# How Has the FX Global Code Changed Last Look Transparency? ▴ Question

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

---

![A sleek, metallic control mechanism with a luminous teal-accented sphere symbolizes high-fidelity execution within institutional digital asset derivatives trading. Its robust design represents Prime RFQ infrastructure enabling RFQ protocols for optimal price discovery, liquidity aggregation, and low-latency connectivity in algorithmic trading environments](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-execution-control-for-optimal-market-microstructure-precision.jpg)

![A central control knob on a metallic platform, bisected by sharp reflective lines, embodies an institutional RFQ protocol. This depicts intricate market microstructure, enabling high-fidelity execution, precise price discovery for multi-leg options, and robust Prime RFQ deployment, optimizing latent liquidity across digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/08/institutional-rfq-digital-asset-derivatives-execution-engine-core-microstructure.jpg)

## Concept

The implementation of the FX Global Code represents a fundamental recalibration of the [foreign exchange](https://prime.greeks.live/area/foreign-exchange/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) market’s operational architecture. It addresses a core structural tension that has long existed within its decentralized, over-the-counter framework. The practice of ‘last look’ sits at the very epicenter of this recalibration. To comprehend the Code’s impact, one must first view the FX market as a complex, dynamic system governed by protocols, where [liquidity providers](https://prime.greeks.live/area/liquidity-providers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (LPs) and liquidity consumers interact.

Within this system, [last look](https://prime.greeks.live/area/last-look/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) has historically functioned as a specific risk-management protocol for LPs. It grants them a final, brief window to decline 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) at the quoted price. This mechanism was designed to protect LPs from latency arbitrage and the risks inherent in a fragmented market where price information can be stale, even by milliseconds.

The protocol’s design, however, introduced a significant information asymmetry. During the [last look window](https://prime.greeks.live/area/last-look-window/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), the LP possessed actionable knowledge of a client’s intent to trade, information the wider market did not have. The period before the Code’s adoption was characterized by a lack of standardized rules governing how this information could be used. This opacity led to practices that eroded trust between market participants.

Certain LPs could use the information gleaned from a trade request for their own benefit, such as [pre-hedging](https://prime.greeks.live/area/pre-hedging/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), even if they ultimately rejected the client’s trade. This created adverse selection for the client, as their trading intent could move the market against them before their order was even filled. The market’s integrity was questioned, prompting a coordinated response from central banks and market participants to establish a common set of guiding principles.

> The FX Global Code did not prohibit last look; it redefined its operational parameters to function within a framework of measurable transparency and fairness.

The Code introduced a new layer of logic, articulated primarily through its principles on execution and information handling. It established a clear expectation that last look should be a risk control for price and validity checking. Principle 17 of the Code is the lynchpin in this new architecture. It specifies that trading activity utilizing the information from a client’s trade request during the last look window, including related hedging activity, is likely inconsistent with good market practice.

This principle directly targets the problematic use of information asymmetry. It effectively mandates that an LP’s systems and controls must create a firewall between the client’s confidential information and the firm’s other trading activities during that critical window. The objective was to transform last look from a potential source of unmonitored proprietary advantage into a transparent, auditable risk management function. This shift required a profound change in both technology and conduct, moving the entire system toward a state of greater accountability.

The Code operates as a voluntary set of global principles. Its power derives from widespread attestation and the collective expectation of adherence. By signing a Statement of Commitment, market participants signal their intention to conduct their FX market activities in a manner consistent with the Code’s principles. This creates a powerful network effect.

Buy-side firms, now armed with a clear set of standards, can demand greater transparency from their LPs. Sell-side firms, in turn, use their adherence and transparent practices as a competitive differentiator. The Code has therefore reshaped the competitive landscape, making the quality and fairness of execution a central element of the client-LP relationship. It provides a common language and a universal benchmark for evaluating conduct, fundamentally altering the dialogue around execution quality and what constitutes acceptable market practice in the world’s largest financial market.

![A central glowing core within metallic structures symbolizes an Institutional Grade RFQ engine. This Intelligence Layer enables optimal Price Discovery and High-Fidelity Execution for Digital Asset Derivatives, streamlining Block Trade and Multi-Leg Spread Atomic Settlement](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-microstructure-core.jpg)

![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)

## Strategy

The [FX Global Code](https://prime.greeks.live/area/fx-global-code/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)’s reformulation of last look principles has catalyzed a strategic realignment for all market participants. For liquidity providers, the focus has shifted from leveraging informational advantages to engineering and marketing transparent execution frameworks. For liquidity consumers, the strategy now centers on leveraging the Code’s principles to conduct sophisticated due diligence and quantitatively verify execution quality. This has elevated [Transaction Cost Analysis](https://prime.greeks.live/area/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (TCA) from a simple post-trade reporting tool to a central pillar of counterparty risk management and strategic routing decisions.

![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)

## The Strategic Imperative for Liquidity Providers

For LPs, adhering to the Code is a strategic necessity. Their primary challenge is to re-architect their trading systems and operational workflows to align with the principles of fairness and transparency, particularly regarding the use of information during the last look window. This involves more than just a compliance checkbox; it requires a fundamental rethinking of their value proposition.

- 
**System Architecture for Compliance** ▴ LPs must ensure their matching engines and risk systems can demonstrably prevent information from a client’s request from being used for other purposes during the last look [hold time](https://prime.greeks.live/area/hold-time/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). This often requires significant investment in technology to create internal information barriers that can be audited and proven to regulators and clients. The strategic goal is to build a system whose very design embodies the principles of the Code.

- 
**The Rise of Disclosure as a Competitive Tool** ▴ The Code has spurred the creation of Disclosure Cover Sheets. These standardized documents allow LPs to clearly explain their practices regarding last look, [hold times](https://prime.greeks.live/area/hold-times/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), and data handling. A sophisticated LP’s strategy is to use this disclosure not as a legal formality, but as a marketing tool. A clear, detailed, and client-friendly disclosure that outlines a fair [last look policy](https://prime.greeks.live/area/last-look-policy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) can attract and retain informed buy-side clients.

- 
**Symmetric vs Asymmetric Practices** ▴ The Code has brought the concepts of symmetric and asymmetric last look into sharp focus. Asymmetric last look involves the LP rejecting trades that move against them but accepting trades that move in their favor during the hold time. The Code implicitly discourages this. A forward-thinking strategic response for an LP is to adopt and promote a policy of [symmetric last look](https://prime.greeks.live/area/symmetric-last-look/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), where trades are rejected based on pre-defined, impartial criteria, such as price movement beyond a certain threshold, regardless of whether the movement favors the client or the LP. This becomes a powerful signal of fairness.

![A sophisticated, illuminated device representing an Institutional Grade Prime RFQ for Digital Asset Derivatives. Its glowing interface indicates active RFQ protocol execution, displaying high-fidelity execution status and price discovery for block trades](https://options.greeks.live/wp-content/uploads/2025/07/principal-rfq-engine-for-digital-asset-derivatives-best-execution-1.jpg)

## The Strategic Empowerment of the Buy Side

The FX Global Code has equipped buy-side firms with the tools and vocabulary to demand a higher standard of execution. Their strategy has evolved from a passive acceptance of LP practices to an active, data-driven evaluation of execution quality. Central to this is the evolution of TCA.

![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)

## How Has TCA Evolved Post-Code?

Post-Code TCA extends far beyond simple slippage measurement. It is now a forensic tool used to uncover the subtle costs associated with opaque last look practices. A modern TCA framework is designed to answer specific questions posed by the Code’s principles.

> Effective post-Code strategy for the buy-side involves using granular data to quantify the true cost of an LP’s last look policy, making transparency a measurable variable.

The table below illustrates the strategic shift in the metrics that sophisticated buy-side firms now prioritize in their TCA platforms.

### Table 1 ▴ Evolution of Strategic TCA Metrics

| TCA Metric | Pre-Code Focus | Post-Code Strategic Importance |
| --- | --- | --- |
| Execution Slippage | Measured the difference between the expected price and the executed price. This was the primary metric of performance. | Remains important, but is now analyzed in the context of other metrics. High slippage on filled trades combined with high rejection rates is a major red flag. |
| Fill/Rejection Rate | Monitored, but often without deep context. High rejection rates were seen as a nuisance. | A critical metric. Rejection rates are now analyzed against market volatility. Consistently high rejection rates during volatile periods suggest the LP is using last look to avoid risk at the client’s expense. |
| Hold Time Analysis | Largely ignored. The time an LP held a request before filling or rejecting was not systematically measured or analyzed. | A crucial indicator of potential misconduct. Longer hold times give the LP more time to observe market movements and benefit from information leakage. TCA systems now measure average and maximum hold times, flagging LPs with excessive delays. |
| Post-Rejection Market Impact | Not measured. The market movement after a trade was rejected was considered irrelevant. | A powerful forensic tool. Sophisticated TCA measures the price movement in the milliseconds following a rejection. A consistent pattern of the market moving against the client’s original intention after a rejection is strong evidence that the LP’s activity (or information leakage from it) is impacting the market. |

Armed with this more sophisticated TCA, the buy-side’s strategy involves a continuous loop of evaluation, engagement, and allocation. They evaluate LPs based on this rich dataset, engage with them to discuss their performance and adherence to the Code, and strategically allocate their trading flows to those LPs that demonstrate the fairest and most transparent execution.

![Precisely engineered abstract structure featuring translucent and opaque blades converging at a central hub. This embodies institutional RFQ protocol for digital asset derivatives, representing dynamic liquidity aggregation, high-fidelity execution, and complex multi-leg spread price discovery](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-digital-asset-derivatives-rfq-multi-leg-execution-protocol.jpg)

![A spherical control node atop a perforated disc with a teal ring. This Prime RFQ component ensures high-fidelity execution for institutional digital asset derivatives, optimizing RFQ protocol for liquidity aggregation, algorithmic trading, and robust risk management with capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-powered-high-fidelity-digital-asset-derivatives-execution.jpg)

## Execution

Executing a strategy that leverages the FX Global Code’s principles on last look requires a deep, operational commitment to data analysis and systematic due diligence. For institutional traders and portfolio managers, this means moving beyond high-level principles and implementing a rigorous, quantitative framework to assess [liquidity provider](https://prime.greeks.live/area/liquidity-provider/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) performance. The core of this execution lies in the meticulous collection of trade data and the application of advanced Transaction Cost Analysis to translate that data into actionable intelligence.

![A sophisticated control panel, featuring concentric blue and white segments with two teal oval buttons. This embodies an institutional RFQ Protocol interface, facilitating High-Fidelity Execution for Private Quotation and Aggregated Inquiry](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-rfq-protocol-interface-for-digital-asset-derivatives-execution.jpg)

## The Operational Playbook for Buy-Side Due Diligence

A robust execution framework for evaluating LPs under the Code’s transparency standards is a multi-stage process. It is systematic, repeatable, and evidence-based.

- 
**Verification of Commitment** ▴ The first operational step is to confirm that the liquidity provider has signed a Statement of Commitment to the FX Global Code. This is done by checking the Global Index of Public Registers maintained by the Global Foreign Exchange Committee ([GFXC](https://prime.greeks.live/area/gfxc/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)). This step serves as a baseline qualification.

- 
**Analysis of Disclosure Documents** ▴ The next step is to request and meticulously analyze the LP’s [Disclosure Cover Sheet](https://prime.greeks.live/area/disclosure-cover-sheet/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and any other relevant documentation. This analysis should compare the LP’s stated policies directly against the Code’s principles, particularly concerning last look hold times, the conditions for trade rejection, and the firm’s policy on using trade information. Any ambiguity or discrepancy should be flagged for clarification.

- 
**Quantitative Data Gathering** ▴ The firm must then execute a series of trades with the LP over a defined pilot period. The objective is to gather a statistically significant dataset. The Execution Management System (EMS) must be configured to capture high-precision timestamps for every stage of the order lifecycle ▴ order creation, order sent to LP, acknowledgment from LP, and final response (fill or reject) from LP.

- 
**Forensic TCA Implementation** ▴ This is the most critical phase. The gathered data is fed into a sophisticated TCA system capable of performing the detailed analysis required to vet last look practices. The analysis must go beyond averages and look at distributions and conditional probabilities to identify patterns of behavior.

![A sleek, angular Prime RFQ interface component featuring a vibrant teal sphere, symbolizing a precise control point for institutional digital asset derivatives. This represents high-fidelity execution and atomic settlement within advanced RFQ protocols, optimizing price discovery and liquidity across complex market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-control-point.jpg)

## Quantitative Modeling and Data Analysis

The heart of the execution process is the data. The following tables provide a simplified but realistic illustration of the kind of granular analysis required. We will compare two hypothetical liquidity providers ▴ “Opaque LP,” which operates with a traditional, non-transparent last look policy, and “Transparent LP,” which has fully aligned its practices with the FX Global Code.

The data below represents a small sample of trade requests for a EUR/USD order. The key metric to compute is “[Rejection Slippage](https://prime.greeks.live/area/rejection-slippage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite),” which measures the cost incurred by the client due to the trade being rejected. It is calculated as the difference between the market price at the time of rejection and the original quoted price, multiplied by the trade direction. A positive value indicates the market moved against the client during the hold time.

![A central, precision-engineered component with teal accents rises from a reflective surface. This embodies a high-fidelity RFQ engine, driving optimal price discovery for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-execution-engine-for-price-discovery.jpg)

## Is All Last Look Applied Equally?

The data demonstrates that the application and impact of last look can vary dramatically between providers, making quantitative analysis essential for uncovering the true costs.

### Table 2 ▴ Granular TCA Data for Opaque LP

| Trade ID | Request Time (UTC) | Response Time (UTC) | Hold Time (ms) | Quoted Price | Status | Price at Rejection | Rejection Slippage ($/M) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| A001 | 14:30:01.100 | 14:30:01.250 | 150 | 1.10105 | Filled | N/A | N/A |
| A002 | 14:30:02.300 | 14:30:02.500 | 200 | 1.10110 | Rejected | 1.10118 | $80 |
| A003 | 14:30:03.500 | 14:30:03.680 | 180 | 1.10095 | Filled | N/A | N/A |
| A004 | 14:30:04.800 | 14:30:05.050 | 250 | 1.10120 | Rejected | 1.10131 | $110 |

### Table 3 ▴ Granular TCA Data for Transparent LP

| Trade ID | Request Time (UTC) | Response Time (UTC) | Hold Time (ms) | Quoted Price | Status | Price at Rejection | Rejection Slippage ($/M) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| B001 | 14:30:01.105 | 14:30:01.125 | 20 | 1.10106 | Filled | N/A | N/A |
| B002 | 14:30:02.305 | 14:30:02.328 | 23 | 1.10111 | Filled | N/A | N/A |
| B003 | 14:30:03.505 | 14:30:03.525 | 20 | 1.10096 | Filled | N/A | N/A |
| B004 | 14:30:04.805 | 14:30:04.905 | 100 | 1.10121 | Rejected | 1.10123 | $20 |

The analysis of this data reveals several critical operational insights. Opaque LP exhibits significantly longer hold times (average 195ms vs. 41ms for Transparent LP) and a pattern of rejecting trades where the market has moved substantially against the client. The average rejection slippage for Opaque LP is $95 per million, a direct cost to the client.

Transparent LP, conversely, shows minimal hold times and a much lower rejection slippage, indicating their last look is used primarily for quick validity checks, not for opportunistic risk mitigation. This quantitative evidence is the foundation for executing a routing decision that aligns with the Code’s principles and minimizes hidden transaction costs.

![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)

## System Integration and Technological Architecture

Proper execution of this strategy requires specific technological capabilities. The firm’s infrastructure must be architected for high-fidelity data capture and analysis.

- 
**EMS and OMS Integration** ▴ The Execution Management System and Order Management System must be tightly integrated to provide a seamless flow of data. The EMS needs to support custom TCA fields to tag and analyze trades based on LP, strategy, and other relevant parameters.

- 
**High-Precision Timestamping** ▴ To accurately measure hold times and market impact, the trading infrastructure must utilize high-precision timestamping, ideally synchronized to a central clock like GPS. Timestamps must be captured at every point of the order’s journey, both internally and at the point of interaction with the LP.

- 
**TCA System Capabilities** ▴ The TCA system itself must be powerful enough to handle large datasets and perform the complex calculations required. It should be able to visualize the data, allowing traders to easily identify patterns and outliers. The ability to generate automated reports and alerts for LPs that breach certain performance thresholds is a key operational requirement.

Ultimately, the FX Global Code has transformed last look from an accepted, if disliked, market convention into a quantifiable and manageable element of counterparty risk. Executing a successful strategy in this new environment is an exercise in data-driven discipline, requiring a fusion of sophisticated technology, quantitative analysis, and a steadfast commitment to the principles of transparency and fairness.

![A metallic precision tool rests on a circuit board, its glowing traces depicting market microstructure and algorithmic trading. A reflective disc, symbolizing a liquidity pool, mirrors the tool, highlighting high-fidelity execution and price discovery for institutional digital asset derivatives via RFQ protocols and Principal's Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocols-driving-high-fidelity-execution-and-market-microstructure-optimization-via-principal-prime-os.jpg)

## References

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

- Bank for International Settlements. “FX Global Code ▴ 2021 Review of the Principles and Cover Sheets.” July 2021.

- Ramaswamy, Srichander. “A practitioner’s guide to the FX Global Code of Conduct.” Journal of Financial Compliance, vol. 2, no. 1, 2018, pp. 55-66.

- Levine, Matt. “Banks Mostly Don’t Want to Cheat You Anymore.” Bloomberg Opinion, 25 May 2017.

- Schrimpf, Andreas, and Vladyslav Sushko. “Beyond the last look ▴ The evolution of FX market structure.” 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.

- Financial Stability Board. “Foreign Exchange Benchmarks ▴ Final Report.” 30 September 2014.

![A complex sphere, split blue implied volatility surface and white, balances on a beam. A transparent sphere acts as fulcrum](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-balancing-liquidity.jpg)

## Reflection

![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)

## Calibrating the Market’s Moral Compass

The journey with the FX Global Code and its influence on last look transparency is a powerful case study in the maturation of a market. It demonstrates that efficiency and fairness are not mutually exclusive; they are deeply intertwined. The Code provides the architecture, but the ultimate responsibility for building a more robust and trustworthy market rests with the participants themselves. The principles force a critical self-examination ▴ is our execution framework designed purely for performance, or is it also engineered for integrity?

The data and tools now exist to answer this question with quantitative certainty. This moves the concept of ethical conduct from the abstract to the measurable. As you refine your own operational protocols, consider how you can further embed the principle of verifiable transparency not as a compliance burden, but as a core component of your competitive advantage and a testament to the market’s collective progress.

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

## Glossary

<a href="https://prime.greeks.live/area/liquidity-providers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract geometric forms converge around a central RFQ protocol engine, symbolizing institutional digital asset derivatives trading. Transparent elements represent real-time market data and algorithmic execution paths, while solid panels denote principal liquidity and robust counterparty relationships](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-core-for-high-fidelity-execution.jpg)

## Liquidity Providers

Meaning ▴ Liquidity Providers (LPs) are critical market participants in the crypto ecosystem, particularly for institutional options trading and RFQ crypto, who facilitate seamless trading by continuously offering to buy and sell digital assets or derivatives. </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">
![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)

## Foreign Exchange

Meaning ▴ Foreign Exchange (FX), traditionally defining the global decentralized market for currency trading, extends its conceptual framework within the crypto domain to encompass the trading of cryptocurrencies against fiat currencies or other cryptocurrencies. </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">
![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)

## 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/last-look/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A transparent, blue-tinted sphere, anchored to a metallic base on a light surface, symbolizes an RFQ inquiry for digital asset derivatives. A fine line represents low-latency FIX Protocol for high-fidelity execution, optimizing price discovery in market microstructure via Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-rfq-protocol-sphere-high-fidelity-execution-gateway.jpg)

## Last Look

Meaning ▴ Last Look is a contentious practice predominantly found in electronic over-the-counter (OTC) trading, particularly within foreign exchange and certain crypto markets, where a liquidity provider retains a brief, unilateral option to accept or reject a client's trade request after the client has committed to the quoted price. </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">
![Central polished disc, with contrasting segments, represents Institutional Digital Asset Derivatives Prime RFQ core. A textured rod signifies RFQ Protocol High-Fidelity Execution and Low Latency Market Microstructure data flow to the Quantitative Analysis Engine for Price Discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-core-system-high-fidelity.jpg)

## Last Look Window

Meaning ▴ A Last Look Window, prevalent in electronic Request for Quote (RFQ) and institutional crypto trading environments, denotes a brief, specified time interval during which a liquidity provider, after submitting a firm price quote, retains the unilateral option to accept or reject an incoming client order at that exact quoted price. </a><a href="https://prime.greeks.live/area/pre-hedging/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract geometric planes, translucent teal representing dynamic liquidity pools and implied volatility surfaces, intersect a dark bar. This signifies FIX protocol driven algorithmic trading and smart order routing](https://options.greeks.live/wp-content/uploads/2025/07/optimized-institutional-digital-asset-derivatives-rfq-liquidity-aggregation.jpg)

## Pre-Hedging

Meaning ▴ Pre-Hedging, within the context of institutional crypto trading, denotes the proactive practice of executing hedging transactions in the open market before a primary client order is fully executed or publicly disclosed. </a><a href="https://prime.greeks.live/area/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A central 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)

## Transaction Cost Analysis

Meaning ▴ Transaction Cost Analysis (TCA), in the context of cryptocurrency trading, is the systematic process of quantifying and evaluating all explicit and implicit costs incurred during the execution of digital asset trades. </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 glowing green ring encircles a dark, reflective sphere, symbolizing a principal's intelligence layer for high-fidelity RFQ execution. It reflects intricate market microstructure, signifying precise algorithmic trading for institutional digital asset derivatives, optimizing price discovery and managing latent liquidity](https://options.greeks.live/wp-content/uploads/2025/07/core-institutional-digital-asset-derivatives-rfq-execution-system-hub.jpg)

## Fx Global Code

Meaning ▴ The FX Global Code is an internationally recognized compilation of principles and best practices designed to foster a robust, fair, liquid, open, and appropriately transparent foreign exchange market. </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 deconstructed mechanical system with segmented components, revealing intricate gears and polished shafts, symbolizing the transparent, modular architecture of an institutional digital asset derivatives trading platform. This illustrates multi-leg spread execution, RFQ protocols, and atomic settlement processes](https://options.greeks.live/wp-content/uploads/2025/07/deconstructed-principal-trading-system-revealing-core-mechanics-of-digital-asset-derivatives-execution.jpg)

## Hold Time

Meaning ▴ Hold Time, in the specialized context of institutional crypto trading and specifically within Request for Quote (RFQ) systems, refers to the strictly defined, brief duration for which a firm price quote, once provided by a liquidity provider, remains valid and fully executable for the requesting party. </a><a href="https://prime.greeks.live/area/last-look-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)

## Last Look Policy

Meaning ▴ A Last Look Policy is a trading practice where a liquidity provider or market maker retains a final opportunity to accept or reject an incoming trade request after the initiator has committed to the price. </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">
![Precision-engineered multi-vane system with opaque, reflective, and translucent teal blades. This visualizes Institutional Grade Digital Asset Derivatives Market Microstructure, driving High-Fidelity Execution via RFQ protocols, optimizing Liquidity Pool aggregation, and Multi-Leg Spread management on a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-multi-vane-system-illustrating-institutional-digital-asset-derivatives-rfq-protocols-market-microstructure-optimized-liquidity-aggregation-prime-os-high-fidelity-execution.jpg)

## Hold Times

Meaning ▴ Hold Times in crypto institutional trading refer to the duration for which an order, a quoted price, or a trading position is intentionally maintained before its execution, modification, or liquidation. </a><a href="https://prime.greeks.live/area/symmetric-last-look/?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)

## Symmetric Last Look

Meaning ▴ Symmetric Last Look is an execution protocol primarily used in over-the-counter (OTC) markets, notably for foreign exchange and crypto, where both the liquidity provider and the client possess an equivalent, brief window to reject a trade after an initial quote acceptance. </a><a href="https://prime.greeks.live/area/rejection-rates/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Translucent and opaque geometric planes radiate from a central nexus, symbolizing layered liquidity and multi-leg spread execution via an institutional RFQ protocol. This represents high-fidelity price discovery for digital asset derivatives, showcasing optimal capital efficiency within a robust Prime RFQ framework](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-layer.jpg)

## Rejection Rates

Meaning ▴ Rejection Rates, in the context of crypto trading and institutional request-for-quote (RFQ) systems, represent the proportion of submitted orders or quote requests that are not executed or accepted by a liquidity provider or trading venue. </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">
![Abstract intersecting geometric forms, deep blue and light beige, represent advanced RFQ protocols for institutional digital asset derivatives. These forms signify multi-leg execution strategies, principal liquidity aggregation, and high-fidelity algorithmic pricing against a textured global market sphere, reflecting robust market microstructure and intelligence layer](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-multi-leg-execution-algorithmic-pricing-global-liquidity-principal-trading-systemic-integration-high-fidelity-execution.jpg)

## Liquidity Provider

Meaning ▴ A Liquidity Provider (LP), within the crypto investing and trading ecosystem, is an entity or individual that facilitates market efficiency by continuously quoting both bid and ask prices for a specific cryptocurrency pair, thereby offering to buy and sell the asset. </a><a href="https://prime.greeks.live/area/gfxc/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A multi-layered electronic system, centered on a precise circular module, visually embodies an institutional-grade Crypto Derivatives OS. It represents the intricate market microstructure enabling high-fidelity execution via RFQ protocols for digital asset derivatives, driven by an intelligence layer facilitating algorithmic trading and optimal price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-facilitating-high-fidelity-execution-and-optimal-price-discovery.jpg)

## Gfxc

Meaning ▴ GFXC stands for the Global Foreign Exchange Committee, an international collective of central banks and private sector market participants. </a><a href="https://prime.greeks.live/area/disclosure-cover-sheet/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Robust institutional Prime RFQ core connects to a precise RFQ protocol engine. Multi-leg spread execution blades propel a digital asset derivative target, optimizing price discovery](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-proto-insti-digital-asset-derivs-hi-fi-exec-capital-effi-risk-mgmt.jpg)

## Disclosure Cover Sheet

Meaning ▴ A Disclosure Cover Sheet in financial contexts, adapted for crypto institutional investing, serves as a concise summary document that precedes a more extensive set of offering or regulatory documents. </a><a href="https://prime.greeks.live/area/rejection-slippage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Precision-engineered institutional-grade Prime RFQ component, showcasing a reflective sphere and teal control. This symbolizes RFQ protocol mechanics, emphasizing high-fidelity execution, atomic settlement, and capital efficiency in digital asset derivatives market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-precision-execution-system-design.jpg)

## Rejection Slippage

Meaning ▴ Rejection slippage, in crypto trading systems, refers to the adverse price difference incurred when an order, initially quoted or intended for a specific price, is rejected and subsequently executed at a less favorable price due to market movement during the rejection and resubmission interval. </a>

**Tags:** [Transaction Cost Analysis](https://options.greeks.live/area/transaction-cost-analysis/), [Liquidity Provider](https://options.greeks.live/area/liquidity-provider/), [Hold Time](https://options.greeks.live/area/hold-time/), [Execution Slippage](https://options.greeks.live/area/execution-slippage/), [Symmetric Last Look](https://options.greeks.live/area/symmetric-last-look/), [Last Look Window](https://options.greeks.live/area/last-look-window/)	

## Discover More

- 
### [What Are the Technological Requirements for Effectively Managing Last Look Rejections?](https://options.greeks.live/question/what-are-the-technological-requirements-for-effectively-managing-last-look-rejections/)
![An intricate mechanical assembly reveals the market microstructure of an institutional-grade RFQ protocol engine. It visualizes high-fidelity execution for digital asset derivatives block trades, managing counterparty risk and multi-leg spread strategies within a liquidity pool, embodying a Prime RFQ.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-architecture.jpg)

Effective last look management requires a data-driven architecture that quantifies rejection risk to optimize execution certainty.

- 
### [How Can Traders Quantitatively Measure the Cost of Last Look Rejections?](https://options.greeks.live/question/how-can-traders-quantitatively-measure-the-cost-of-last-look-rejections/)
![Sleek, layered surfaces represent an institutional grade Crypto Derivatives OS enabling high-fidelity execution. Circular elements symbolize price discovery via RFQ private quotation protocols, facilitating atomic settlement for multi-leg spread strategies in digital asset derivatives.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-trading-system-core.jpg)

Quantifying last look rejection costs requires measuring the slippage between the rejected quote and the eventual, less favorable execution price.

- 
### [How Do Regulators Distinguish between Legitimate Risk Management and Unfair Last Look Practices?](https://options.greeks.live/question/how-do-regulators-distinguish-between-legitimate-risk-management-and-unfair-last-look-practices/)
![Sleek, angled structures intersect, reflecting a central convergence. Intersecting light planes illustrate RFQ Protocol pathways for Price Discovery and High-Fidelity Execution in Market Microstructure. This visualizes Aggregated Inquiry meeting Private Quotation for Digital Asset Derivatives via a Prime RFQ.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-price-discovery-microstructure.jpg)

Regulators distinguish fair risk management from unfair last look by analyzing trade data for symmetrical, rules-based rejections versus asymmetrical, opportunistic delays.

- 
### [What Is the Role of ‘Last Look’ in RFQ Protocols for Crypto Derivatives?](https://options.greeks.live/question/what-is-the-role-of-last-look-in-rfq-protocols-for-crypto-derivatives/)
![A precisely engineered central blue hub anchors segmented grey and blue components, symbolizing a robust Prime RFQ for institutional trading of digital asset derivatives. This structure represents a sophisticated RFQ protocol engine, optimizing liquidity pool aggregation and price discovery through advanced market microstructure for high-fidelity execution and private quotation.](https://options.greeks.live/wp-content/uploads/2025/08/prime-os-digital-asset-derivatives-rfq-execution-core-systemic-hub.jpg)

'Last look' is a conditional risk-control mechanism in RFQ protocols that gives liquidity providers a final option to reject a trade.

- 
### [What Is the ‘Last Look’ in an RFQ Process?](https://options.greeks.live/question/what-is-the-last-look-in-an-rfq-process/)
![A precision metallic dial on a multi-layered interface embodies an institutional RFQ engine. The translucent panel suggests an intelligence layer for real-time price discovery and high-fidelity execution of digital asset derivatives, optimizing capital efficiency for block trades within complex market microstructure.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-high-fidelity-execution-system.jpg)

Last look is a risk control protocol granting a liquidity provider a final chance to accept or reject a trade at its quoted price.

- 
### [What Are the Quantitative Metrics Used to Identify Asymmetric Last Look Practices by Dealers?](https://options.greeks.live/question/what-are-the-quantitative-metrics-used-to-identify-asymmetric-last-look-practices-by-dealers/)
![A sleek, dark, angled component, representing an RFQ protocol engine, rests on a beige Prime RFQ base. Flanked by a deep blue sphere representing aggregated liquidity and a light green sphere for multi-dealer platform access, it illustrates high-fidelity execution within digital asset derivatives market microstructure, optimizing price discovery.](https://options.greeks.live/wp-content/uploads/2025/07/advanced-rfq-system-for-digital-asset-derivatives-price-discovery.jpg)

Quantifying asymmetric last look involves analyzing conditional rejection rates and hold times to detect biased dealer behavior.

- 
### [How Does the Fx Global Code Specifically Address Information Leakage during Last Look?](https://options.greeks.live/question/how-does-the-fx-global-code-specifically-address-information-leakage-during-last-look/)
![A sophisticated internal mechanism of a split sphere reveals the core of an institutional-grade RFQ protocol. Polished surfaces reflect intricate components, symbolizing high-fidelity execution and price discovery within digital asset derivatives. This architecture supports multi-leg spreads and atomic settlement for block trades on a Prime RFQ.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-system.jpg)

The FX Global Code addresses information leakage during last look by defining it as a risk control and prohibiting trading on client data.

- 
### [What Are the Key Metrics for Evaluating the Quality of a Last Look Liquidity Provider?](https://options.greeks.live/question/what-are-the-key-metrics-for-evaluating-the-quality-of-a-last-look-liquidity-provider/)
![A deconstructed mechanical system with segmented components, revealing intricate gears and polished shafts, symbolizing the transparent, modular architecture of an institutional digital asset derivatives trading platform. This illustrates multi-leg spread execution, RFQ protocols, and atomic settlement processes.](https://options.greeks.live/wp-content/uploads/2025/07/deconstructed-principal-trading-system-revealing-core-mechanics-of-digital-asset-derivatives-execution.jpg)

Evaluating a last look LP is a quantitative audit of their embedded optionality, measured by fill rates, hold times, and transparency.

- 
### [What Are the Primary Technological Hurdles to Integrating Last Look Data into a Legacy TCA System?](https://options.greeks.live/question/what-are-the-primary-technological-hurdles-to-integrating-last-look-data-into-a-legacy-tca-system/)
![A precise digital asset derivatives trading mechanism, featuring transparent data conduits symbolizing RFQ protocol execution and multi-leg spread strategies. Intricate gears visualize market microstructure, ensuring high-fidelity execution and robust price discovery. This system mitigates counterparty risk and optimizes capital efficiency for institutional trading.](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-institutional-digital-asset-derivatives-rfq-execution-framework.jpg)

Integrating last look data into legacy TCA systems demands a strategic overhaul of data architecture and processing paradigms.

---

## 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 Has the FX Global Code Changed Last Look Transparency?",
            "item": "https://options.greeks.live/question/how-has-the-fx-global-code-changed-last-look-transparency/"
        }
    ]
}
```

```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-has-the-fx-global-code-changed-last-look-transparency/"
    },
    "headline": "How Has the FX Global Code Changed Last Look Transparency? \u25b4 Question",
    "description": "The FX Global Code systemized last look transparency by shifting its function from an opaque privilege to an auditable risk control. \u25b4 Question",
    "url": "https://options.greeks.live/question/how-has-the-fx-global-code-changed-last-look-transparency/",
    "datePublished": "2025-08-02T13:50:51+00:00",
    "dateModified": "2025-10-24T10:02:39+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-digital-asset-derivatives-rfq-protocol-core-for-high-fidelity-execution.jpg",
        "caption": "A visual metaphor for sophisticated institutional digital asset derivatives trading. The central hub signifies a robust RFQ protocol engine, aggregating private quotation inquiries for multi-leg spreads and block trades. Transparent planes illustrate algorithmic trading and implied volatility surface analysis, ensuring high-fidelity execution and capital efficiency. Opaque elements represent prime brokerage liquidity pools, mitigating counterparty risk for optimal alpha generation within a Prime RFQ, enhancing market microstructure for Bitcoin options and Ethereum futures."
    },
    "keywords": [
        "Disclosure Cover Sheet",
        "Execution Slippage",
        "Foreign Exchange",
        "FX Global Code",
        "FX Transparency",
        "GFXC",
        "Hold Time",
        "Hold Time Analysis",
        "Hold Times",
        "Last Look",
        "Last Look Policy",
        "Last Look Window",
        "Liquidity Provider",
        "Liquidity Providers",
        "Market Microstructure",
        "Pre-Hedging",
        "Rejection Rates",
        "Rejection Slippage",
        "Symmetric Last Look",
        "Transaction Cost Analysis"
    ]
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "WebSite",
    "url": "https://options.greeks.live/",
    "potentialAction": {
        "@type": "SearchAction",
        "target": "https://options.greeks.live/?s=search_term_string",
        "query-input": "required name=search_term_string"
    }
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "FAQPage",
    "mainEntity": [
        {
            "@type": "Question",
            "name": "How Has TCA Evolved Post-Code?",
            "acceptedAnswer": {
                "@type": "Answer",
                "text": "Post-Code TCA extends far beyond simple slippage measurement. It is now a forensic tool used to uncover the subtle costs associated with opaque last look practices. A modern TCA framework is designed to answer specific questions posed by the Code's principles."
            }
        },
        {
            "@type": "Question",
            "name": "Is All Last Look Applied Equally?",
            "acceptedAnswer": {
                "@type": "Answer",
                "text": "The data demonstrates that the application and impact of last look can vary dramatically between providers, making quantitative analysis essential for uncovering the true costs."
            }
        }
    ]
}
```


---

**Original URL:** https://options.greeks.live/question/how-has-the-fx-global-code-changed-last-look-transparency/
