# How Has the Fx Global Code Impacted Last Look Practices? ▴ Question

**Published:** 2025-08-05
**Categories:** Question

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## Concept

The implementation of the [FX Global Code](https://prime.greeks.live/area/fx-global-code/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) has fundamentally re-architected the practice of last look, shifting it from an opaque and often contentious mechanism into a more structured and transparent risk management tool. Before the Code, a [liquidity provider](https://prime.greeks.live/area/liquidity-provider/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)’s application of last look was largely a black box. A client’s trade request entered a state of ambiguity, a period during which the market maker could reject the trade with little to no explanation, often after the market had moved in the provider’s favor. This information asymmetry created systemic friction, eroding trust and complicating the execution analysis for asset managers and corporate treasurers who require predictable, high-fidelity execution.

The Code introduced a principles-based framework that imposes responsibilities on liquidity providers who utilize [last look](https://prime.greeks.live/area/last-look/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). At its core, last look is defined as a final opportunity for a market participant receiving a [trade request](https://prime.greeks.live/question/can-a-request-for-quote-platform-be-used-to-trade-derivatives-and-fixed-income-products/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) to accept or reject that request based on its quoted price. The mechanism is a risk control for the market maker, designed to protect them from being picked off by faster traders or during volatile market conditions.

The Code’s intervention was to delineate the acceptable use of this control. It established clear expectations for transparency, mandating that market participants must be clear and open about how and why they use last look.

This directive addresses the primary source of historical conflict ▴ the “free option” that last look appeared to give market makers. The practice was particularly problematic when providers engaged in trading activity based on the information from the client’s request during the [last look window](https://prime.greeks.live/area/last-look-window/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), before deciding whether to accept or reject the original trade. Such actions could move the market against the client, who would then find their rejected trade harder to execute at a favorable price elsewhere.

The Code directly confronts this by stating that such activity is inconsistent with good market practice, effectively aiming to close this informational loophole. The result is a system where last look is positioned as a tool for managing predefined risks, such as price changes and credit availability, rather than a mechanism for speculative advantage based on a client’s trading intent.

> The FX Global Code has reshaped last look from an undefined privilege into a disclosed and auditable risk management process.

The impact extends beyond mere principle. It has catalyzed a quantifiable shift in market behavior. Analysis of trading data following the Code’s adoption reveals a significant reduction in trade [rejection rates](https://prime.greeks.live/area/rejection-rates/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and a decrease in the “[hold times](https://prime.greeks.live/area/hold-times/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)” ▴ the duration of the last look window. For institutional traders, this means greater certainty of execution.

A lower [rejection rate](https://prime.greeks.live/area/rejection-rate/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) translates directly to reduced slippage costs, as the original quoted price is more likely to be honored. The shortening of hold times further reduces the temporal risk of the market moving against the client while their request is in limbo. This evolution signifies a maturation of the FX market, driven by a collective agreement on the principles of fairness and transparency, which in turn provides a more robust and reliable operating environment for all participants.

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## Strategy

The strategic response to the FX Global Code’s stipulations on last look requires a two-sided recalibration, affecting both liquidity providers (LPs) and liquidity consumers. For LPs, the focus has shifted from maximizing the defensive capabilities of last look to engineering a transparent and competitive execution framework. For consumers, the strategy now centers on leveraging the Code’s transparency mandates to perform rigorous [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)) and build more resilient, data-driven relationships with their LPs.

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## Redefining the Liquidity Provider Value Proposition

Post-Code, LPs can no longer compete by using ambiguous last look practices. The strategic imperative is to design and disclose a last look process that is both efficient and justifiable. This involves a clear articulation of the specific risks the last look window is intended to manage.

- **[Price Check](https://prime.greeks.live/area/price-check/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)** ▴ The most common use of last look is to verify that the market price has not moved beyond a certain tolerance between the time of the quote and the trade request. The Code compels LPs to disclose their methodology for this check, including the source of their pricing data and the tolerance levels they apply.

- **Credit and Validity Check** ▴ Last look can also be used for operational risk controls, such as confirming the client has sufficient credit to settle the trade. This is a universally accepted use, and transparency here reinforces the LP’s role as a responsible counterparty.

- **Prohibition of Information Leakage** ▴ A core strategic change is the prohibition on using the client’s trade information for the LP’s own trading activities during the last look window. This prevents the LP from pre-hedging a trade they might ultimately reject, an action that could disadvantage the client. Adherence to this principle becomes a key selling point, signaling integrity to the market.

This shift has led to a bifurcation in the market. LPs who have invested in technology to shorten their hold times and minimize rejection rates now use these metrics as a competitive advantage. They market their [execution quality](https://prime.greeks.live/area/execution-quality/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) statistics, providing clients with the data needed to verify their performance against the Code’s principles. This represents a move from a relationship based on trust alone to one based on verifiable, data-driven performance.

> For liquidity consumers, the Code provides the tools to transform execution quality from a subjective assessment into a quantifiable science.

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## A New Framework for Liquidity Consumers

For institutional clients, the FX Global Code provides a powerful lever for optimizing execution strategy. The ability to demand clear disclosures on last look practices allows for a more granular and effective approach to selecting and managing LP relationships. The modern execution strategy involves a continuous cycle of data analysis and performance review.

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## How Does the Code Empower Buy-Side Traders?

The primary empowerment comes from the ability to demand data. Buy-side firms can now systematically track and question the execution metrics of their LPs. This data-driven dialogue changes the power dynamic, allowing clients to hold LPs accountable to the principles of the Code. A firm can analyze rejection rates, hold times, and slippage patterns to identify which LPs offer the most reliable execution.

The following table illustrates a simplified comparison of LP behavior before and after the widespread adoption of the Code’s principles, highlighting the strategic shifts.

### Table 1 ▴ Evolution of Last Look Practices

| Metric | Pre-Code Environment | Post-Code Environment |
| --- | --- | --- |
| Disclosure | Opaque; LPs rarely disclosed the logic or duration of their last look window. | Transparent; LPs are expected to provide clear disclosures on their last look methodology as per Principle 17. |
| Hold Time | Often lengthy and unpredictable, introducing uncertainty for the client. | Reduced and more consistent; data shows average hold times have fallen significantly. |
| Rejection Rationale | Frequently non-specific; rejections could occur without clear justification. | More structured; rejections are expected to be tied to disclosed risk parameters like price movements. |
| Information Usage | Potential for LPs to use client trade information for pre-hedging during the last look window. | Trading on client information during the last look window is deemed inconsistent with good practice. |

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## Execution

The execution of trading strategies in the post-FX Global Code environment hinges on a firm’s ability to operationalize the Code’s principles. This requires a sophisticated approach to data analysis, technology integration, and counterparty management. For an institutional [trading desk](https://prime.greeks.live/area/trading-desk/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), mastering the nuances of last look is no longer a passive exercise; it is an active, data-intensive process of performance measurement and optimization.

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## Building a Quantitative Framework for LP Evaluation

The central task in executing a modern FX strategy is the quantitative evaluation of liquidity providers. This moves beyond simple spread comparison to a multi-factor analysis of execution quality. The Code’s transparency requirements provide the raw material for this analysis.

- **Data Capture** ▴ The first step is to ensure that all relevant data points for each trade request are captured. This includes the time of the request, the quoted price, the time of the response (acceptance or rejection), the execution price if filled, and the reason code for any rejection. This data should be captured at a high resolution, typically in milliseconds.

- **Metric Calculation** ▴ With the raw data, a trading desk can calculate a suite of key performance indicators (KPIs) for each LP. These metrics provide a quantitative basis for comparing performance.

- **Performance Benchmarking** ▴ The calculated KPIs should be used to create a scorecard for each LP. This allows the trading desk to rank LPs based on their true cost of execution, which incorporates both explicit costs (spreads) and implicit costs (rejections and slippage).

The following table provides an example of a quantitative scorecard for evaluating LPs. This type of analysis allows a trading desk to identify which LPs are adhering to the spirit of the Code and providing high-quality execution.

### Table 2 ▴ Liquidity Provider Execution Quality Scorecard

| Metric | LP ‘A’ (Post-Code Compliant) | LP ‘B’ (Legacy Practices) | Description |
| --- | --- | --- | --- |
| Average Hold Time (ms) | 37 ms | 150 ms | Measures the duration of the last look window. Shorter times reduce market risk for the client. |
| Rejection Rate (%) | 3.15% | 8.5% | The percentage of trade requests that are rejected. Lower rates indicate greater execution certainty. |
| Slippage on Fill (pips) | 0.05 | 0.20 | The average price movement between the initial quote and the final execution price on filled trades. |
| Rejection Cost Analysis (RCA) | Low | High | Measures the market impact on a client when they have to re-execute a rejected trade. |

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## What Is the Role of Technology in This New Environment?

Technology is the enabler of this quantitative approach. Execution Management Systems (EMS) and specialized TCA platforms are critical for capturing the necessary data and performing the analysis. These systems can automate the creation of LP scorecards and provide real-time alerts on poor execution quality.

Furthermore, the FIX protocol, the electronic messaging standard for financial markets, has evolved to better support the Code’s principles. For example, FIX messages can now include more detailed reason codes for rejections, providing the structured data needed for robust TCA.

> A disciplined, data-driven execution process transforms the FX Global Code from a set of principles into a tangible competitive advantage.

The operational playbook for a modern trading desk involves a continuous feedback loop. The quantitative analysis of LP performance informs the routing of future orders. LPs who demonstrate consistent adherence to the Code and provide high-quality execution are rewarded with more flow. Those who exhibit high rejection rates or long hold times are systematically de-prioritized.

This Darwinian process, enabled by technology and grounded in the principles of the FX Global Code, drives the entire market toward a more efficient and transparent state. It creates a system where fairness and good practice are not just ethical ideals, but measurable components of superior execution.

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## References

- The TRADE. “Global FX Code making an impact as ‘last look’ executions diminish.” 2018.

- Practical Law. “GFXC Changes Last Look Practices in Global FX Code.” 2017.

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

- ACI Financial Markets Association. “Report on Last Look for the FX Global Code.” 2021.

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

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## Reflection

The integration of the FX Global Code’s principles into the market’s architecture represents a significant milestone in the evolution of the [foreign exchange](https://prime.greeks.live/area/foreign-exchange/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) ecosystem. The journey from opaque, relationship-driven practices to a framework of quantifiable, transparent execution provides a powerful case study in systemic maturation. The changes to last look are a primary exhibit of this shift. They compel every market participant to examine their own operational framework.

Is your firm merely aware of the Code, or has it built the technological and analytical capabilities to use it as a strategic asset? The data is now more accessible than ever before. The principles are clear. The ultimate quality of your execution, and the robustness of your market access, is a direct function of the sophistication of the system you build to leverage this new environment.

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## Glossary

<a href="https://prime.greeks.live/area/liquidity-provider/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## 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/fx-global-code/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## 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/question/can-a-request-for-quote-platform-be-used-to-trade-derivatives-and-fixed-income-products/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Trade Request

An RFQ platform is an essential system for trading derivatives and fixed income, enabling discreet, competitive price discovery for complex trades. </a><a href="https://prime.greeks.live/area/last-look/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Last Look

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

Meaning ▴ The Last Look Window defines a finite temporal interval granted to a liquidity provider following the receipt of an institutional client's firm execution request, allowing for a final re-evaluation of market conditions and internal inventory before trade confirmation. </a><a href="https://prime.greeks.live/area/rejection-rates/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Rejection Rates

Meaning ▴ Rejection Rates quantify the proportion of order messages or trading instructions that a trading system, execution venue, or counterparty declines relative to the total number of submissions within a defined period. </a><a href="https://prime.greeks.live/area/hold-times/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Hold Times

Meaning ▴ Hold Times refers to the specified minimum duration an order or a particular order state must persist within a trading system or on an exchange's order book before a subsequent action, such as cancellation or modification, is permitted or a new related order can be submitted. </a><a href="https://prime.greeks.live/area/rejection-rate/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## 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/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## 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">
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## 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/price-check/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Price Check

Meaning ▴ A Price Check is a real-time, programmatic query executed against a specified liquidity source or internal pricing engine to ascertain the current executable or indicative price for a given instrument and quantity. </a><a href="https://prime.greeks.live/area/execution-quality/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A central, intricate blue mechanism, evocative of an Execution Management System EMS or Prime RFQ, embodies algorithmic trading. Transparent rings signify dynamic liquidity pools and price discovery for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-institutional-digital-asset-derivatives-framework-driving-high-fidelity-rfq-execution-and-optimized-market-microstructure-for-capital-efficiency.jpg)

## Execution Quality

Meaning ▴ Execution Quality quantifies the efficacy of an order's fill, assessing how closely the achieved trade price aligns with the prevailing market price at submission, alongside consideration for speed, cost, and market impact. </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">
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## 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/foreign-exchange/?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)

## Foreign Exchange

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

**Tags:** [TCA](https://options.greeks.live/area/tca/), [Principle 17](https://options.greeks.live/area/principle-17/), [Rejection Rate](https://options.greeks.live/area/rejection-rate/), [Hold Times](https://options.greeks.live/area/hold-times/), [Rejection Rates](https://options.greeks.live/area/rejection-rates/), [Foreign Exchange](https://options.greeks.live/area/foreign-exchange/)	

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- 
### [What Are the Key Differences in Last Look Practices among Bank and Non-Bank Liquidity Providers?](https://options.greeks.live/question/what-are-the-key-differences-in-last-look-practices-among-bank-and-non-bank-liquidity-providers/)
![A robust institutional framework composed of interlocked grey structures, featuring a central dark execution channel housing luminous blue crystalline elements representing deep liquidity and aggregated inquiry. A translucent teal prism symbolizes dynamic digital asset derivatives and the volatility surface, showcasing precise price discovery within a high-fidelity execution environment, powered by the Prime RFQ.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-intelligence-layer.jpg)

Bank LPs use last look primarily for risk mitigation, while non-bank LPs offer a spectrum from firm pricing to less transparent last look models.

- 
### [What Are the Regulatory Implications of Capturing and Analyzing Last Look Data?](https://options.greeks.live/question/what-are-the-regulatory-implications-of-capturing-and-analyzing-last-look-data/)
![The abstract image features angular, parallel metallic and colored planes, suggesting structured market microstructure for digital asset derivatives. A spherical element represents a block trade or RFQ protocol inquiry, reflecting dynamic implied volatility and price discovery within a dark pool. This visualizes high-fidelity execution pathways for principal's capital, minimizing slippage and optimizing capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/optimized-institutional-digital-asset-derivatives-rfq-protocol-framework-ensuring-principal-best-execution-and-latent-liquidity-capture.jpg)

Analyzing last look data is the definitive method for translating execution uncertainty into a quantifiable metric of market fairness.

- 
### [How Can a Firm Differentiate between Legitimate Risk Management and Abusive Last Look?](https://options.greeks.live/question/how-can-a-firm-differentiate-between-legitimate-risk-management-and-abusive-last-look/)
![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)

A firm distinguishes legitimate from abusive last look by analyzing execution data for symmetry in rejection logic and hold times.

- 
### [What Are the Technological Challenges in Minimizing Last Look Hold Times While Ensuring Robust Risk Checks?](https://options.greeks.live/question/what-are-the-technological-challenges-in-minimizing-last-look-hold-times-while-ensuring-robust-risk-checks/)
![Precision-engineered multi-layered architecture depicts institutional digital asset derivatives platforms, showcasing modularity for optimal liquidity aggregation and atomic settlement. This visualizes sophisticated RFQ protocols, enabling high-fidelity execution and robust pre-trade analytics.](https://options.greeks.live/wp-content/uploads/2025/08/modular-digital-asset-derivative-prime-os-for-institutional-rfq-and-block-trade-execution.jpg)

Minimizing last look hold times requires a technological architecture where risk computation outpaces market arbitrage.

- 
### [Can the Use of Last Look in an RFQ Protocol Be Considered a Form of Counterparty Risk?](https://options.greeks.live/question/can-the-use-of-last-look-in-an-rfq-protocol-be-considered-a-form-of-counterparty-risk/)
![A central, bi-sected circular element, symbolizing a liquidity pool within market microstructure, is bisected by a diagonal bar. This represents high-fidelity execution for digital asset derivatives via RFQ protocols, enabling price discovery and bilateral negotiation in a Prime RFQ.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-crypto-derivatives-execution-rfq-price-discovery-core.jpg)

Last look is an execution risk embedded in protocol design, giving liquidity providers optionality that creates measurable uncertainty for takers.

- 
### [Can Transaction Cost Analysis Truly Mitigate the Risks Associated with Last Look Venues?](https://options.greeks.live/question/can-transaction-cost-analysis-truly-mitigate-the-risks-associated-with-last-look-venues/)
![A sophisticated RFQ engine module, its spherical lens observing market microstructure and reflecting implied volatility. This Prime RFQ component ensures high-fidelity execution for institutional digital asset derivatives, enabling private quotation for block trades.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-for-best-execution-protocol.jpg)

TCA mitigates last look risk by quantifying execution uncertainty, transforming hidden costs into a decisive strategic advantage.

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

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

- 
### [What Are the Main Differences in Execution Risk between Symmetric and Asymmetric Last Look?](https://options.greeks.live/question/what-are-the-main-differences-in-execution-risk-between-symmetric-and-asymmetric-last-look/)
![Three metallic, circular mechanisms represent a calibrated system for institutional-grade digital asset derivatives trading. The central dial signifies price discovery and algorithmic precision within RFQ protocols. Outer elements reflect liquidity pool dynamics and high-fidelity execution in complex market microstructure, managing counterparty risk.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-and-execution-precision.jpg)

Symmetric last look offers predictable, bilateral risk, while asymmetric last look creates biased execution risk against the trader.

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---

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