# How Does the Fx Global Code Specifically Address the Issue of Additional Hold Times in Trading? ▴ Question

**Published:** 2025-07-30
**Categories:** Question

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## Concept

From the perspective of a systems architect, the [foreign exchange](https://prime.greeks.live/area/foreign-exchange/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) market is a vast, distributed network of information exchange and risk transfer. Within this architecture, every microsecond of latency, every packet of data, and every protocol governing interaction carries weight. The issue of [additional hold time](https://prime.greeks.live/area/additional-hold-time/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) in trading is a critical variable in this system.

It represents a deliberate, programmed pause introduced by a [liquidity provider](https://prime.greeks.live/area/liquidity-provider/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) between receiving a trade request and confirming its execution. This latency is an integral feature of the execution methodology known as ‘[last look](https://prime.greeks.live/area/last-look/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)’.

Last look provides a liquidity provider, acting as a principal, a final opportunity to review a client’s trade request against its quoted price. During this brief window, the provider can accept the trade at the quoted price or reject it. The ‘additional [hold time](https://prime.greeks.live/area/hold-time/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)’ is the duration of this window. It is a risk management tool for the liquidity provider, designed to protect against latency arbitrage and rapid, adverse price movements that could occur between the moment a price is quoted and the moment a trade request is received.

For the price taker, this hold time introduces an element of execution uncertainty. The trade is not final until the hold time expires and the provider confirms the fill.

> The FX Global Code addresses hold times by embedding them within the principle of transparency for last look practices, compelling liquidity providers to disclose their use and duration.

The [FX Global Code](https://prime.greeks.live/area/fx-global-code/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) approaches this systemic feature not by prohibiting it, but by subjecting it to rigorous principles of transparency and fairness. The Code operates on the understanding that [market participants](https://prime.greeks.live/question/in-what-ways-does-multilateral-netting-improve-capital-efficiency-for-market-participants/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) must have clear, unambiguous information about the execution protocols they are engaging with. Principle 17 of the Code is the central pillar of this approach. It mandates that market participants employing last look must be transparent about its use and provide comprehensive disclosures to their clients.

This transparency is the primary mechanism by which the Code addresses the issue of [hold times](https://prime.greeks.live/area/hold-times/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). The disclosure should detail the purpose of using last look and, critically, the expected or typical duration of the hold time itself. This transforms the hold time from an opaque, uncertain variable into a disclosed parameter of the execution system, allowing clients to make informed decisions about their liquidity sources.

This requirement for disclosure fundamentally alters the dynamic between liquidity provider and client. It reframes the hold time as a component of the service agreement. A client can now assess whether a provider’s typical hold time aligns with their own execution objectives and risk tolerance. The Code’s stance is that a well-functioning market is built on clarity.

By compelling disclosure, the Code provides the necessary data for market participants to analyze, compare, and select [liquidity providers](https://prime.greeks.live/area/liquidity-providers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) based on the specific characteristics of their last look implementation, including the length of the hold time. This fosters a more competitive and equitable market environment, where execution quality can be measured and managed with greater precision.

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## Strategy

The FX Global Code provides a strategic framework for both liquidity providers and clients to navigate the complexities of additional hold times. For liquidity providers, the strategy is one of compliance and competitive differentiation through transparency. For clients, the strategy is one of due diligence, quantitative analysis, and risk mitigation. The Code acts as a common set of guidelines that enables these strategies to interact within a more robust and fair market structure.

![A precise geometric prism reflects on a dark, structured surface, symbolizing institutional digital asset derivatives market microstructure. This visualizes block trade execution and price discovery for multi-leg spreads via RFQ protocols, ensuring high-fidelity execution and capital efficiency within Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-precision-execution.jpg)

## A Framework for Transparency and Fairness

The Code’s strategy is not to prescribe specific operational parameters, such as a maximum permissible hold time. Instead, it establishes principles that govern behavior. This principles-based approach allows for flexibility in a diverse and evolving market while setting a clear standard for conduct. The core strategic tenets are found in several key principles:

- 
**[Principle 17](https://prime.greeks.live/area/principle-17/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)** ▴ This is the cornerstone. It requires market participants to be transparent about their use of last look. Strategically, this means a liquidity provider must create and disseminate clear, detailed disclosure documents. These documents are not just a legal formality; they are a strategic tool to build trust with clients. A provider that offers a clear, concise explanation of its last look process, including typical hold times, can position itself as a fair and transparent partner.

- 
**Principle 14** ▴ This principle states that mark-up applied to client transactions should be fair and reasonable. While not directly about hold times, it relates to the overall fairness of the execution process. A long hold time, if used to reject trades that have moved in the client’s favor while accepting those that have moved against them, could be seen as contributing to an unfair pricing outcome. The strategy for providers is to ensure their last look practice, including the hold time, serves its stated risk-management purpose and does not become a mechanism for [asymmetric slippage](https://prime.greeks.live/area/asymmetric-slippage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite).

- 
**Principle 9** ▴ This principle requires market participants to handle orders fairly and with transparency. The application of a hold time must be consistent and non-discriminatory. A provider’s strategy should involve creating internal systems and controls that ensure the last look window is applied uniformly according to the disclosed terms, without favoring the provider’s interests over the client’s.

![The abstract visual depicts a sophisticated, transparent execution engine showcasing market microstructure for institutional digital asset derivatives. Its central matching engine facilitates RFQ protocol execution, revealing internal algorithmic trading logic and high-fidelity execution pathways](https://options.greeks.live/wp-content/uploads/2025/07/principal-rfq-engine-for-institutional-digital-asset-derivatives.jpg)

## Client Strategies for Mitigating Hold Time Risk

For institutional clients, the FX Global Code empowers them to develop sophisticated strategies for managing the risks associated with hold times. The transparency mandated by the Code is the raw material for this strategic process.

![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)

## What Is the Role of Transaction Cost Analysis?

[Transaction Cost Analysis](https://prime.greeks.live/area/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) ([TCA](https://prime.greeks.live/area/tca/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)) is the primary tool for clients to measure the impact of hold times and other execution factors. A robust TCA strategy involves several components:

- 
**Data Collection** ▴ Clients must capture detailed execution data for every trade. This includes the time the order was sent, the time the fill was received, the quoted price, the filled price, and whether the trade was rejected.

- 
**Liquidity Provider Segmentation** ▴ Clients should segment their TCA data by liquidity provider. This allows for a direct comparison of performance.

- 
**Metric Analysis** ▴ Key metrics to analyze include:

<li>
**[Rejection Rate](https://prime.greeks.live/area/rejection-rate/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)** ▴ The percentage of trade requests that are rejected by the provider. A high rejection rate, particularly during volatile periods, may indicate that the hold time is being used aggressively.

- 
**Slippage** ▴ The difference between the expected price and the executed price. Analysis should focus on asymmetric slippage, where negative slippage (unfavorable to the client) is more common than positive slippage.

- 
**Hold Time Measurement** ▴ By timestamping when a request is sent and when a confirmation or rejection is received, clients can independently measure the actual hold times of their providers and compare them to the disclosed typical times.

</li>

> A client’s strategic response to hold times involves transforming the transparency mandated by the Code into actionable intelligence through rigorous Transaction Cost Analysis.

The table below illustrates a simplified TCA comparison between two hypothetical liquidity providers. Provider B, despite a slightly longer disclosed hold time, demonstrates better execution quality through a lower rejection rate and more symmetric slippage.

### Liquidity Provider TCA Comparison

| Metric | Provider A | Provider B |
| --- | --- | --- |
| Disclosed Hold Time | 5-10 milliseconds | 10-15 milliseconds |
| Measured Average Hold Time | 8 milliseconds | 12 milliseconds |
| Rejection Rate (Overall) | 3.5% | 1.5% |
| Rejection Rate (High Volatility) | 8.0% | 2.5% |
| Average Slippage | -0.05 pips | -0.01 pips |

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## How Should Disclosures Be Evaluated?

Clients must develop a strategy for systematically evaluating the disclosures provided by their liquidity providers. This involves more than simply reading the document. It requires a critical assessment of the language used and the level of detail provided. A vague disclosure that speaks of “short” hold times is less valuable than one that provides a specific, measurable range.

Clients can create a scorecard to rank providers based on the quality and transparency of their disclosures. This qualitative analysis, when combined with the quantitative data from TCA, provides a comprehensive view of each provider’s practices.

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## Execution

Executing a strategy to manage the risks of additional hold times requires a detailed, operational approach. For an institutional [trading desk](https://prime.greeks.live/area/trading-desk/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), this means implementing specific procedures, utilizing quantitative tools, and integrating data into their trading systems. The FX Global Code provides the high-level principles; the execution is how those principles are translated into a tangible operational edge.

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## The Operational Playbook for Assessing Liquidity Providers

An institutional client should establish a formal, repeatable process for evaluating liquidity providers based on their handling of last look and hold times. This playbook ensures a consistent and data-driven approach.

- 
**Initial Due Diligence** ▴ 

<li>
**Request Disclosures** ▴ Formally request the liquidity provider’s FX Global Code Statement of Commitment and their specific disclosures related to Principle 17.

- 
**Analyze Disclosure Content** ▴ Scrutinize the document for clarity and completeness. Does it clearly state the purpose of last look? Does it provide a quantitative range for the hold time? Does it explain how price changes during the hold time affect the decision to fill or reject?

- 
**Conduct a Qualitative Interview** ▴ Schedule a call with the provider’s relationship manager or e-FX specialist. Ask direct questions based on the disclosure. For example ▴ “Your disclosure mentions a typical hold time of 10ms. Under what circumstances might this be longer?” or “Can you confirm that you do not use information from our rejected trade requests for your own trading activity?”

</li>
- 
**Quantitative Onboarding Trial** ▴ 

<li>
**Route a Small Portion of Flow** ▴ Direct a controlled, representative sample of order flow to the new provider for a defined trial period (e.g. one month).

- 
**Capture High-Resolution Data** ▴ Ensure the firm’s [Execution Management System](https://prime.greeks.live/area/execution-management-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (EMS) is capturing high-precision timestamps for order routing and execution confirmation.

- 
**Perform Daily TCA** ▴ Run daily TCA reports to monitor performance in near real-time. This allows for rapid identification of any anomalies.

</li>
- 
**Ongoing Performance Review** ▴ 

<li>
**Quarterly Review Cycle** ▴ Establish a formal quarterly review with each liquidity provider. Present them with your TCA findings, including measured hold times and rejection rates.

- 
**Benchmarking** ▴ Continuously benchmark the provider’s performance against their peers and their own historical performance.

- 
**Escalation Pathway** ▴ Define a clear internal process for escalating issues. If a provider’s performance deteriorates or deviates significantly from their disclosure, there should be a pre-defined set of actions, which could range from reducing flow to off-boarding the provider.

</li>

![Interlocking geometric forms, concentric circles, and a sharp diagonal element depict the intricate market microstructure of institutional digital asset derivatives. Concentric shapes symbolize deep liquidity pools and dynamic volatility surfaces](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-and-high-fidelity-execution.jpg)

## Quantitative Modeling and Data Analysis

The core of the execution strategy lies in robust data analysis. A trading desk must move beyond simple average metrics and analyze the distribution of outcomes. The following table presents a more granular analysis of two hypothetical providers, digging deeper into the nature of their rejections.

### Granular Rejection Analysis

| Metric | Provider C | Provider D |
| --- | --- | --- |
| Overall Rejection Rate | 2.0% | 2.1% |
| Rejections on Price Improving for Client | 85% | 55% |
| Rejections on Price Worsening for Client | 15% | 45% |
| Average Hold Time on Accepted Trades | 12ms | 14ms |
| Average Hold Time on Rejected Trades | 25ms | 15ms |

This analysis reveals a critical difference that would be missed by looking only at the overall rejection rate. Provider C demonstrates highly asymmetric rejection behavior. The vast majority of their rejections occur when the price moves in the client’s favor during the last look window. Furthermore, the hold time for rejected trades is significantly longer than for accepted trades, suggesting the provider may be waiting to see if the market moves against the client before rejecting.

Provider D, in contrast, shows more symmetric rejection behavior and a consistent hold time. This data provides a strong, quantitative basis for concluding that Provider D’s last look implementation is more aligned with the fairness principles of the FX Global Code.

> Effective execution hinges on quantitatively dissecting liquidity provider behavior to uncover asymmetries hidden within top-level metrics.

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## Predictive Scenario Analysis a Case Study

Consider a portfolio manager needing to execute a large EUR/USD order of 200 million. The trading desk decides to split the order across two providers, Provider C and Provider D from our analysis, sending 100 million to each via a series of smaller child orders. The market is moderately volatile following a data release.

With Provider D, the execution experience is predictable. The TCA report at the end of the execution shows that approximately 2.1% of the child orders were rejected, with rejections occurring in a seemingly random pattern relative to market moves. The average hold time was consistent at around 14-15ms. The overall execution cost was close to the expected implementation shortfall.

The execution with Provider C is different. As the Euro strengthens slightly, the trader notices a cluster of rejections from Provider C. The EMS logs show that these rejected orders had hold times approaching 30ms. The trader is forced to re-route these rejected orders back into the market, often at a slightly worse price.

The post-trade TCA confirms the suspicion. The fill rate from Provider C was lower, and the slippage was more negative than from Provider D. The extended hold time, combined with asymmetric rejections, directly led to a higher execution cost for the portion of the order handled by Provider C. This case study demonstrates the tangible financial impact of a provider’s last look and hold time policy, an impact that can only be managed through diligent execution and analysis.

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## Why Is System Integration a Decisive Factor?

The ability to execute this level of analysis depends on the technological architecture of the trading desk. The Execution Management System (EMS) or Order Management System (OMS) must be configured to support this workflow.

- 
**High-Precision Timestamping** ▴ The system must be able to log timestamps with millisecond or even microsecond precision to accurately measure hold times.

- 
**Customizable TCA** ▴ The TCA module should be flexible enough to allow for the creation of custom reports, such as the granular rejection analysis shown above. It should be able to segment data by provider, time of day, and market volatility.

- 
**Alerting Mechanisms** ▴ Sophisticated systems can be configured to generate real-time alerts. For example, an alert could be triggered if a provider’s rejection rate for the day exceeds a certain threshold, or if the measured hold time for a trade is significantly longer than the provider’s disclosed typical time. This allows traders to react to poor execution quality as it is happening, rather than waiting for a post-trade report.

Ultimately, the FX Global Code provides the mandate for transparency. The execution of a successful trading strategy in this environment requires the institutional capacity to transform that transparency into actionable intelligence. It is a fusion of diligent procedure, quantitative rigor, and sophisticated technology.

![An abstract system depicts an institutional-grade digital asset derivatives platform. Interwoven metallic conduits symbolize low-latency RFQ execution pathways, facilitating efficient block trade routing](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-rfq-execution-engine.jpg)

## References

- Global Foreign Exchange Committee. “FX Global Code ▴ May 2017.” Bank for International Settlements, 2017.

- Rösch, Angelika, and Christian Walter. “The Impact of Last Look on FX Transaction Costs.” Available at SSRN 3359483, 2019.

- Moore, Michael J. and Richard K. Lyons. “An Information-Based Hot-Potato Model of FX Trading.” Journal of International Economics, vol. 58, no. 2, 2002, pp. 265-296.

- The Investment Association. “A Buy-Side View on ‘Last Look’ in the FX Market.” The Investment Association, 2018.

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

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

- Evans, Martin D. D. “FX Trading and Exchange Rate Dynamics.” Journal of Finance, vol. 65, no. 6, 2010, pp. 2419-2447.

- Burnside, Craig, et al. “The Microstructure of the Foreign Exchange Market.” NBER Working Paper, no. 11951, 2006.

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## Reflection

The FX Global Code’s treatment of additional hold times through the lens of transparency provides a foundational layer for a more advanced operational architecture. The principles outlined in the Code are the specifications for a fairer, more robust market system. Viewing your own trading framework as a system that interfaces with this broader market architecture is a powerful perspective.

How does your system currently process the information that the Code compels liquidity providers to disclose? Is that data simply stored, or is it actively used to modulate and optimize your execution pathways in real time?

The knowledge of a provider’s hold time policy is a single data point. Its value is unlocked when it is integrated into a larger system of intelligence that includes TCA, real-time market data, and qualitative assessments. The ultimate goal is to build an execution framework that is not merely reactive to the market’s structure but is intelligently adaptive. The Code provides the necessary transparency; your operational framework determines whether that transparency becomes a decisive strategic advantage.

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## Glossary

<a href="https://prime.greeks.live/area/additional-hold-time/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Additional Hold Time

Meaning ▴ Additional Hold Time defines a configurable temporal delay imposed on an order's execution or a post-trade action, ensuring a specified minimum duration elapses before further market interaction or system processing occurs. </a><a href="https://prime.greeks.live/area/foreign-exchange/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## Foreign Exchange

Meaning ▴ Foreign Exchange, or FX, designates the global, decentralized market where currencies are traded. </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">
![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)

## Liquidity Provider

Meaning ▴ A Liquidity Provider is an entity, typically an institutional firm or professional trading desk, that actively facilitates market efficiency by continuously quoting two-sided prices, both bid and ask, for financial instruments. </a><a href="https://prime.greeks.live/area/last-look/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![An abstract visualization of a sophisticated institutional digital asset derivatives trading system. Intersecting transparent layers depict dynamic market microstructure, high-fidelity execution pathways, and liquidity aggregation for RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-institutional-digital-asset-derivatives-rfq-execution.jpg)

## Last Look

Meaning ▴ Last Look refers to a specific latency window afforded to a liquidity provider, typically in electronic over-the-counter markets, enabling a final review of an incoming client order against real-time market conditions before committing to execution. </a><a href="https://prime.greeks.live/area/hold-time/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## 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/question/in-what-ways-does-multilateral-netting-improve-capital-efficiency-for-market-participants/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Precision-engineered beige and teal conduits intersect against a dark void, symbolizing a Prime RFQ protocol interface. Transparent structural elements suggest multi-leg spread connectivity and high-fidelity execution pathways for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/insti-grade-digital-asset-derivatives-rfq-protocols-multi-leg-execution-junction.jpg)

## Market Participants

Multilateral netting enhances capital efficiency by compressing numerous gross obligations into a single net position, reducing settlement risk and freeing capital. </a><a href="https://prime.greeks.live/area/fx-global-code/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A vertically stacked assembly of diverse metallic and polymer components, resembling a modular lens system, visually represents the layered architecture of institutional digital asset derivatives. Each distinct ring signifies a critical market microstructure element, from RFQ protocol layers to aggregated liquidity pools, ensuring high-fidelity execution and capital efficiency within a Prime RFQ framework](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-execution-stack.jpg)

## Fx Global Code

Meaning ▴ The FX Global Code represents a comprehensive set of global principles of good practice for the wholesale foreign exchange market. </a><a href="https://prime.greeks.live/area/hold-times/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Central reflective hub with radiating metallic rods and layered translucent blades. This visualizes an RFQ protocol engine, symbolizing the Prime RFQ orchestrating multi-dealer liquidity for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-digital-asset-rfq-execution-and-liquidity-management.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/liquidity-providers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A crystalline sphere, representing aggregated price discovery and implied volatility, rests precisely on a secure execution rail. This symbolizes a Principal's high-fidelity execution within a sophisticated digital asset derivatives framework, connecting a prime brokerage gateway to a robust liquidity pipeline, ensuring atomic settlement and minimal slippage for institutional block trades](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-execution-platform-optimizing-liquidity-and-risk-management-through-advanced-protocols.jpg)

## Liquidity Providers

Meaning ▴ Liquidity Providers are market participants, typically institutional entities or sophisticated trading firms, that facilitate efficient market operations by continuously quoting bid and offer prices for financial instruments. </a><a href="https://prime.greeks.live/area/principle-17/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-visualizing-microstructure.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/asymmetric-slippage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## Asymmetric Slippage

Meaning ▴ Asymmetric slippage denotes a differential in the realized execution price impact between equivalent-sized buy and sell orders for a given asset. </a><a href="https://prime.greeks.live/area/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A robust, dark metallic platform, indicative of an institutional-grade execution management system. Its precise, machined components suggest high-fidelity execution for digital asset derivatives via RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-platform-high-fidelity-price-discovery-and-atomic-settlement-infrastructure.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/tca/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A layered, cream and dark blue structure with a transparent angular screen. This abstract visual embodies an institutional-grade Prime RFQ for high-fidelity RFQ execution, enabling deep liquidity aggregation and real-time risk management for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-layered-structure-for-institutional-digital-asset-rfq-execution.jpg)

## Tca

Meaning ▴ Transaction Cost Analysis (TCA) represents a quantitative methodology designed to evaluate the explicit and implicit costs incurred during the execution of financial trades. </a><a href="https://prime.greeks.live/area/rejection-rate/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A metallic sphere, symbolizing a Prime Brokerage Crypto Derivatives OS, emits sharp, angular blades. These represent High-Fidelity Execution and Algorithmic Trading strategies, visually interpreting Market Microstructure and Price Discovery within RFQ protocols for Institutional Grade Digital Asset Derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-intelligence-layer-system.jpg)

## Rejection Rate

Meaning ▴ Rejection Rate quantifies the proportion of submitted orders or requests that are declined by a trading venue, an internal matching engine, or a pre-trade risk system, calculated as the ratio of rejected messages to total messages or attempts over a defined period. </a><a href="https://prime.greeks.live/area/trading-desk/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precise mechanical instrument with intersecting transparent and opaque hands, representing the intricate market microstructure of institutional digital asset derivatives. This visual metaphor highlights dynamic price discovery and bid-ask spread dynamics within RFQ protocols, emphasizing high-fidelity execution and latent liquidity through a robust Prime RFQ for atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineering-driving-institutional-digital-asset-derivatives-execution-across-advanced-rfq-protocols-and-prime-brokerage-frameworks.jpg)

## Trading Desk

Meaning ▴ A Trading Desk represents a specialized operational system within an institutional financial entity, designed for the systematic execution, risk management, and strategic positioning of proprietary capital or client orders across various asset classes, with a particular focus on the complex and nascent digital asset derivatives landscape. </a><a href="https://prime.greeks.live/area/execution-management-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A central metallic bar, representing an RFQ block trade, pivots through translucent geometric planes symbolizing dynamic liquidity pools and multi-leg spread strategies. This illustrates a Principal's operational framework for high-fidelity execution and atomic settlement within a sophisticated Crypto Derivatives OS, optimizing private quotation workflows](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-facilitating-high-fidelity-price-discovery-and-optimal-capital-efficiency-within-advanced-market-microstructure.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>

**Tags:** [Liquidity Provider](https://options.greeks.live/area/liquidity-provider/), [Asymmetric Slippage](https://options.greeks.live/area/asymmetric-slippage/), [Execution Management System](https://options.greeks.live/area/execution-management-system/), [Best Execution](https://options.greeks.live/area/best-execution/), [Liquidity Providers](https://options.greeks.live/area/liquidity-providers/), [FX Market Microstructure](https://options.greeks.live/area/fx-market-microstructure/)	

## Discover More

- 
### [How Does Last Look Data Impact an Institution’s Overall Trading Strategy?](https://options.greeks.live/question/how-does-last-look-data-impact-an-institutions-overall-trading-strategy/)
![A sleek, cream-colored, dome-shaped object with a dark, central, blue-illuminated aperture, resting on a reflective surface against a black background. This represents a cutting-edge Crypto Derivatives OS, facilitating high-fidelity execution for institutional digital asset derivatives. Its central aperture symbolizes intelligent price discovery and real-time market microstructure analysis, crucial for optimal RFQ protocol management and multi-leg spread strategies, embodying prime brokerage capabilities.](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-prime-os-high-fidelity-rfq-execution-engine-intelligence-layer.jpg)

Last look data provides the critical intelligence to transform trading strategy from passive execution to active counterparty risk management.

- 
### [Can Transaction Cost Analysis Reliably Distinguish between Legitimate Risk Management and Predatory Last Look Practices?](https://options.greeks.live/question/can-transaction-cost-analysis-reliably-distinguish-between-legitimate-risk-management-and-predatory-last-look-practices/)
![Modular institutional-grade execution system components reveal luminous green data pathways, symbolizing high-fidelity cross-asset connectivity. This depicts intricate market microstructure facilitating RFQ protocol integration for atomic settlement of digital asset derivatives within a Principal's operational framework, underpinned by a Prime RFQ intelligence layer.](https://options.greeks.live/wp-content/uploads/2025/07/modular-high-fidelity-execution-architecture-for-institutional-digital-asset-derivatives-rfq-protocol-integration-and-principals-operational-framework-optimization.jpg)

TCA can reliably distinguish between legitimate and predatory last look practices by revealing patterns of behavior that are inconsistent with fair and ethical trading.

- 
### [What Are the Primary Arguments for and against the Practice of Last Look in FX Markets?](https://options.greeks.live/question/what-are-the-primary-arguments-for-and-against-the-practice-of-last-look-in-fx-markets/)
![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)

Last Look is a controversial FX market protocol granting liquidity providers a final option to reject trades, balancing their risk against taker execution uncertainty.

- 
### [What Are the Primary Challenges in Applying a Consistent TCA Framework across Both Equity and FX Markets?](https://options.greeks.live/question/what-are-the-primary-challenges-in-applying-a-consistent-tca-framework-across-both-equity-and-fx-markets/)
![A precise metallic central hub with sharp, grey angular blades signifies high-fidelity execution and smart order routing. Intersecting transparent teal planes represent layered liquidity pools and multi-leg spread structures, illustrating complex market microstructure for efficient price discovery within institutional digital asset derivatives RFQ protocols.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-for-high-fidelity-execution-across-market-microstructure-dynamics.jpg)

The primary challenge is architecting a system to translate a philosophy of measurement from equities' centralized structure to FX's fragmented, OTC world.

- 
### [How Does the FX Global Code’s Guidance on Last Look Impact Algorithmic Trading Strategies?](https://options.greeks.live/question/how-does-the-fx-global-codes-guidance-on-last-look-impact-algorithmic-trading-strategies/)
![A precise RFQ engine extends into an institutional digital asset liquidity pool, symbolizing high-fidelity execution and advanced price discovery within complex market microstructure. This embodies a Principal's operational framework for multi-leg spread strategies and capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-engine-interfacing-core-liquidity-system.jpg)

The FX Global Code's last look guidance transforms algorithmic trading from price-seeking into a system that quantifies and rewards fair LP behavior.

- 
### [How Does the FX Global Code Influence Last Look Practices?](https://options.greeks.live/question/how-does-the-fx-global-code-influence-last-look-practices/)
![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. It highlights Price Discovery and Pre-Trade Analytics within a Principal's Prime RFQ framework.](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)

The FX Global Code systemically redefines last look as a transparent risk protocol, mandating disclosure and fair execution practices.

- 
### [How Does Information Leakage Differ between Fx and Equities Rfq Protocols?](https://options.greeks.live/question/how-does-information-leakage-differ-between-fx-and-equities-rfq-protocols/)
![Reflective and circuit-patterned metallic discs symbolize the Prime RFQ powering institutional digital asset derivatives. This depicts deep market microstructure enabling high-fidelity execution through RFQ protocols, precise price discovery, and robust algorithmic trading within aggregated liquidity pools.](https://options.greeks.live/wp-content/uploads/2025/08/prime-os-architecture-driving-institutional-digital-asset-derivatives-rfq-protocols-for-optimal-liquidity-and-best-execution.jpg)

Information leakage in FX RFQs stems from dealer signaling in a decentralized market, while in equities it arises from algorithmic detection in a fragmented one.

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

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

- 
### [What Are the Regulatory Frameworks Governing Last-Look Functionality in RFQ Systems?](https://options.greeks.live/question/what-are-the-regulatory-frameworks-governing-last-look-functionality-in-rfq-systems/)
![Central metallic hub connects beige conduits, representing an institutional RFQ engine for digital asset derivatives. It facilitates multi-leg spread execution, ensuring atomic settlement, optimal price discovery, and high-fidelity execution within a Prime RFQ for capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-digital-asset-derivatives-rfq-protocol-execution-hub.jpg)

The governance of last-look in RFQ systems is a dual framework of MiFID II's venue regulation and the FX Global Code's conduct principles.

---

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---

**Original URL:** https://options.greeks.live/question/how-does-the-fx-global-code-specifically-address-the-issue-of-additional-hold-times-in-trading/
