# What Are the Key Principles of the Fx Global Code regarding Last Look? ▴ Question

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

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## Concept

The FX Global Code approaches the practice of ‘last look’ with the precision of a systems architect designing a critical failsafe. It defines this practice as a specific, bounded risk-control mechanism within the architecture of [electronic trading](https://prime.greeks.live/area/electronic-trading/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). At its core, last look is the final opportunity for a market participant, typically a [liquidity provider](https://prime.greeks.live/area/liquidity-provider/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), to accept or reject a trade request matched against its quoted price.

This mechanism is not an open-ended privilege; it is a conditional, time-limited window designed exclusively to protect against specific, predefined risks that can manifest in the milliseconds between a price quote and 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). The Code’s principles establish a clear boundary, framing [last look](https://prime.greeks.live/area/last-look/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) as a tool for validating price integrity and the technical validity of a request, thereby ensuring the stability of the price-making engine.

The foundational principle governing this practice, [Principle 17](https://prime.greeks.live/area/principle-17/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), anchors the entire framework in transparency. Market participants who utilize last look are mandated to provide unambiguous, comprehensive disclosures to their clients about how the mechanism is employed. This is a non-negotiable requirement for participation in a market striving for fairness and integrity. The disclosures must detail the methodology of the price check, the duration of the [last look window](https://prime.greeks.live/area/last-look-window/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), and the circumstances under which a trade might be rejected.

This principle effectively transforms the practice from an opaque, potentially advantageous mechanism for the liquidity provider into a transparent component of the trading system that can be analyzed, understood, and evaluated by the liquidity consumer. The objective is to create a predictable and fair trading environment where both parties operate with a shared understanding of the rules of engagement.

> The FX Global Code positions last look as a transparent risk-control mechanism, mandating clear disclosures on its use to ensure market fairness.

Underpinning the entire Code is the imperative of ethical and professional conduct to promote the fairness and integrity of the FX market. This overarching directive gives context to the specific rules surrounding last look. The practice is permissible only when it aligns with the broader goal of a robust, fair, open, and liquid market.

Therefore, any application of last look that undermines these core market characteristics is, by definition, a deviation from the Code’s intent. The principles function as a set of logical constraints, ensuring that this specific [risk management](https://prime.greeks.live/area/risk-management/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) tool does not inadvertently create information asymmetries or compromise the market’s foundational integrity.

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![Sleek Prime RFQ interface for institutional digital asset derivatives. An elongated panel displays dynamic numeric readouts, symbolizing multi-leg spread execution and real-time market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-rfq-options.jpg)

## Strategy

The strategic framework for last look under the [FX Global Code](https://prime.greeks.live/area/fx-global-code/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is built on a foundation of transparency, information control, and purpose limitation. These elements work in concert to integrate the practice into the market in a way that supports, rather than subverts, [market integrity](https://prime.greeks.live/area/market-integrity/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). The primary strategy is to neutralize the information advantage that could otherwise be gained by the party employing last look, ensuring a level playing field.

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## Purpose Limitation as a Core Strategy

A central strategic directive of the Code is the strict limitation on the purpose of last look. The guidance is explicit ▴ last look is to be used as a risk control mechanism for price and validity checks, and for no other purpose. This means a liquidity provider can use the window to verify that the market has not moved beyond a certain threshold since the quote was issued and to check for technical errors in the request.

This strategic constraint is designed to prevent the use of last look as a tool for generating profit from short-term market movements at the client’s expense. It redefines the practice from a potential offensive trading tool to a purely defensive risk management function.

![A sleek, multi-layered device, possibly a control knob, with cream, navy, and metallic accents, against a dark background. This represents a Prime RFQ interface for Institutional Digital Asset Derivatives](https://options.greeks.live/wp-content/uploads/2025/07/precision-control-interface-for-institutional-digital-asset-derivatives-rfq-protocols-and-prime-os.jpg)

## Information Containment Protocol

The Code establishes a strict protocol for information containment. The information within a client’s trade request becomes confidential the moment it is received by the market participant. A critical amendment to the Code prohibits any trading activity by the market participant that utilizes this confidential information during the last look window.

This is a direct countermeasure to the risk of front-running or leveraging client trade information for the firm’s own book. The strategic objective is to erect a firewall between the entity receiving the trade request and its own trading operations, thereby preserving the confidentiality of the client’s intentions and maintaining market integrity.

> A key strategy of the Code is to mandate that client information from a trade request remains confidential and cannot be used for the liquidity provider’s own trading during the last look window.

This prohibition on trading activity based on request information is a cornerstone of the Code’s approach. It addresses one of the most significant concerns voiced by [liquidity consumers](https://prime.greeks.live/question/what-are-the-specific-operational-challenges-of-managing-liquidity-in-a-liquidity-hub-model/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) ▴ that their trade requests could be used against them, especially if rejected. By explicitly forbidding this activity, the Code provides a clear line that cannot be crossed, allowing clients to engage with [liquidity providers](https://prime.greeks.live/area/liquidity-providers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) with a greater degree of confidence.

![Transparent conduits and metallic components abstractly depict institutional digital asset derivatives trading. Symbolizing cross-protocol RFQ execution, multi-leg spreads, and high-fidelity atomic settlement across aggregated liquidity pools, it reflects prime brokerage infrastructure](https://options.greeks.live/wp-content/uploads/2025/07/cross-protocol-rfq-execution-digital-asset-derivatives-microstructure-system.jpg)

## How Does Transparency Shape Market Behavior?

Transparency is the mechanism through which the Code’s principles are enforced by the market itself. By requiring liquidity providers to offer clear and detailed disclosures, the Code empowers liquidity consumers. Armed with information on how a provider uses last look, a consumer can perform more accurate [Transaction Cost Analysis](https://prime.greeks.live/area/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (TCA), compare providers on a like-for-like basis, and make informed decisions about where to direct order flow.

This creates a competitive dynamic where providers are incentivized to offer fair and efficient last look practices to attract and retain clients. The introduction of [standardized Disclosure Cover Sheets](https://prime.greeks.live/question/what-are-the-primary-differences-between-the-cover-1-and-cover-2-standards/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) further enhances this strategic objective by making it easier for consumers to digest and compare provider practices.

The table below outlines the core principles and their strategic objectives within the FX Global Code’s framework for last look.

| Principle | Strategic Objective |
| --- | --- |
| Principle 17 Transparency and Disclosure | Empower liquidity consumers with the information needed to evaluate execution quality and make informed decisions, fostering a competitive environment for fair practices. |
| Prohibition on Trading Activity | Prevent the misuse of confidential client trade information, eliminating the potential for front-running and preserving market integrity. |
| Purpose Limitation (Price/Validity Checks Only) | Define last look strictly as a defensive risk management tool, preventing its use as an opportunistic profit-generating mechanism. |
| Fair and Predictable Application | Build trust and ensure that liquidity consumers can rely on consistent execution outcomes, allowing for effective Transaction Cost Analysis. |

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## Execution

The execution of the FX Global Code’s principles on last look requires specific, concrete actions from both liquidity providers (LPs) and liquidity consumers (LCs). It translates the high-level principles of transparency and fairness into operational protocols and system architecture requirements. For an institution, mastering the execution of these principles is fundamental to achieving both compliance and optimal trading outcomes.

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## Operational Blueprint for Liquidity Providers

Liquidity providers that employ last look must integrate the Code’s principles into their operational DNA. This extends beyond simple policy statements to the very architecture of their trading systems and the governance structures that oversee them.

- 
**System Architecture** ▴ The trading system must be designed to create a hard barrier between the information received in a client trade request and the firm’s own trading desks during the last look window. This is a technical requirement to ensure compliance with the prohibition on trading based on client information.

- 
**Governance and Controls** ▴ Firms must establish and maintain a clear governance framework for their last look practices. This includes regular reviews of the last look methodology, monitoring of rejection rates, and oversight by compliance and management functions to ensure the practice is used solely for its intended risk control purpose.

- 
**Disclosure Management** ▴ LPs must create and maintain comprehensive, clear, and easily accessible disclosure documents. The use of the [GFXC](https://prime.greeks.live/area/gfxc/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)’s standardized Disclosure Cover Sheets is strongly encouraged to facilitate this. These documents should be treated as living documents, updated whenever there are material changes to the last look process.

- 
**Rejection Rationale** ▴ Systems should be configured to provide clear reasons for trade rejections whenever possible. This data is vital for clients to evaluate the fairness of the execution process and for the LP to demonstrate that rejections are based on valid price and validity checks.

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## What Are a Liquidity Consumer’s Responsibilities?

The Code also places implicit responsibilities on liquidity consumers. To benefit from the protections and transparency offered by the Code, LCs must actively engage with their liquidity providers and integrate the available information into their own execution strategies.

> Effective execution requires liquidity consumers to actively use provider disclosures to analyze their trading costs and hold providers accountable to the Code’s standards.

The following table outlines the key responsibilities for both liquidity providers and consumers in the operational execution of the Code’s last look principles.

| Participant Role | Key Execution Responsibilities |
| --- | --- |
| Liquidity Provider (LP) | Implement system firewalls to prevent information leakage. Establish robust internal governance and compliance oversight. Publish clear, comprehensive, and standardized disclosures. Provide data and rationale for trade rejections. |
| Liquidity Consumer (LC) | Request and systematically review LP disclosure documents. Integrate last look parameters into Transaction Cost Analysis (TCA). Question LPs on rejection rates and the length of last look windows. Make informed decisions on where to route order flow based on provider practices. |

Ultimately, the execution of the Code’s principles is a dynamic process. It relies on LPs building systems and processes that adhere to the rules, and on LCs using the transparency afforded by those rules to hold their counterparties accountable. This symbiotic relationship is what drives the market toward the Code’s vision of a fair, transparent, and robust ecosystem.

![Geometric planes and transparent spheres represent complex market microstructure. A central luminous core signifies efficient price discovery and atomic settlement via RFQ protocol](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-microstructure-4.jpg)

## References

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

- The Investment Association. “GUIDE TO THE FX GLOBAL CODE.” 2019.

- Practical Law Corporate & Securities. “GFXC Changes Last Look Practices in Global FX Code.” Thomson Reuters, 2017.

- Lambert, Colin. “GFXC Publishes Last Look Guidance Paper.” The Full FX, 20 August 2021.

- FlexTrade. “Global FX Code Gains Adoption but Last Look is a Thorny Issue.” 13 June 2018.

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## Reflection

The principles outlined in the FX Global Code provide a robust framework for the use of last look. They establish clear boundaries for its application, emphasizing transparency, fairness, and the containment of information. For any institution operating within the foreign exchange market, understanding these principles is a foundational requirement. The ultimate challenge lies in moving beyond simple awareness to a state of active verification.

How does your institution’s operational framework not only consume the disclosures provided by liquidity partners but also independently test and verify their adherence to these principles? Viewing the Code as a set of verifiable protocols, rather than a passive set of guidelines, is the next step in building a truly superior execution and risk management system.

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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/electronic-trading/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![An abstract visualization of a sophisticated institutional digital asset derivatives trading system. Intersecting transparent layers depict dynamic market microstructure, high-fidelity execution pathways, and liquidity aggregation for RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-institutional-digital-asset-derivatives-rfq-execution.jpg)

## Electronic Trading

Meaning ▴ Electronic Trading refers to the execution of financial instrument transactions through automated, computer-based systems and networks, bypassing traditional manual methods. </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">
![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)

## 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">
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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">
![A complex central mechanism, akin to an institutional RFQ engine, displays intricate internal components representing market microstructure and algorithmic trading. Transparent intersecting planes symbolize optimized liquidity aggregation and high-fidelity execution for digital asset derivatives, ensuring capital efficiency and atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/institutional-rfq-engine-optimizing-digital-asset-derivative-execution.jpg)

## Last Look Window

Meaning ▴ The Last Look Window defines a finite temporal interval granted to a liquidity provider following the receipt of an institutional client's firm execution request, allowing for a final re-evaluation of market conditions and internal inventory before trade confirmation. </a><a href="https://prime.greeks.live/area/principle-17/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## Principle 17

Meaning ▴ Principle 17 establishes the operational mandate for dynamic, pre-trade liquidity aggregation across disparate digital asset derivatives venues. </a><a href="https://prime.greeks.live/area/risk-management/?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)

## Risk Management

Meaning ▴ Risk Management is the systematic process of identifying, assessing, and mitigating potential financial exposures and operational vulnerabilities within an institutional trading framework. </a><a href="https://prime.greeks.live/area/market-integrity/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![The abstract composition visualizes interconnected liquidity pools and price discovery mechanisms within institutional digital asset derivatives trading. Transparent layers and sharp elements symbolize high-fidelity execution of multi-leg spreads via RFQ protocols, emphasizing capital efficiency and optimized market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-market-microstructure-1.jpg)

## Market Integrity

Meaning ▴ Market integrity denotes the operational soundness and fairness of a financial market, ensuring all participants operate under equitable conditions with transparent information and reliable execution. </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">
![Metallic, reflective components depict high-fidelity execution within market microstructure. A central circular element symbolizes an institutional digital asset derivative, like a Bitcoin option, processed via RFQ protocol](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-high-fidelity-execution.jpg)

## 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/what-are-the-specific-operational-challenges-of-managing-liquidity-in-a-liquidity-hub-model/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A metallic rod, symbolizing a high-fidelity execution pipeline, traverses transparent elements representing atomic settlement nodes and real-time price discovery. It rests upon distinct institutional liquidity pools, reflecting optimized RFQ protocols for crypto derivatives trading across a complex volatility surface within Prime RFQ market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-trade-execution-pipeline-optimizing-rfq-protocols-for-best-execution-and-capital-efficiency.jpg)

## Liquidity Consumers

Managing a liquidity hub requires architecting a system that balances capital efficiency against the systemic risks of fragmentation and timing. </a><a href="https://prime.greeks.live/area/liquidity-providers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A transparent glass bar, representing high-fidelity execution and precise RFQ protocols, extends over a white sphere symbolizing a deep liquidity pool for institutional digital asset derivatives. A small glass bead signifies atomic settlement within the granular market microstructure, supported by robust Prime RFQ infrastructure ensuring optimal price discovery and minimal slippage](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-digital-asset-derivatives-rfq-execution-prime-os-intelligence-layer-facilitating-optimal-price-discovery-and-best-execution.jpg)

## Liquidity Providers

Meaning ▴ Liquidity Providers are market participants, typically institutional entities or sophisticated trading firms, that facilitate efficient market operations by continuously quoting bid and offer prices for financial instruments. </a><a href="https://prime.greeks.live/area/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A transparent glass sphere rests precisely on a metallic rod, connecting a grey structural element and a dark teal engineered module with a clear lens. This symbolizes atomic settlement of digital asset derivatives via private quotation within a Prime RFQ, showcasing high-fidelity execution and capital efficiency for RFQ protocols and liquidity aggregation](https://options.greeks.live/wp-content/uploads/2025/07/architecting-high-fidelity-execution-for-institutional-digital-asset-derivatives-rfq-protocols-and-systemic-liquidity-aggregation.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/what-are-the-primary-differences-between-the-cover-1-and-cover-2-standards/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A luminous central hub, representing a dynamic liquidity pool, is bisected by two transparent, sharp-edged planes. This visualizes intersecting RFQ protocols and high-fidelity algorithmic execution within institutional digital asset derivatives market microstructure, enabling precise price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-execution-protocols-microstructure-engine.jpg)

## Standardized Disclosure Cover Sheets

Cover 1 centralizes deep-field risk with one safety to enable aggressive man coverage; Cover 2 distributes it with two safeties for zone-based security. </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 precise mechanical instrument with intersecting transparent and opaque hands, representing the intricate market microstructure of institutional digital asset derivatives. This visual metaphor highlights dynamic price discovery and bid-ask spread dynamics within RFQ protocols, emphasizing high-fidelity execution and latent liquidity through a robust Prime RFQ for atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineering-driving-institutional-digital-asset-derivatives-execution-across-advanced-rfq-protocols-and-prime-brokerage-frameworks.jpg)

## Gfxc

Meaning ▴ GFXC designates the Global Futures Execution Channel, a specialized communication and transaction protocol engineered for the secure and efficient routing of institutional-grade digital asset futures orders to various designated market centers. </a>

**Tags:** [Market Integrity](https://options.greeks.live/area/market-integrity/), [Electronic Trading](https://options.greeks.live/area/electronic-trading/), [Information Sharing](https://options.greeks.live/area/information-sharing/), [Last Look](https://options.greeks.live/area/last-look/), [Transaction Cost Analysis](https://options.greeks.live/area/transaction-cost-analysis/), [Principle 17](https://options.greeks.live/area/principle-17/)	

## Discover More

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### [How Does the Practice of Last Look in Foreign Exchange Complicate Reject Code Standardization Efforts?](https://options.greeks.live/question/how-does-the-practice-of-last-look-in-foreign-exchange-complicate-reject-code-standardization-efforts/)
![Intersecting translucent blue blades and a reflective sphere depict an institutional-grade algorithmic trading system. It ensures high-fidelity execution of digital asset derivatives via RFQ protocols, facilitating precise price discovery within complex market microstructure and optimal block trade routing.](https://options.greeks.live/wp-content/uploads/2025/07/precision-algorithmic-execution-infrastructure-for-institutional-digital-asset-derivatives-leveraging-advanced-rfq-protocols.jpg)

Last look complicates reject code standardization by preserving discretionary ambiguity in a system striving for deterministic, machine-readable clarity.

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### [How Does the FX Global Code Influence the Application of Last Look by Liquidity Providers?](https://options.greeks.live/question/how-does-the-fx-global-code-influence-the-application-of-last-look-by-liquidity-providers/)
![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. This illustrates high-fidelity execution and precise price discovery within complex market microstructure.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-core-for-high-fidelity-execution.jpg)

The FX Global Code reframes last look from an opaque option for liquidity providers to a transparent, auditable risk control.

- 
### [From a Regulatory Perspective How Is Information from a Rejected Trade Treated under the FX Global Code?](https://options.greeks.live/question/from-a-regulatory-perspective-how-is-information-from-a-rejected-trade-treated-under-the-fx-global-code/)
![Two distinct, polished spherical halves, beige and teal, reveal intricate internal market microstructure, connected by a central metallic shaft. This embodies an institutional-grade RFQ protocol for digital asset derivatives, enabling high-fidelity execution and atomic settlement across disparate liquidity pools for principal block trades.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-high-fidelity-execution-prime-os.jpg)

The FX Global Code mandates that rejected trade information is a confidential signal used to transparently inform the client and refine internal risk systems.

- 
### [How Has the GFXC’S Guidance on Last Look Evolved since the Code’s Initial Publication?](https://options.greeks.live/question/how-has-the-gfxcs-guidance-on-last-look-evolved-since-the-codes-initial-publication/)
![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)

The GFXC's guidance on last look has evolved from a general principle into a specific protocol mandating an information firewall during the hold window.

- 
### [How Does the FX Global Code Specifically Address Information Leakage during the Last Look Window?](https://options.greeks.live/question/how-does-the-fx-global-code-specifically-address-information-leakage-during-the-last-look-window/)
![A precision instrument probes a speckled surface, visualizing market microstructure and liquidity pool dynamics within a dark pool. This depicts RFQ protocol execution, emphasizing price discovery for digital asset derivatives. Elements represent volatility surface data and algorithmic trading probes ensuring capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-flow.jpg)

The FX Global Code addresses last look information leakage by mandating transparency and prohibiting trading on client request data, reframing it as a pure risk control.

- 
### [How Does the Fx Global Code Specifically Address Information Leakage from Last Look?](https://options.greeks.live/question/how-does-the-fx-global-code-specifically-address-information-leakage-from-last-look/)
![A luminous blue Bitcoin coin rests precisely within a sleek, multi-layered platform. This embodies high-fidelity execution of digital asset derivatives via an RFQ protocol, highlighting price discovery and atomic settlement. The structured environment signifies institutional-grade liquidity aggregation and portfolio margin.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-precision-3.jpg)

The FX Global Code addresses last look information leakage by mandating transparency and prohibiting the use of client data for the provider's own trading.

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

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

- 
### [How Do Regulators View the Practice of Last Look in Financial Markets?](https://options.greeks.live/question/how-do-regulators-view-the-practice-of-last-look-in-financial-markets/)
![Abstract geometric forms, symbolizing bilateral quotation and multi-leg spread components, precisely interact with robust institutional-grade infrastructure. This represents a Crypto Derivatives OS facilitating high-fidelity execution via an RFQ workflow, optimizing capital efficiency and price discovery.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-infrastructure.jpg)

Regulators view last look as a risk control to be used with absolute transparency, not a tool for discretionary profit generation.

- 
### [How Can Transaction Cost Analysis Be Used to Detect the Abuse of Last Look Practices?](https://options.greeks.live/question/how-can-transaction-cost-analysis-be-used-to-detect-the-abuse-of-last-look-practices/)
![A transparent blue sphere, symbolizing precise Price Discovery and Implied Volatility, is central to a layered Principal's Operational Framework. This structure facilitates High-Fidelity Execution and RFQ Protocol processing across diverse Aggregated Liquidity Pools, revealing the intricate Market Microstructure of Institutional Digital Asset Derivatives.](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-execution-system-microstructure-principal-framework.jpg)

TCA quantifies the economic cost of discretionary delays, transforming patterns of rejection and slippage into a clear signal of abuse.

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---

**Original URL:** https://options.greeks.live/question/what-are-the-key-principles-of-the-fx-global-code-regarding-last-look/
