# What Are the Key Differences between Symmetric and Asymmetric Last Look? ▴ Question

**Published:** 2025-08-03
**Categories:** Question

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## Concept

The architecture of modern over-the-counter (OTC) markets rests on a series of protocols designed to manage risk in the interval between a price quotation and a trade’s execution. At the heart of this system is the practice of last look, a risk-control mechanism employed by a [liquidity provider](https://prime.greeks.live/area/liquidity-provider/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (LP). This mechanism grants the LP a final moment to review a client’s trade request against the prevailing market price before committing to the transaction. The operational distinction between symmetric and [asymmetric last look](https://prime.greeks.live/area/asymmetric-last-look/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) defines the power dynamic and risk allocation between the liquidity provider and the liquidity consumer.

Understanding this distinction begins with acknowledging the inherent latency in electronic trading. A price is quoted, a client responds, and in those milliseconds, the [market moves](https://prime.greeks.live/question/how-can-transaction-cost-analysis-distinguish-between-temporary-price-impact-and-permanent-information-based-price-moves/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). [Last look](https://prime.greeks.live/area/last-look/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is the LP’s defense against being executed on a stale price that has become unprofitable due to that movement. The specific implementation of this defense mechanism determines its fairness and its impact on the client’s execution quality.

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## Symmetric Last Look a Framework of Mutual Protection

[Symmetric last look](https://prime.greeks.live/area/symmetric-last-look/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) operates on a principle of bilateral protection. The liquidity provider establishes a predefined [price tolerance](https://prime.greeks.live/area/price-tolerance/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) level, creating a symmetrical window around the quoted price. A trade request is accepted only if the current market price remains within this tolerance band. Should the price move beyond the threshold in either direction ▴ whether in favor of the LP or in favor of the client ▴ the trade is rejected.

This structure functions as a validation check to ensure the price at execution is fundamentally consistent with the price at quotation. It protects the LP from adverse [price moves](https://prime.greeks.live/question/how-can-transaction-cost-analysis-distinguish-between-temporary-price-impact-and-permanent-information-based-price-moves/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) while also shielding the client from significant negative slippage on a volatile market swing.

> A symmetric check applies an identical price tolerance level on both sides of the quoted price, leading to rejection if the market moves beyond this boundary in either direction.

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## Asymmetric Last Look a Unilateral Advantage

Asymmetric last look constructs a different set of rules. In this model, the price check and its consequences are applied unevenly. The liquidity provider still defines a tolerance level for price moves that are unfavorable to its position. If the [market moves against](https://prime.greeks.live/question/how-can-transaction-cost-analysis-distinguish-between-temporary-price-impact-and-permanent-information-based-price-moves/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) the LP beyond this threshold, the trade is rejected.

The asymmetry manifests when the price moves in the LP’s favor. In this scenario, the trade is accepted, even if the price movement is substantial. This practice effectively creates a free option for the liquidity provider. The LP can choose to execute trades that have become more profitable while rejecting those that have become losses, leaving the client to bear the market risk of re-initiating the trade at a worse price.

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## Strategy

The choice between engaging with liquidity providers who employ symmetric versus asymmetric last look is a core strategic decision for any institutional trader. This decision directly influences execution certainty, transaction costs, and the degree of information risk assumed during the trading process. Analyzing these protocols through a strategic lens reveals the trade-offs inherent in each system.

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## How Does Last Look Impact Execution Risk

The primary strategic divergence between the two models lies in the management of [execution risk](https://prime.greeks.live/area/execution-risk/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). Execution risk is the uncertainty that a trade will be completed as intended. A symmetric protocol provides a higher degree of execution certainty. The rules for rejection are clear, predictable, and apply equally to both parties.

This predictability allows traders to model their execution outcomes with greater confidence. Asymmetric protocols introduce significant execution uncertainty. The client faces the risk of rejection precisely when the market is moving in their favor (and against the LP), forcing them back into the market at a less opportune moment. This dynamic can systematically degrade execution performance over time, especially for strategies that are sensitive to latency or that trade in high volumes.

> The selection of a last look protocol dictates the level of execution risk, though the ultimate transaction costs for the trader may not be directly affected by this choice alone.

![Clear geometric prisms and flat planes interlock, symbolizing complex market microstructure and multi-leg spread strategies in institutional digital asset derivatives. A solid teal circle represents a discrete liquidity pool for private quotation via RFQ protocols, ensuring high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-price-discovery-and-high-fidelity-execution.jpg)

## The Hidden Cost of Information Leakage

A rejected trade under a last look protocol is more than a failed transaction; it is a signal. When an LP rejects a trade, it gains valuable, private information about a client’s trading intention without taking on any risk itself. This [information leakage](https://prime.greeks.live/area/information-leakage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is a critical strategic concern. In an asymmetric model, the problem is magnified.

The LP learns of the client’s intent and can potentially use that information, while the client is left with an unfilled order and market exposure. For large institutional orders, this leakage can lead to adverse [market impact](https://prime.greeks.live/area/market-impact/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) as other participants may react to the LP’s subsequent actions. Symmetric models, while still revealing intent upon rejection, at least apply the rejection rule consistently, making the information leakage a byproduct of market volatility rather than a one-sided strategic advantage for the LP.

The [FX Global Code](https://prime.greeks.live/area/fx-global-code/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), a set of principles for the wholesale [foreign exchange](https://prime.greeks.live/area/foreign-exchange/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) market, has pushed for greater transparency in these practices, compelling LPs to disclose their methodologies. This allows liquidity consumers to make more informed strategic decisions about which LPs to include in their execution pools.

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## A Comparative Analysis of Strategic Factors

To systematize the decision-making process, institutional traders can evaluate liquidity providers based on the last look methodology they employ. The following table outlines the key strategic considerations.

| Strategic Factor | Symmetric Last Look | Asymmetric Last Look |
| --- | --- | --- |
| Execution Certainty | Higher. Rejection logic is predictable and based on a pre-set tolerance for volatility in either direction. | Lower. Rejection is likely when the market moves against the LP, creating uncertainty for the trader. |
| Information Risk | Moderate. Rejections still signal intent, but the conditions for rejection are transparent and equitable. | High. Rejections provide the LP with a free look at the trader’s intentions, creating significant information leakage risk. |
| Implicit Transaction Costs | Lower. Protects the trader from severe negative slippage and reduces the cost associated with re-entering a failed trade. | Higher. The cost of being rejected in a moving market and having to execute at a worse price is a direct cost to the trader. |
| Alignment with Global Codes | Strongly aligned with the principles of fairness and transparency outlined in the FX Global Code. | Poorly aligned. The practice is often viewed as a conflict of interest that disadvantages the liquidity consumer. |

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## Execution

From an operational standpoint, the execution mechanics of symmetric and asymmetric last look protocols can be modeled as distinct quantitative frameworks. The liquidity provider’s decision to accept or reject a trade is not arbitrary; it is the output of a specific logic applied to price movements within the last look window. Understanding this logic is essential for any institution seeking to perform effective [Transaction Cost Analysis](https://prime.greeks.live/area/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (TCA) and optimize its execution strategy.

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## Modeling the Payoff Structure

The economic impact of last look can be precisely described using the language of options. This provides a clear, quantitative lens through which to view the risk transfer occurring in each transaction.

- **Asymmetric Last Look as an Option**. When a client sends a trade request to an LP using an asymmetric protocol, the client is effectively writing a free, at-the-money option to the LP. The LP has the right, but not the obligation, to execute the trade. If the [market price](https://prime.greeks.live/question/how-does-the-proliferation-of-last-look-affect-overall-price-discovery-and-market-stability-in-the-fx-market/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) [moves against](https://prime.greeks.live/question/how-can-transaction-cost-analysis-distinguish-between-temporary-price-impact-and-permanent-information-based-price-moves/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) the client (in the LP’s favor), the LP exercises its option and completes the profitable trade. If the price moves in the client’s favor (against the LP), the LP lets the option expire worthless by rejecting the trade. The client receives no premium for granting this valuable option.

- **Symmetric Last Look as a Collar**. The symmetric protocol is more complex. It can be viewed as the client and the LP entering into a collar-like agreement. The client is protected from extreme price slippage, and the LP is protected from being executed on a stale quote. The trade is only consummated if the market remains within a stable, agreed-upon range. This structure removes the one-sided optionality, creating a more balanced risk-sharing mechanism.

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## Decision Logic and Execution Scenarios

The core of the execution protocol is the decision logic that governs trade acceptance or rejection. This logic is based on a comparison of the originally [quoted price](https://prime.greeks.live/question/what-are-the-primary-drivers-for-a-dealers-quoted-price-in-an-rfq-auction/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) to the LP’s current market price at the moment of execution. The “price tolerance” is the key parameter, typically defined in pips or basis points.

| Scenario (Client Buys EUR/USD at 1.0850) | Symmetric Logic (Tolerance ▴ +/- 2 pips) | Asymmetric Logic (Tolerance ▴ -2 pips) | Outcome for Client |
| --- | --- | --- | --- |
| Market Stable (LP Price ▴ 1.0850) | Accept. Price is within tolerance. | Accept. Price has not moved against LP. | Trade executed at quoted price. |
| Market Moves in Client’s Favor (LP Price ▴ 1.0847) | Reject. Price move (-3 pips) exceeds tolerance. | Accept. Price has not moved against LP. | Trade rejected under symmetric, forcing re-quote. Trade accepted under asymmetric, but client could have gotten a better price. |
| Market Moves Against Client (LP Price ▴ 1.0853) | Reject. Price move (+3 pips) exceeds tolerance. | Reject. Price move against LP exceeds tolerance. | Trade rejected under both protocols, protecting client from slippage but creating execution risk. |
| Minor Move Against Client (LP Price ▴ 1.0851) | Accept. Price move (+1 pip) is within tolerance. | Accept. Price move is within tolerance. | Trade executed under both protocols. |

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## What Should a Transaction Cost Analysis Framework Include

An effective TCA framework must quantify the impact of last look. This requires moving beyond simple execution price analysis.

- **Measure Rejection Rates**. The first step is to track the rejection rate for each liquidity provider. High rejection rates, particularly from an LP known to use asymmetric logic, are a clear red flag.

- **Analyze Post-Rejection Market Impact**. When a trade is rejected, the TCA system should track the market price movement in the moments immediately following the rejection. This helps quantify the cost of the information leakage and the slippage incurred when the trade is eventually re-executed.

- **Benchmark LPs**. Compare the all-in cost of execution, including the implicit costs of rejection and market impact, across different LPs. This allows for a data-driven approach to constructing liquidity pools, favoring providers who offer symmetric, transparent execution.

- **Demand Transparency**. Use the principles of the FX Global Code to demand clear disclosure from LPs on their last look methodology. An unwillingness to provide this information is a strong indicator of potentially harmful practices.

> A robust TCA process quantifies not just the price of executed trades but also the implicit costs of rejected trades and subsequent market impact.

By implementing a rigorous, quantitative approach to analyzing execution, institutions can pierce the opacity that often surrounds last look practices and build a trading framework that systematically defends their interests.

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## References

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

- Oomen, Roel. “Last look.” LSE Research Online, 2017.

- Oomen, Roel. “Last look.” Quantitative Finance, vol. 17, no. 10, 2017, pp. 1549-1563.

- Cartea, Álvaro, and Sebastian Jaimungal. “Foreign Exchange Markets with Last Look.” SSRN Electronic Journal, 2015.

- Norges Bank Investment Management. “The Role of Last Look in Foreign Exchange Markets.” Asset Manager Perspective, 17 December 2015.

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## Reflection

The analysis of symmetric and asymmetric last look moves beyond a simple comparison of technical protocols. It compels a deeper examination of an institution’s entire operational philosophy. The choice of which system to engage with is a reflection of the firm’s priorities. Does the execution framework prioritize the apparent benefit of a keen price, or does it value the certainty of completion and the protection of its trading intentions?

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## What Is the True Cost of an Execution

How does your own operational framework define and measure the total cost of execution? Does it account for the implicit costs embedded in rejection rates and the market impact that follows a failed trade? The knowledge of these protocols provides a new lens through which to assess liquidity relationships.

It transforms the conversation from one about price alone to a more sophisticated dialogue about risk, transparency, and strategic alignment. The ultimate edge is found in constructing a system of execution that is resilient, transparent, and architected to preserve capital and intent in all market conditions.

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## Glossary

<a href="https://prime.greeks.live/area/asymmetric-last-look/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Sleek, modular infrastructure for institutional digital asset derivatives trading. Its intersecting elements symbolize integrated RFQ protocols, facilitating high-fidelity execution and precise price discovery across complex multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-system-optimizing-high-fidelity-block-trade-liquidity-and-multi-leg-spread-precision.jpg)

## Asymmetric Last Look

Meaning ▴ Asymmetric Last Look refers to a specific execution mechanism in electronic trading where a liquidity provider retains the unilateral right to reject an already-quoted price from a client after the client has sent an order to accept that price. </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">
![Institutional-grade infrastructure supports a translucent circular interface, displaying real-time market microstructure for digital asset derivatives price discovery. Geometric forms symbolize precise RFQ protocol execution, enabling high-fidelity multi-leg spread trading, optimizing capital efficiency and mitigating systemic risk](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-request-for-quote-protocol-high-fidelity-execution-market-microstructure-intelligence-layer.jpg)

## Liquidity Provider

Meaning ▴ A Liquidity Provider is an entity, typically an institutional firm or professional trading desk, that actively facilitates market efficiency by continuously quoting two-sided prices, both bid and ask, for financial instruments. </a><a href="https://prime.greeks.live/question/how-can-transaction-cost-analysis-distinguish-between-temporary-price-impact-and-permanent-information-based-price-moves/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precision-engineered teal metallic mechanism, featuring springs and rods, connects to a light U-shaped interface. This represents a core RFQ protocol component enabling automated price discovery and high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/rfq-execution-engine-component-for-institutional-digital-asset-derivatives.jpg)

## Market Moves

TCA distinguishes price impacts by measuring post-trade price reversion to quantify temporary liquidity costs versus persistent drift for permanent information costs. </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">
![Two distinct components, beige and green, are securely joined by a polished blue metallic element. This embodies a high-fidelity RFQ protocol for institutional digital asset derivatives, ensuring atomic settlement and optimal liquidity](https://options.greeks.live/wp-content/uploads/2025/07/institutional-rfq-protocol-for-digital-asset-derivatives-high-fidelity-link.jpg)

## Last Look

Meaning ▴ Last Look refers to a specific latency window afforded to a liquidity provider, typically in electronic over-the-counter markets, enabling a final review of an incoming client order against real-time market conditions before committing to execution. </a><a href="https://prime.greeks.live/area/symmetric-last-look/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A central, metallic hub anchors four symmetrical radiating arms, two with vibrant, textured teal illumination. This depicts a Principal's high-fidelity execution engine, facilitating private quotation and aggregated inquiry for institutional digital asset derivatives via RFQ protocols, optimizing market microstructure and deep liquidity pools](https://options.greeks.live/wp-content/uploads/2025/07/prime-brokerage-digital-asset-rfq-execution-engine-microstructure.jpg)

## Symmetric Last Look

Meaning ▴ Symmetric Last Look is an execution mechanism in principal-to-principal trading where both the liquidity provider and the liquidity taker possess a defined, brief window to nullify a pre-agreed trade if market conditions shift beyond a specified tolerance after the quote is accepted but before final settlement. </a><a href="https://prime.greeks.live/area/price-tolerance/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, two-toned dark and light blue surface with a metallic fin-like element and spherical component, embodying an advanced Principal OS for Digital Asset Derivatives. This visualizes a high-fidelity RFQ execution environment, enabling precise price discovery and optimal capital efficiency through intelligent smart order routing within complex market microstructure and dark liquidity pools](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-optimizing-market-microstructure-for-high-fidelity-execution-and-capital-efficiency.jpg)

## Price Tolerance

Meaning ▴ Price Tolerance defines the maximum permissible deviation from a specified reference price that an automated execution system is authorized to accept for a trade fill. </a><a href="https://prime.greeks.live/question/how-can-transaction-cost-analysis-distinguish-between-temporary-price-impact-and-permanent-information-based-price-moves/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Price Moves

TCA distinguishes price impacts by measuring post-trade price reversion to quantify temporary liquidity costs versus persistent drift for permanent information costs. </a><a href="https://prime.greeks.live/question/how-can-transaction-cost-analysis-distinguish-between-temporary-price-impact-and-permanent-information-based-price-moves/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract spheres and linear conduits depict an institutional digital asset derivatives platform. The central glowing network symbolizes RFQ protocol orchestration, price discovery, and high-fidelity execution across market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-high-fidelity-execution-4.jpg)

## Market Moves Against

TCA distinguishes price impacts by measuring post-trade price reversion to quantify temporary liquidity costs versus persistent drift for permanent information costs. </a><a href="https://prime.greeks.live/area/execution-risk/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![The image presents a stylized central processing hub with radiating multi-colored panels and blades. This visual metaphor signifies a sophisticated RFQ protocol engine, orchestrating price discovery across diverse liquidity pools](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-and-liquidity-aggregation-hub.jpg)

## Execution Risk

Meaning ▴ Execution Risk quantifies the potential for an order to not be filled at the desired price or quantity, or within the anticipated timeframe, thereby incurring adverse price slippage or missed trading opportunities. </a><a href="https://prime.greeks.live/area/information-leakage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, illuminated control knob emerges from a robust, metallic base, representing a Prime RFQ interface for institutional digital asset derivatives. Its glowing bands signify real-time analytics and high-fidelity execution of RFQ protocols, enabling optimal price discovery and capital efficiency in dark pools for block trades](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-system-for-optimal-execution.jpg)

## Information Leakage

Meaning ▴ Information leakage denotes the unintended or unauthorized disclosure of sensitive trading data, often concerning an institution's pending orders, strategic positions, or execution intentions, to external market participants. </a><a href="https://prime.greeks.live/area/market-impact/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek Prime RFQ interface features a luminous teal display, signifying real-time RFQ Protocol data and dynamic Price Discovery within Market Microstructure. A detached sphere represents an optimized Block Trade, illustrating High-Fidelity Execution and Liquidity Aggregation for Institutional Digital Asset Derivatives](https://options.greeks.live/wp-content/uploads/2025/08/advanced-rfq-protocol-engine-for-institutional-digital-asset-derivatives.jpg)

## Market Impact

Meaning ▴ Market Impact refers to the observed change in an asset's price resulting from the execution of a trading order, primarily influenced by the order's size relative to available liquidity and prevailing market conditions. </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 polished blue sphere representing a digital asset derivative rests on a metallic ring, symbolizing market microstructure and RFQ protocols, supported by a foundational beige sphere, an institutional liquidity pool. A smaller blue sphere floats above, denoting atomic settlement or a private quotation within a Principal's Prime RFQ for high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-market-microstructure-and-rfq-protocols.jpg)

## Foreign Exchange

Meaning ▴ Foreign Exchange, or FX, designates the global, decentralized market where currencies are traded. </a><a href="https://prime.greeks.live/area/fx-global-code/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Precision-engineered modular components display a central control, data input panel, and numerical values on cylindrical elements. This signifies an institutional Prime RFQ for digital asset derivatives, enabling RFQ protocol aggregation, high-fidelity execution, algorithmic price discovery, and volatility surface calibration for portfolio margin](https://options.greeks.live/wp-content/uploads/2025/07/firm-fx-options-rfq-trade-system-key-microstructure-data-flow-core-engine.jpg)

## Fx Global Code

Meaning ▴ The FX Global Code represents a comprehensive set of global principles of good practice for the wholesale foreign exchange market. </a><a href="https://prime.greeks.live/area/transaction-cost-analysis/?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)

## 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/question/how-can-transaction-cost-analysis-distinguish-between-temporary-price-impact-and-permanent-information-based-price-moves/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A large, smooth sphere, a textured metallic sphere, and a smaller, swirling sphere rest on an angular, dark, reflective surface. This visualizes a principal liquidity pool, complex structured product, and dynamic volatility surface, representing high-fidelity execution within an institutional digital asset derivatives market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-optimized-market-microstructure-precision.jpg)

## Moves Against

TCA distinguishes price impacts by measuring post-trade price reversion to quantify temporary liquidity costs versus persistent drift for permanent information costs. </a><a href="https://prime.greeks.live/question/how-does-the-proliferation-of-last-look-affect-overall-price-discovery-and-market-stability-in-the-fx-market/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A metallic cylindrical component, suggesting robust Prime RFQ infrastructure, interacts with a luminous teal-blue disc representing a dynamic liquidity pool for digital asset derivatives. A precise golden bar diagonally traverses, symbolizing an RFQ-driven block trade path, enabling high-fidelity execution and atomic settlement within complex market microstructure for institutional grade operations](https://options.greeks.live/wp-content/uploads/2025/07/precision-execution-protocols-navigating-digital-asset-derivatives-market-microstructure-for-optimal-block-trade-liquidity.jpg)

## Market Price

Last look re-architects FX execution by granting liquidity providers a risk-management option that reshapes price discovery and market stability. </a><a href="https://prime.greeks.live/question/what-are-the-primary-drivers-for-a-dealers-quoted-price-in-an-rfq-auction/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Sleek, modular system component in beige and dark blue, featuring precise ports and a vibrant teal indicator. This embodies Prime RFQ architecture enabling high-fidelity execution of digital asset derivatives through bilateral RFQ protocols, ensuring low-latency interconnects, private quotation, institutional-grade liquidity, and atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-system-interface-for-digital-asset-derivatives-execution.jpg)

## Quoted Price

A dealer's RFQ price is a calculated risk assessment, synthesizing inventory, market impact, and counterparty risk into a single quote. </a>

**Tags:** [Last Look](https://options.greeks.live/area/last-look/), [FX Global Code](https://options.greeks.live/area/fx-global-code/), [Liquidity Provider](https://options.greeks.live/area/liquidity-provider/), [Algorithmic Trading](https://options.greeks.live/area/algorithmic-trading/), [Market Impact](https://options.greeks.live/area/market-impact/), [Foreign Exchange](https://options.greeks.live/area/foreign-exchange/)	

## Discover More

- 
### [What Regulatory Frameworks Govern the Use of Last Look and Hold Times in Fx?](https://options.greeks.live/question/what-regulatory-frameworks-govern-the-use-of-last-look-and-hold-times-in-fx/)
![A precision-engineered control mechanism, featuring a ribbed dial and prominent green indicator, signifies Institutional Grade Digital Asset Derivatives RFQ Protocol optimization. This represents High-Fidelity Execution, Price Discovery, and Volatility Surface calibration for Algorithmic Trading. The central indicator suggests Atomic Settlement within a Prime RFQ Market Microstructure.](https://options.greeks.live/wp-content/uploads/2025/07/principal-operational-framework-precision-calibration-for-institutional-digital-asset-derivatives-rfq-protocol-high-fidelity-execution-prime-os-and-volatility-surface-optimization.jpg)

Last look is governed by principles-based frameworks like the FX Global Code, which mandate its use as a transparent risk control mechanism.

- 
### [Can Transaction Cost Analysis Truly Capture All the Hidden Costs Associated with Last Look Liquidity Practices?](https://options.greeks.live/question/can-transaction-cost-analysis-truly-capture-all-the-hidden-costs-associated-with-last-look-liquidity-practices/)
![A central concentric ring structure, representing a Prime RFQ hub, processes RFQ protocols. Radiating translucent geometric shapes, symbolizing block trades and multi-leg spreads, illustrate liquidity aggregation for digital asset derivatives. Sharp angular elements highlight high-fidelity execution and price discovery in market microstructure.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-4.jpg)

Standard TCA fails to capture last look's hidden costs, which arise from information leakage and the opportunity cost of rejected trades.

- 
### [What Are the Primary Trade Offs between Firm and Last Look Liquidity?](https://options.greeks.live/question/what-are-the-primary-trade-offs-between-firm-and-last-look-liquidity/)
![A disaggregated institutional-grade digital asset derivatives module, off-white and grey, features a precise brass-ringed aperture. It visualizes an RFQ protocol interface, enabling high-fidelity execution, managing counterparty risk, and optimizing price discovery within market microstructure.](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-protocol-modular-execution-intelligence-system.jpg)

The primary trade-off is between the execution certainty of firm liquidity and the potentially tighter pricing of last look liquidity.

- 
### [What Data Is Essential for a Buy Side Firm to Effectively Monitor Last Look Practices?](https://options.greeks.live/question/what-data-is-essential-for-a-buy-side-firm-to-effectively-monitor-last-look-practices/)
![A dark, precision-engineered module with raised circular elements integrates with a smooth beige housing. It signifies high-fidelity execution for institutional RFQ protocols, ensuring robust price discovery and capital efficiency in digital asset derivatives market microstructure.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-system-core-high-speed-price-discovery-module.jpg)

A firm's effective monitoring of last look requires high-frequency, timestamped data to analyze LP behavior and ensure fair execution.

- 
### [What Are the Primary Sources of Execution Risk in RFQ Based Arbitrage?](https://options.greeks.live/question/what-are-the-primary-sources-of-execution-risk-in-rfq-based-arbitrage/)
![A translucent, faceted sphere, representing a digital asset derivative block trade, traverses a precision-engineered track. This signifies high-fidelity execution via an RFQ protocol, optimizing liquidity aggregation, price discovery, and capital efficiency within institutional market microstructure.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-block-trade-high-fidelity-execution-protocol-prime-os-path.jpg)

Execution risk in RFQ arbitrage is a system-level function of information leakage, latency asymmetries, and the integrity of the execution path.

- 
### [What Is the Difference between Symmetric and Asymmetric Last Look and Its Impact on Traders?](https://options.greeks.live/question/what-is-the-difference-between-symmetric-and-asymmetric-last-look-and-its-impact-on-traders/)
![Abstract depiction of an institutional digital asset derivatives execution system. A central market microstructure wheel supports a Prime RFQ framework, revealing an algorithmic trading engine for high-fidelity execution of multi-leg spreads and block trades via advanced RFQ protocols, optimizing capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-rfq-execution-system-1.jpg)

Symmetric last look is a bilateral risk control rejecting trades on adverse or favorable price moves; asymmetric is a unilateral option for LPs to reject losses while accepting gains.

- 
### [How Can a Buy-Side Firm Quantitatively Differentiate between Legitimate Risk Management and Abusive Last Look Practices?](https://options.greeks.live/question/how-can-a-buy-side-firm-quantitatively-differentiate-between-legitimate-risk-management-and-abusive-last-look-practices/)
![Abstract architectural representation of a Prime RFQ for institutional digital asset derivatives, illustrating RFQ aggregation and high-fidelity execution. Intersecting beams signify multi-leg spread pathways and liquidity pools, while spheres represent atomic settlement points and implied volatility. A central intelligence layer monitors market microstructure for best execution.](https://options.greeks.live/wp-content/uploads/2025/07/architecting-institutional-digital-asset-derivatives-trading-systems-for-optimized-rfq-execution-and-advanced-price-discovery.jpg)

A buy-side firm differentiates last look practices by architecting a TCA system to quantify rejection symmetry and hold times.

- 
### [How Does Symmetric Price Application in Last Look Affect Lp Profitability?](https://options.greeks.live/question/how-does-symmetric-price-application-in-last-look-affect-lp-profitability/)
![Abstract institutional-grade Crypto Derivatives OS. Metallic trusses depict market microstructure. Transparent discs symbolize liquidity pools, implied volatility, and dark pools, crucial for RFQ protocols and block trade execution. This visualizes high-fidelity execution and price discovery for digital asset derivatives.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-market-microstructure-optimizing-rfq-protocols-for-high-fidelity-execution-via-prime-os.jpg)

Symmetric price application in last look protocols directly impacts LP profitability by fostering trust and ensuring equitable trade execution.

- 
### [How Does the Fx Global Code Address the Issue of Last Look?](https://options.greeks.live/question/how-does-the-fx-global-code-address-the-issue-of-last-look/)
![A precision engineered system for institutional digital asset derivatives. Intricate components symbolize RFQ protocol execution, enabling high-fidelity price discovery and liquidity aggregation. This advanced market microstructure facilitates multi-leg spread strategies within a robust prime brokerage operational framework.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-precision-4.jpg)

The FX Global Code governs last look by defining it as a risk control and mandating transparency to ensure fair, predictable execution.

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---

**Original URL:** https://options.greeks.live/question/what-are-the-key-differences-between-symmetric-and-asymmetric-last-look/
