-settlement-affect-foreign-exchange-and-cross-border-funding-operations/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A complex central mechanism, akin to an institutional RFQ engine, displays intricate internal components representing market microstructure and algorithmic trading. Transparent intersecting planes symbolize optimized liquidity aggregation and high-fidelity execution for digital asset derivatives, ensuring capital efficiency and atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/institutional-rfq-engine-optimizing-digital-asset-derivative-execution.jpg)

## Foreign Exchange

T+1 settlement compresses the trade lifecycle, forcing a desynchronization between equity settlement and FX funding that demands systemic automation and proactive liquidity management. </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 sphere, representing a digital asset option, rests on an aqua geometric RFQ execution venue. This proprietary liquidity pool integrates with an opaque institutional grade infrastructure, depicting high-fidelity execution and atomic settlement within a Principal's operational framework for Crypto Derivatives OS](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-system-prime-os.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/fx-global-code/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A beige spool feeds dark, reflective material into an advanced processing unit, illuminated by a vibrant blue light. This depicts high-fidelity execution of institutional digital asset derivatives through a Prime RFQ, enabling precise price discovery for aggregated RFQ inquiries within complex market microstructure, ensuring atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-engine-prime-os-3.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/information-leakage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A luminous, miniature Earth sphere rests precariously on textured, dark electronic infrastructure with subtle moisture. This visualizes institutional digital asset derivatives trading, highlighting high-fidelity execution within a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/global-digital-asset-derivatives-rfq-protocol-execution-engine-underpinning-institutional-market-microstructure-with-precision.jpg)

## Information Leakage

Meaning ▴ Information leakage denotes the unintended or unauthorized disclosure of sensitive trading data, often concerning an institution's pending orders, strategic positions, or execution intentions, to external market participants. </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 transparent geometric object, an analogue for multi-leg spreads, rests on a dual-toned reflective surface. Its sharp facets symbolize high-fidelity execution, price discovery, and market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-digital-asset-derivatives-high-fidelity-execution.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/principle-17/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A transparent sphere, bisected by dark rods, symbolizes an RFQ protocol's core. This represents multi-leg spread execution within a high-fidelity market microstructure for institutional grade digital asset derivatives, ensuring optimal price discovery and capital efficiency via Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-digital-asset-derivatives-rfq-protocols-high-fidelity-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/last-look/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A cutaway view reveals the intricate core of an institutional-grade digital asset derivatives execution engine. The central price discovery aperture, flanked by pre-trade analytics layers, represents high-fidelity execution capabilities for multi-leg spread and private quotation via RFQ protocols for Bitcoin options](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-rfq-protocol-engine-for-high-fidelity-execution-and-price-discovery-on-volatility-surface.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/hold-time/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, precision-engineered device with a split-screen interface displaying implied volatility and price discovery data for digital asset derivatives. This institutional grade module optimizes RFQ protocols, ensuring high-fidelity execution and capital efficiency within market microstructure for multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-module.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/due-diligence/?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)

## Due Diligence

Meaning ▴ Due diligence refers to the systematic investigation and verification of facts pertaining to a target entity, asset, or counterparty before a financial commitment or strategic decision is executed. </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, 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)

## 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/how-does-information-leakage-from-a-rejected-order-impact-subsequent-trading-strategies/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A dark, textured module with a glossy top and silver button, featuring active RFQ protocol status indicators. This represents a Principal's operational framework for high-fidelity execution of institutional digital asset derivatives, optimizing atomic settlement and capital efficiency within market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-interface-1.jpg)

## Rejected Trade

A rejected order is an active intelligence broadcast that degrades subsequent execution quality by revealing strategic intent. </a><a href="https://prime.greeks.live/guide/why-your-covered-call-strategy-needs-a-volatility-check/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## Price Check

Stop guessing on covered calls; start using volatility data to engineer a professional-grade income stream for your portfolio. </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">
![A dark, articulated multi-leg spread structure crosses a simpler underlying asset bar on a teal Prime RFQ platform. This visualizes institutional digital asset derivatives execution, leveraging high-fidelity RFQ protocols for optimal capital efficiency and precise price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-prime-os-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/area/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A transparent geometric structure symbolizes institutional digital asset derivatives market microstructure. Its converging facets represent diverse liquidity pools and precise price discovery via an RFQ protocol, enabling high-fidelity execution and atomic settlement through a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-for-optimized-liquidity-aggregation-and-high-fidelity-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/area/execution-management-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Sleek, dark components with glowing teal accents cross, symbolizing high-fidelity execution pathways for institutional digital asset derivatives. A luminous, data-rich sphere in the background represents aggregated liquidity pools and global market microstructure, enabling precise RFQ protocols and robust price discovery within a Principal's operational framework](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-high-fidelity-execution-layer.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/post-rejection-markout/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Curved, segmented surfaces in blue, beige, and teal, with a transparent cylindrical element against a dark background. This abstractly depicts volatility surfaces and market microstructure, facilitating high-fidelity execution via RFQ protocols for digital asset derivatives, enabling price discovery and revealing latent liquidity for institutional trading](https://options.greeks.live/wp-content/uploads/2025/07/optimized-rfq-protocol-dynamics-for-institutional-crypto-derivatives.jpg)

## Post-Rejection Markout

Meaning ▴ Post-Rejection Markout is a precise quantitative metric that measures the price movement of an asset immediately following the rejection of an order or quote request within a digital asset trading system. </a>

**Tags:** [Market Microstructure](https://options.greeks.live/area/market-microstructure/), [Information Leakage](https://options.greeks.live/area/information-leakage/), [Liquidity Provider](https://options.greeks.live/area/liquidity-provider/), [Last Look](https://options.greeks.live/area/last-look/), [Due Diligence](https://options.greeks.live/area/due-diligence/), [FX Global Code](https://options.greeks.live/area/fx-global-code/)	

## Discover More

- 
### [How Can Transaction Cost Analysis Be Used to Detect Unfair Last Look Practices by Liquidity Providers?](https://options.greeks.live/question/how-can-transaction-cost-analysis-be-used-to-detect-unfair-last-look-practices-by-liquidity-providers/)
![A dark, circular metallic platform features a central, polished spherical hub, bisected by a taut green band. This embodies a robust Prime RFQ for institutional digital asset derivatives, enabling high-fidelity execution via RFQ protocols, optimizing market microstructure for best execution, and mitigating counterparty risk through atomic settlement.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-optimizing-high-fidelity-execution-across-diverse-market-microstructures.jpg)

TCA detects unfair last look by quantifying patterns of asymmetric slippage, high rejection rates, and excessive hold times.

- 
### [How Does Counterparty Discretion in Last Look Venues Affect Overall Execution Strategy?](https://options.greeks.live/question/how-does-counterparty-discretion-in-last-look-venues-affect-overall-execution-strategy/)
![Geometric planes and transparent spheres represent complex market microstructure. A central luminous core signifies efficient price discovery and atomic settlement via RFQ protocol. This visualizes multi-leg spread execution across diverse liquidity pools for institutional digital asset derivatives on a Prime RFQ.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-microstructure-4.jpg)

Counterparty discretion in last look venues inserts execution uncertainty, demanding a strategy that quantifies trust and manages information leakage.

- 
### [What Role Does Transaction Cost Analysis Play in Refining Quote Expiration Models?](https://options.greeks.live/question/what-role-does-transaction-cost-analysis-play-in-refining-quote-expiration-models/)
![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)

TCA provides the empirical data to evolve quote expiration from static rules to a dynamic, risk-aware system that mitigates adverse selection.

- 
### [What Are the Primary Arguments for and against the Use of Last Look in Fx Markets?](https://options.greeks.live/question/what-are-the-primary-arguments-for-and-against-the-use-of-last-look-in-fx-markets/)
![Smooth, reflective, layered abstract shapes on dark background represent institutional digital asset derivatives market microstructure. This depicts RFQ protocols, facilitating liquidity aggregation, high-fidelity execution for multi-leg spreads, price discovery, and Principal's operational framework efficiency.](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-multi-leg-spreads.jpg)

Last look is an LP risk protocol in FX markets offering tighter spreads at the cost of execution certainty, demanding data-driven strategic oversight.

- 
### [How Does the Use of Asymmetric Last Look Impact Broader Market Liquidity and Price Discovery?](https://options.greeks.live/question/how-does-the-use-of-asymmetric-last-look-impact-broader-market-liquidity-and-price-discovery/)
![A macro view reveals a robust metallic component, signifying a critical interface within a Prime RFQ. This secure mechanism facilitates precise RFQ protocol execution, enabling atomic settlement for institutional-grade digital asset derivatives, embodying high-fidelity execution.](https://options.greeks.live/wp-content/uploads/2025/07/core-secure-institutional-digital-asset-derivatives-rfq-trade-system-element.jpg)

Asymmetric last look grants liquidity providers a free option, impacting liquidity by creating execution uncertainty and harming price discovery through information leakage.

- 
### [What Quantitative Metrics Are Essential for Evaluating a Liquidity Provider’s Last Look Performance?](https://options.greeks.live/question/what-quantitative-metrics-are-essential-for-evaluating-a-liquidity-providers-last-look-performance/)
![A high-fidelity institutional digital asset derivatives execution platform. A central conical hub signifies precise price discovery and aggregated inquiry for RFQ protocols. Linear pathways represent advanced algorithmic trading routes, ensuring capital efficiency and best execution within market microstructure, crucial for options trading.](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-high-fidelity-digital-asset-derivatives-execution-1.jpg)

Evaluating Last Look requires quantifying the economic impact of execution uncertainty and information asymmetry in the provider's acceptance protocol.

- 
### [What Are the Primary Challenges in Implementing a Last Look Tca Program?](https://options.greeks.live/question/what-are-the-primary-challenges-in-implementing-a-last-look-tca-program/)
![Circular forms symbolize digital asset liquidity pools, precisely intersected by an RFQ execution conduit. Angular planes define algorithmic trading parameters for block trade segmentation, facilitating price discovery. This abstractly depicts market microstructure for high-fidelity execution of institutional-grade digital asset derivatives, leveraging latent liquidity within a dark pool.](https://options.greeks.live/wp-content/uploads/2025/07/optimized-digital-asset-rfq-execution-latent-liquidity-capture-protocol.jpg)

A Last Look TCA program's primary challenge is architecting a system to capture and analyze rejected quotes, thereby quantifying hidden execution costs.

- 
### [How Does the Concept of Last Look and Discretionary Latency Vary across Different Asset Classes?](https://options.greeks.live/question/how-does-the-concept-of-last-look-and-discretionary-latency-vary-across-different-asset-classes/)
![Interlocking transparent and opaque components on a dark base embody a Crypto Derivatives OS facilitating institutional RFQ protocols. This visual metaphor highlights atomic settlement, capital efficiency, and high-fidelity execution within a prime brokerage ecosystem, optimizing market microstructure for block trade liquidity.](https://options.greeks.live/wp-content/uploads/2025/07/modular-framework-for-crypto-derivatives-os-rfq-protocol-aggregation.jpg)

Last look and discretionary latency are risk protocols whose form varies from explicit and bilateral in OTC markets to implicit and systemic in centralized ones.

- 
### [How Does the Fx Global Code Influence a Liquidity Provider’s Business Strategy?](https://options.greeks.live/question/how-does-the-fx-global-code-influence-a-liquidity-providers-business-strategy/)
![A sleek, institutional grade sphere features a luminous circular display showcasing a stylized Earth, symbolizing global liquidity aggregation. This advanced Prime RFQ interface enables real-time market microstructure analysis and high-fidelity execution for digital asset derivatives. It represents dynamic price discovery via sophisticated RFQ protocols, optimizing capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-digital-asset-derivatives-trading-platform-displaying-global-liquidity-aggregation-and-real-time-price-discovery-for-rfq-protocols.jpg)

The FX Global Code mandates a strategic pivot for LPs, transforming their business from exploiting market opacity to engineering verifiable transparency and trust.

---

## 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 the Issue of Information Leakage in Last Look Pools?",
            "item": "https://options.greeks.live/question/how-does-the-fx-global-code-address-the-issue-of-information-leakage-in-last-look-pools/"
        }
    ]
}
```

```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-the-issue-of-information-leakage-in-last-look-pools/"
    },
    "headline": "How Does the Fx Global Code Address the Issue of Information Leakage in Last Look Pools? \u25b4 Question",
    "description": "The FX Global Code mitigates last look data leakage via transparent disclosure mandates and prohibiting use of client info for other trading. \u25b4 Question",
    "url": "https://options.greeks.live/question/how-does-the-fx-global-code-address-the-issue-of-information-leakage-in-last-look-pools/",
    "datePublished": "2025-08-16T21:35:08+00:00",
    "dateModified": "2025-08-16T21:35:10+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/institutional-crypto-derivatives-rfq-engine-linking-deep-liquidity-pools.jpg",
        "caption": "A sleek, light-colored institutional trading system, with internal channels for FIX Protocol data, diagonally interfaces a dark blue sphere symbolizing a global latent liquidity pool. This visual metaphor represents a Principal's advanced RFQ protocol engine integrating with the digital asset market for optimal price discovery. It highlights high-fidelity execution for complex multi-leg spread strategies and Bitcoin options, ensuring capital efficiency, minimizing slippage via smart order routing and robust Crypto Derivatives OS."
    },
    "keywords": [
        "Due Diligence",
        "Execution Management System",
        "FIX Protocol",
        "Foreign Exchange Market",
        "FX Global Code",
        "Hold Time",
        "Hold Times",
        "Information Leakage",
        "Last Look",
        "Last Look Window",
        "Liquidity Provider",
        "Market Microstructure",
        "Post-Rejection Markout",
        "Principle 17",
        "Risk Management",
        "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/how-does-the-fx-global-code-address-the-issue-of-information-leakage-in-last-look-pools/
