# How Does the FX Global Code Influence Last Look Practices? ▴ Question

**Published:** 2025-08-02
**Categories:** Question

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## Concept

The [FX Global Code](https://prime.greeks.live/area/fx-global-code/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)’s influence on last look practices represents a fundamental recalibration of the relationship between liquidity providers and liquidity consumers in the [foreign exchange market](https://prime.greeks.live/area/foreign-exchange-market/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). At its core, this is not a story about the prohibition of a practice, but about the imposition of a transparent and accountable operational framework upon it. The Code systematically transforms last look from an opaque, often misunderstood mechanism into a defined risk management protocol, subject to principles of fairness and disclosure. This shift is predicated on the understanding that for a market to function effectively, its foundational protocols must be clear, consistent, and designed to support the integrity of the entire system.

Last look is a practice in electronic trading where a market participant, typically a [liquidity provider](https://prime.greeks.live/area/liquidity-provider/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (LP), receives a [trade request](https://prime.greeks.live/question/what-are-the-core-differences-between-a-request-for-quote-and-a-request-for-market/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and has a final, brief opportunity to accept or reject that request at the quoted price. From a systems architecture perspective, it functions as a final validation checkpoint. The original intent of this mechanism was to protect LPs from latency arbitrage ▴ where a fast client could trade on a stale price before the LP could update it ▴ and to perform essential validity checks on the trade request itself, such as for credit and settlement risk. It is a defensive tool designed to manage the inherent risks of making markets in a high-speed, fragmented electronic environment.

> The FX Global Code reframes last look as a transparent risk control, compelling market participants to disclose its application and operate with fairness.

The FX Global Code enters this dynamic as a set of globally recognized principles for good practice in the wholesale FX market. It is not a legally binding regulation but derives its authority from the commitment of market participants, including central banks, to adhere to its standards. Its influence on [last look](https://prime.greeks.live/area/last-look/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is primarily channeled through [Principle 17](https://prime.greeks.live/area/principle-17/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), which establishes a clear set of expectations for any market participant that employs the practice.

The principle mandates transparency, requiring LPs to provide clients with clear and comprehensive disclosures about whether and how they use last look. This requirement to articulate the mechanism forces a level of internal scrutiny and formalization that did not exist previously.

This process moves the practice from an implicit industry norm to an explicit, auditable component of an LP’s [execution policy](https://prime.greeks.live/area/execution-policy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). The Code stipulates that if last look is used, it must function as a risk control for verifying the validity of the trade request and the price, not as a speculative tool to generate extra profit by trading on the information contained in the client’s request. By setting these clear boundaries, the Code provides a common reference point for both liquidity providers and consumers, establishing a baseline for acceptable behavior and empowering clients to make more informed decisions about their execution counterparties.

![Intersecting transparent and opaque geometric planes, symbolizing the intricate market microstructure of institutional digital asset derivatives. Visualizes high-fidelity execution and price discovery via RFQ protocols, demonstrating multi-leg spread strategies and dark liquidity for capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-market-microstructure-architecture.jpg)

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

## Strategy

The strategic adaptation to the FX Global Code’s stipulations on last look requires a fundamental shift in a liquidity provider’s operational philosophy. The core objective moves from maximizing revenue per trade through discretionary practices to building long-term, sustainable client relationships through transparent and consistent execution quality. This strategic realignment is driven by the Code’s principles, which effectively create a new competitive landscape where trust and transparency become valuable assets.

![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)

## Redefining Last Look as a Risk Protocol

The primary strategic mandate of the Code is the formal definition of last look as a risk management utility. Principle 17 states that last look should be a risk control mechanism to verify validity and price. This compels LPs to abandon the use of last look as a discretionary tool for generating additional revenue.

The practice of “pre-hedging” or trading on the client’s information during the [last look window](https://prime.greeks.live/area/last-look-window/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), before accepting the trade, is explicitly proscribed. This forces a strategic decision ▴ an LP must engineer its systems and protocols to be fully compliant, which involves investing in technology and governance to ensure that the last look window is used solely for its intended defensive purpose.

> Adherence to the Code necessitates a strategic pivot, transforming last look from a discretionary tool into a transparent and auditable risk management function.

![A precise mechanical instrument with intersecting transparent and opaque hands, representing the intricate market microstructure of institutional digital asset derivatives. This visual metaphor highlights dynamic price discovery and bid-ask spread dynamics within RFQ protocols, emphasizing high-fidelity execution and latent liquidity through a robust Prime RFQ for atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineering-driving-institutional-digital-asset-derivatives-execution-across-advanced-rfq-protocols-and-prime-brokerage-frameworks.jpg)

## What Are the Implications of Disclosure Mandates?

Transparency is the Code’s most potent strategic lever. LPs are now expected to provide clear, detailed, and accessible disclosures on their last look practices. This allows liquidity consumers to conduct meaningful due diligence and compare LPs on a more level playing field. The table below outlines the strategic shift in disclosure practices.

### Table 1 ▴ Evolution of Last Look Disclosure Practices

| Disclosure Parameter | Pre-Code Environment (Typical) | Post-Code Environment (Best Practice) |
| --- | --- | --- |
| Use of Last Look | Often undisclosed or vaguely mentioned in terms of service. | Explicit confirmation of whether last look is used and on which products or under which circumstances. |
| Hold Time | Variable and undisclosed. Could be extended to observe market movements. | Defined, consistent, and disclosed hold times, engineered to be as short as possible for risk checks only. |
| Price Check Methodology | Opaque. Clients were unaware of the tolerance for price movement. | Disclosure of the price check methodology, including whether symmetric or asymmetric slippage is applied. |
| Information Use | Client trade request information could be used for the LP’s own trading activity. | Explicit commitment that client confidential information from trade requests is not used for trading during the last look window. |
| Rejection Data | Rejection reasons were often generic or not provided. | Provision of meaningful data on rejection rates and specific reasons for rejected trades to aid client TCA. |

![Metallic, reflective components depict high-fidelity execution within market microstructure. A central circular element symbolizes an institutional digital asset derivative, like a Bitcoin option, processed via RFQ protocol](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-high-fidelity-execution.jpg)

## Developing a Fair and Consistent Execution Framework

A successful strategy involves building an execution framework that is not only compliant but also demonstrably fair. This means engineering the last look process to be consistent and predictable. The concept of “additional [hold time](https://prime.greeks.live/area/hold-time/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite),” where an LP might pause the last look window to wait for more market information, is now considered poor practice.

The hold time should be calibrated only to the time required to perform the necessary price and validity checks and nothing more. This consistency builds trust and allows clients to better predict their execution outcomes.

- 
**Symmetric vs. Asymmetric Slippage** ▴ A key strategic choice is the handling of price movements during the last look window. Asymmetric slippage, where the LP rejects trades when the price moves against them but accepts trades when the price moves in their favor, is now widely seen as unfair. A compliant strategy involves applying symmetric price checks, where a price movement beyond a certain threshold in either direction will result in a rejection, or even passing on positive slippage to the client.

- 
**Data-Driven Justification** ▴ LPs must be prepared to justify their last look practices with data. This means maintaining detailed records of trade requests, [hold times](https://prime.greeks.live/area/hold-times/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), and rejection reasons. This data is not just for internal compliance; it can be a strategic tool to demonstrate the fairness and efficiency of their execution model to sophisticated clients.

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![A central dark aperture, like a precision matching engine, anchors four intersecting algorithmic pathways. Light-toned planes represent transparent liquidity pools, contrasting with dark teal sections signifying dark pool or latent liquidity](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-9.jpg)

## Execution

The execution of a last look practice compliant with the FX Global Code is a matter of precise operational engineering, robust governance, and a commitment to data transparency. It requires moving from abstract principles to concrete system design, control frameworks, and client communication protocols. For a liquidity provider, this means building an auditable trail that demonstrates adherence. For a liquidity consumer, it means developing the analytical capabilities to verify the quality of execution they are receiving.

![A precise metallic instrument, resembling an algorithmic trading probe or a multi-leg spread representation, passes through a transparent RFQ protocol gateway. This illustrates high-fidelity execution within market microstructure, facilitating price discovery for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-orchestration-of-institutional-digital-asset-rfq-execution.jpg)

## Implementing a Code-Compliant Last Look System

A liquidity provider must structure its execution systems to ensure the last look process is a clearly defined and controlled module. The following steps outline a procedural guide for implementing a compliant framework:

- 
**Establish Formal Governance** ▴ Create a formal policy document that details the firm’s last look methodology. This policy should be approved by senior management and compliance departments, outlining the exact purpose and mechanics of the last look window.

- 
**Calibrate Hold Times** ▴ The duration of the last look window must be technically justified. It should be calibrated to the minimum time required for the system to perform its two legitimate functions ▴ a [price check](https://prime.greeks.live/area/price-check/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) against a trusted, independent price feed, and a validity check for credit and settlement parameters. This time should be consistent and monitored for exceptions.

- 
**Engineer Information Barriers** ▴ The trading system architecture must create a technological barrier that prevents confidential information from a client’s trade request from being accessed or used by the firm’s trading desks during the last look window. This is a critical step to prevent the prohibited practice of pre-hedging.

- 
**Automate Rejection Logic** ▴ Rejection decisions should be automated based on pre-defined, objective criteria as outlined in the firm’s policy. This removes human discretion from the process. The system should generate a specific reason code for every rejection, which can then be communicated to the client.

- 
**Develop Clear Client Disclosures** ▴ Prepare a comprehensive disclosure document for clients that explains, in plain language, how the last look process works. This should cover hold times, price check tolerances, and the potential reasons for rejection.

- 
**Implement Monitoring and Surveillance** ▴ Establish a surveillance program to monitor the last look process in real-time or near-real-time. This program should flag any anomalies, such as extended hold times or unusual spikes in rejection rates, for further investigation.

![Abstract geometric structure with sharp angles and translucent planes, symbolizing institutional digital asset derivatives market microstructure. The central point signifies a core RFQ protocol engine, enabling precise price discovery and liquidity aggregation for multi-leg options strategies, crucial for high-fidelity execution and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/principals-operational-framework-optimizing-institutional-digital-asset-derivatives-rfq-protocol-execution-for-alpha-generation.jpg)

## How Can Clients Verify Compliance through TCA?

For liquidity consumers, the principles of the FX Global Code empower them to demand greater transparency and use [Transaction Cost Analysis](https://prime.greeks.live/area/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (TCA) to scrutinize the execution quality of their LPs. Effective TCA goes beyond simple fill rates and must analyze the subtle patterns of last look application. The table below presents a sample TCA report that a sophisticated client could use to evaluate LPs.

### Table 2 ▴ Comparative Transaction Cost Analysis for Last Look Practices

| Metric | Liquidity Provider A | Liquidity Provider B | Liquidity Provider C | Analysis |
| --- | --- | --- | --- | --- |
| Total Requests | 10,000 | 10,000 | 10,000 | Baseline volume for comparison. |
| Overall Rejection Rate | 2.5% | 8.0% | 2.7% | Provider B has a significantly higher rejection rate, warranting further investigation. |
| Avg. Hold Time (Accepted) | 15ms | 18ms | 85ms | Provider C’s hold time is an outlier, suggesting potential additional checks or intentional delay. |
| Avg. Hold Time (Rejected) | 16ms | 45ms | 90ms | Provider B’s longer hold time on rejections could indicate ‘waiting and seeing’ on market moves. |
| Rejection Reason ▴ Price | 95% | 60% | 94% | Provider B has a high number of rejections not attributed to price, which is suspicious. |
| Rejection Reason ▴ Other | 5% | 40% | 6% | The high percentage of ‘Other’ for Provider B suggests a lack of transparency in rejection logic. |

> Effective execution requires engineering an information barrier within the trading system to prevent the misuse of client data during the last look window.

This type of data-driven analysis allows a client to move beyond conversations about an LP’s stated policy and to evaluate their actual practice. A client can reasonably question why one provider has consistently longer hold times or a higher rate of unexplained rejections. This analytical capability is the ultimate enforcement mechanism of the Code, as it aligns the LP’s commercial incentive ▴ retaining client order flow ▴ with adherence to the Code’s principles.

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## References

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

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

- Federal Reserve Bank of New York. “The Foreign Exchange Global Code ▴ Lessons Learned and Next Steps.” 12 July 2017.

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

- Rösch, A. & K. R. Schenk-Hoppé. “Last look ▴ A blessing in disguise for high-frequency traders?” Journal of Banking & Finance, vol. 107, 2019, pp. 105615.

- Moore, M. & A. Tenti. “Last Look and the FX Global Code of Conduct.” Bank of England, Quarterly Bulletin, Q4 2017.

- O’Hara, M. “Market Microstructure Theory.” Blackwell Publishing, 1995.

![Angular, transparent forms in teal, clear, and beige dynamically intersect, embodying a multi-leg spread within an RFQ protocol. This depicts aggregated inquiry for institutional liquidity, enabling precise price discovery and atomic settlement of digital asset derivatives, optimizing market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/multi-leg-digital-asset-derivatives-rfq-protocol-aggregation-dynamics.jpg)

## Reflection

The integration of the FX Global Code’s principles into the operational fabric of last look practices marks a significant evolution in market structure. The knowledge of these principles and their effects is a necessary component of a modern execution framework. It prompts a deeper consideration of the systems that govern trading relationships. How does your own operational architecture measure up in terms of transparency, fairness, and accountability?

The Code provides a blueprint, but the ultimate responsibility for building a superior, high-integrity execution system rests with each market participant. The strategic potential lies not just in compliance, but in leveraging these principles to construct a more robust and trustworthy trading environment, which is the ultimate source of a durable competitive edge.

![A precision sphere, an Execution Management System EMS, probes a Digital Asset Liquidity Pool. This signifies High-Fidelity Execution via Smart Order Routing for institutional-grade digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/principal-rfq-engine-orchestrating-global-digital-asset-derivatives-liquidity-pool-price-discovery-and-high-fidelity-execution.jpg)

## Glossary

<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">
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## 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/area/fx-global-code/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## 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/liquidity-provider/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A transparent bar precisely intersects a dark blue circular module, symbolizing an RFQ protocol for institutional digital asset derivatives. This depicts high-fidelity execution within a dynamic liquidity pool, optimizing market microstructure via a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-protocol-for-prime-os-execution.jpg)

## Liquidity Provider

Meaning ▴ A Liquidity Provider is an entity, typically an institutional firm or professional trading desk, that actively facilitates market efficiency by continuously quoting two-sided prices, both bid and ask, for financial instruments. </a><a href="https://prime.greeks.live/question/what-are-the-core-differences-between-a-request-for-quote-and-a-request-for-market/?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)

## Trade Request

An RFQ sources discreet, competitive quotes from select dealers, while an RFM engages the continuous, anonymous, public order book. </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">
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## 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">
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## Last Look

Meaning ▴ Last Look refers to a specific latency window afforded to a liquidity provider, typically in electronic over-the-counter markets, enabling a final review of an incoming client order against real-time market conditions before committing to execution. </a><a href="https://prime.greeks.live/area/execution-policy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![An intricate, transparent cylindrical system depicts a sophisticated RFQ protocol for digital asset derivatives. Internal glowing elements signify high-fidelity execution and algorithmic trading](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-protocol-architecture.jpg)

## Execution Policy

Meaning ▴ An Execution Policy defines a structured set of rules and computational logic governing the handling and execution of financial orders within a trading system. </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 transparent central hub with precise, crossing blades symbolizes institutional RFQ protocol execution. This abstract mechanism depicts price discovery and algorithmic execution for digital asset derivatives, showcasing liquidity aggregation, market microstructure efficiency, and best execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-platform-microstructure.jpg)

## Last Look Window

Meaning ▴ The Last Look Window defines a finite temporal interval granted to a liquidity provider following the receipt of an institutional client's firm execution request, allowing for a final re-evaluation of market conditions and internal inventory before trade confirmation. </a><a href="https://prime.greeks.live/area/hold-time/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Sleek, metallic form with precise lines represents a robust Institutional Grade Prime RFQ for Digital Asset Derivatives. The prominent, reflective blue dome symbolizes an Intelligence Layer for Price Discovery and Market Microstructure visibility, enabling High-Fidelity Execution via RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/08/prime-os-rfq-protocol-high-fidelity-digital-asset-derivatives-engine.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/hold-times/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## 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/price-check/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Sleek Prime RFQ interface for institutional digital asset derivatives. An elongated panel displays dynamic numeric readouts, symbolizing multi-leg spread execution and real-time market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-rfq-options.jpg)

## Price Check

Meaning ▴ A Price Check is a real-time, programmatic query executed against a specified liquidity source or internal pricing engine to ascertain the current executable or indicative price for a given instrument and quantity. </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 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)

## 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>

**Tags:** [Market Microstructure](https://options.greeks.live/area/market-microstructure/), [GFXC](https://options.greeks.live/area/gfxc/), [Last Look Window](https://options.greeks.live/area/last-look-window/), [Execution Policy](https://options.greeks.live/area/execution-policy/), [FX Global Code](https://options.greeks.live/area/fx-global-code/), [Foreign Exchange Market](https://options.greeks.live/area/foreign-exchange-market/)	

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The FX Global Code mandates fair, transparent execution, compelling liquidity providers to eliminate additional last look hold times.

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The FX Global Code provides a framework for fairness and transparency, enabling the measurement and mitigation of asymmetric slippage in last look practices.

- 
### [How Can Transaction Cost Analysis Quantify the Financial Impact of Unfair Last Look?](https://options.greeks.live/question/how-can-transaction-cost-analysis-quantify-the-financial-impact-of-unfair-last-look/)
![Two diagonal cylindrical elements. The smooth upper mint-green pipe signifies optimized RFQ protocols and private quotation streams. The distressed lower pipe, marked by splatters and cracks, represents market microstructure complexities, reflecting slippage, adverse selection, and transaction costs during high-fidelity execution of institutional digital asset derivatives.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-microstructure-optimization-1.jpg)

TCA quantifies last look's impact by isolating and pricing rejection, delay, and information leakage costs.

- 
### [How Does Last Look Impact Execution Quality in FX Markets?](https://options.greeks.live/question/how-does-last-look-impact-execution-quality-in-fx-markets/)
![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)

Last look introduces a trade-off between tighter quotes and execution uncertainty, impacting quality via rejections and slippage.

- 
### [How Can Latency Heatmaps Reveal Changes in a Liquidity Provider’s Last Look Behavior over Time?](https://options.greeks.live/question/how-can-latency-heatmaps-reveal-changes-in-a-liquidity-providers-last-look-behavior-over-time/)
![Internal hard drive mechanics, with a read/write head poised over a data platter, symbolize the precise, low-latency execution and high-fidelity data access vital for institutional digital asset derivatives. This embodies a Principal OS architecture supporting robust RFQ protocols, enabling atomic settlement and optimized liquidity aggregation within complex market microstructure.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-precision-execution-system-microstructure.jpg)

Latency heatmaps decode a liquidity provider's temporal risk strategy, enabling a firm to architect a superior execution framework.

- 
### [How Can an Institutional Trading Desk Architect an Ems to Systematically Mitigate Last Look Rejection Costs?](https://options.greeks.live/question/how-can-an-institutional-trading-desk-architect-an-ems-to-systematically-mitigate-last-look-rejection-costs/)
![A central translucent disk, representing a Liquidity Pool or RFQ Hub, is intersected by a precision Execution Engine bar. Its core, an Intelligence Layer, signifies dynamic Price Discovery and Algorithmic Trading logic for Digital Asset Derivatives. Surrounding elements denote Market Microstructure and High-Fidelity Execution pathways for Block Trades, ensuring Best Execution within a Prime RFQ framework.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-visualizing-microstructure.jpg)

An institutional EMS mitigates last look costs by architecting a data-driven liquidity provider scoring and dynamic routing system.

- 
### [How Do Regulatory Frameworks Influence the Design of Permissible Last Look and Rejection Protocols?](https://options.greeks.live/question/how-do-regulatory-frameworks-influence-the-design-of-permissible-last-look-and-rejection-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)

Regulatory frameworks mandate transparency and fairness, shaping last look protocols into auditable risk controls rather than opaque options.

- 
### [What Is the Role of the Fx Global Code in Defining the Appropriate Use of Last Look?](https://options.greeks.live/question/what-is-the-role-of-the-fx-global-code-in-defining-the-appropriate-use-of-last-look/)
![Transparent geometric forms symbolize high-fidelity execution and price discovery across market microstructure. A teal element signifies dynamic liquidity pools for digital asset derivatives. An opaque dome embodies principal's capital for private quotation and portfolio margin, depicting RFQ protocols on a Prime RFQ.](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-rfq-execution-for-institutional-digital-asset-derivatives-1.jpg)

The FX Global Code defines appropriate last look as a transparent risk control for price and validity checks, not an opaque tool for trading advantage.

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---

**Original URL:** https://options.greeks.live/question/how-does-the-fx-global-code-influence-last-look-practices/
