# What Are the Specific Disclosure Requirements for Liquidity Providers under Principle 17? ▴ Question

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

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![Intersecting forms represent institutional digital asset derivatives across diverse liquidity pools. Precision shafts illustrate algorithmic trading for high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-optimization-protocol.jpg)

![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)

## Concept

Principle 17 of the [FX Global Code](https://prime.greeks.live/area/fx-global-code/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) establishes a precise framework for the practice of “last look,” a mechanism employed by [liquidity providers](https://prime.greeks.live/area/liquidity-providers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (LPs) in the foreign exchange (FX) market. This principle directly addresses the information asymmetry and potential for market disruption inherent in the final moments before a trade is executed. At its core, Principle 17 mandates a system of clear, comprehensive, and accessible disclosures that govern how LPs utilize last look. This requirement is a direct response to historical practices where the application of last look was opaque, leading to uncertainty and potential disadvantages for liquidity consumers.

The principle stipulates that LPs must be transparent [about their](https://prime.greeks.live/question/how-do-modern-trading-platforms-architect-their-systems-to-control-information-flow-in-rfq-protocols/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) last look methodologies, including the specific [circumstances under which](https://prime.greeks.live/question/in-a-cross-border-insolvency-which-factors-determine-which-jurisdictions-bankruptcy-laws-will-apply/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) a trade may be rejected and the timeframe within which this decision is made. This transparency is foundational to maintaining a fair and efficient market, ensuring that all participants have a clear understanding of the rules of engagement.

The [disclosure requirements](https://prime.greeks.live/area/disclosure-requirements/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) under Principle 17 are designed to provide liquidity consumers with the necessary information to make informed decisions about their trading counterparts. These disclosures must detail whether the last look practice is applied symmetrically or asymmetrically. A symmetrical application means that a trade request will be rejected if the price moves beyond a certain tolerance in either direction, irrespective of whether the movement favors the LP or the consumer. An [asymmetrical application](https://prime.greeks.live/area/asymmetrical-application/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), conversely, allows for a different set of rules depending on the direction of the price movement.

The principle requires LPs to explicitly state which methodology they employ and to provide a clear explanation of the [circumstances under](https://prime.greeks.live/question/under-what-circumstances-can-an-internal-model-be-used-for-a-close-out-amount/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) which an asymmetrical approach would be used. This level of detail is intended to eliminate ambiguity and to foster a market environment built on trust and predictability.

> The FX Global Code’s Principle 17 serves as a critical pillar in promoting market integrity by mandating that liquidity providers offer explicit disclosures on their last look practices, thereby ensuring a more transparent and equitable trading environment for all participants.

Furthermore, [Principle 17](https://prime.greeks.live/area/principle-17/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) extends its reach to the operational aspects of last look, requiring LPs to disclose the minimum and maximum duration of their [last look window](https://prime.greeks.live/area/last-look-window/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). This window represents the period of time from when the LP receives a trade request to when it communicates its acceptance or rejection. By mandating the disclosure of this timeframe, the principle aims to prevent the use of excessively long last look windows, which could be used to the detriment of the liquidity consumer.

The principle also prohibits LPs from engaging in any trading activity that utilizes the information from a client’s trade request during the last look window, with the sole exception of “[cover and deal](https://prime.greeks.live/area/cover-and-deal/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)” arrangements, which themselves must be clearly defined and agreed upon. This prohibition is a crucial safeguard against the misuse of [confidential client information](https://prime.greeks.live/question/how-do-dealers-quantify-the-risk-of-information-leakage-from-a-client/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and reinforces the ethical standards expected of market participants.

![A sleek, multi-layered system representing an institutional-grade digital asset derivatives platform. Its precise components symbolize high-fidelity RFQ execution, optimized market microstructure, and a secure intelligence layer for private quotation, ensuring efficient price discovery and robust liquidity pool management](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-rfq-execution-digital-asset-derivatives-platform-prime-os.jpg)

## What Are the Core Tenets of Principle 17?

The central tenets of Principle 17 revolve around the concepts of transparency, fairness, and accountability. The principle is not merely a set of guidelines but a foundational element of the FX Global Code, designed to ensure that the practice of [last look](https://prime.greeks.live/area/last-look/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) does not undermine the integrity of the market. It requires LPs to be explicit about their operational procedures, providing liquidity consumers with a clear line of sight into the mechanics of trade execution.

This includes detailed information on how prices are verified, the conditions for trade rejection, and the handling of [client information](https://prime.greeks.live/question/how-do-dealers-quantify-the-risk-of-information-leakage-from-a-client/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). By codifying these requirements, Principle 17 seeks to create a level playing field where all market participants can transact with confidence, knowing that the rules are clear and consistently applied.

The principle’s emphasis on disclosure is a direct acknowledgment of the power dynamics at play in the FX market. LPs, by virtue of their market position, have access to significant amounts of information and control over the execution process. Principle 17 mitigates the potential for this power to be used unfairly by requiring LPs to be accountable for their actions.

The disclosures serve as a form of self-regulation, compelling LPs to adhere to their stated policies and providing a basis for recourse in the event of a dispute. This framework of accountability is essential for maintaining the long-term health and stability of the FX market, fostering an environment where liquidity is abundant and accessible to all.

![An intricate, transparent digital asset derivatives engine visualizes market microstructure and liquidity pool dynamics. Its precise components signify high-fidelity execution via FIX Protocol, facilitating RFQ protocols for block trade and multi-leg spread strategies within an institutional-grade Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-digital-asset-derivatives-rfq-liquidity-ecosystem.jpg)

![A sharp, crystalline spearhead symbolizes high-fidelity execution and precise price discovery for institutional digital asset derivatives. Resting on a reflective surface, it evokes optimal liquidity aggregation within a sophisticated RFQ protocol environment, reflecting complex market microstructure and advanced algorithmic trading strategies](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-precision-execution.jpg)

## Strategy

The strategic implementation of Principle 17’s disclosure requirements necessitates a multi-faceted approach from liquidity providers. It is a process of translating the principle’s abstract requirements into concrete operational and compliance frameworks. A primary strategic consideration is the development of a comprehensive [disclosure document](https://prime.greeks.live/area/disclosure-document/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) that is both compliant with the letter of the principle and accessible to a diverse range of clients.

This document should be viewed as a critical piece of client-facing communication, one that can be leveraged to build trust and differentiate the LP in a competitive market. A well-crafted disclosure can serve as a marketing tool, highlighting the LP’s commitment to transparency and fair dealing.

Another key strategic element is the integration of the disclosure requirements into the LP’s internal systems and processes. This involves ensuring that the firm’s trading technology, [risk management systems](https://prime.greeks.live/area/risk-management-systems/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), and compliance monitoring tools are all aligned with the stated last look practices. For example, if an LP discloses a symmetrical last look application, its trading systems must be configured to reject trades based on price movements in either direction, without manual override.

This level of integration is crucial for ensuring that the LP can consistently adhere to its disclosed policies and can provide evidence of this adherence if required. It also minimizes the risk of accidental non-compliance, which could result in reputational damage and regulatory scrutiny.

![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](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-4.jpg)

## How Do Liquidity Providers Differentiate Themselves?

Liquidity providers can differentiate themselves through the quality and clarity of their Principle 17 disclosures. While the principle sets a minimum standard for what must be disclosed, there is significant scope for LPs to go beyond these basic requirements. For instance, an LP could provide detailed examples of how its last look process works in different market scenarios, or it could offer clients a choice of different last look profiles, each with its own set of parameters and disclosures. This level of customization and transparency can be a powerful differentiator, attracting clients who value control and predictability in their trade execution.

Furthermore, LPs can use their disclosures to showcase their technological capabilities. An LP that has invested in low-latency infrastructure and sophisticated risk management systems can highlight these capabilities in its disclosures, demonstrating its ability to provide fast and reliable execution. This can be particularly effective in attracting high-frequency trading firms and other clients for whom speed and certainty of execution are paramount. By strategically leveraging their Principle 17 disclosures, LPs can turn a compliance requirement into a competitive advantage, building a reputation for transparency, fairness, and technological excellence.

The following table outlines a strategic framework for developing and implementing Principle 17 disclosures:

| Strategic Pillar | Key Actions | Desired Outcome |
| --- | --- | --- |

Another strategic consideration is the ongoing monitoring and review of the LP’s last look practices. The FX market is constantly evolving, and what constitutes best practice today may not be sufficient tomorrow. LPs should have a process in place for regularly reviewing their last look [policies and procedures](https://prime.greeks.live/area/policies-and-procedures/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), taking into account changes in market structure, technology, and client expectations.

This process should involve input from all relevant stakeholders, including traders, risk managers, compliance officers, and clients. By proactively managing their last look practices, LPs can ensure that they remain compliant with Principle 17 and continue to meet the needs of their clients.

![Abstract system interface with translucent, layered funnels channels RFQ inquiries for liquidity aggregation. A precise metallic rod signifies high-fidelity execution and price discovery within market microstructure, representing Prime RFQ for digital asset derivatives with atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-protocol-optimized-high-fidelity-execution-interface.jpg)

![Two reflective, disc-like structures, one tilted, one flat, symbolize the Market Microstructure of Digital Asset Derivatives. This metaphor encapsulates RFQ Protocols and High-Fidelity Execution within a Liquidity Pool for Price Discovery, vital for a Principal's Operational Framework ensuring Atomic Settlement](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-high-fidelity-execution-liquidity-aggregation-optimizing-market-microstructure-principal-trading-best-execution-atomic-settlement.jpg)

## Execution

The execution of Principle 17’s disclosure requirements demands a meticulous and detail-oriented approach. It is where the strategic vision is translated into tangible outputs and processes. The first step in the execution phase is the creation of a “[Liquidity Provider Disclosure Cover Sheet](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),” a standardized document that provides a high-level overview of the LP’s last look practices.

This [cover sheet](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) is designed to be a quick reference guide for clients, allowing them to easily compare the practices of different LPs. It typically includes key information such as whether the LP employs last look, whether its application is symmetrical or asymmetrical, and the minimum and maximum duration of its last look window.

The cover sheet should be supplemented by a more [detailed disclosure document](https://prime.greeks.live/question/what-are-the-key-differences-between-full-disclosure-and-no-disclosure-strategies-in-an-rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) that provides a comprehensive explanation of the LP’s last look policies and procedures. This document should be written in clear and unambiguous language, and it should be readily accessible to all clients. It should provide a thorough description of the circumstances [under which](https://prime.greeks.live/question/in-a-cross-border-insolvency-which-factors-determine-which-jurisdictions-bankruptcy-laws-will-apply/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) a trade may be rejected, including the specific price tolerance levels that are applied.

It should also explain how the LP handles confidential client information and the measures that are in place to prevent its misuse. The goal is to provide clients with all the information they need to make an informed decision about whether to trade with the LP.

![Abstractly depicting an institutional digital asset derivatives trading system. Intersecting beams symbolize cross-asset strategies and high-fidelity execution pathways, integrating a central, translucent disc representing deep liquidity aggregation](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-ecosystem-unifying-rfq-protocols-for-high-fidelity-execution-and-deep-liquidity-aggregation-across-multi-leg-spreads.jpg)

## What Are the Practical Steps for Implementation?

The practical implementation of Principle 17’s disclosure requirements can be broken down into a series of distinct steps. The first step is to conduct a thorough review of the LP’s existing last look practices. This review should identify any areas where the LP’s practices are not aligned with the requirements of the principle.

The next step is to develop a set of new policies and procedures that are fully compliant with the principle. These policies and procedures should be documented in a clear and comprehensive manner, and they should be communicated to all relevant staff.

Once the new policies and procedures are in place, the LP must then create the necessary [disclosure documents](https://prime.greeks.live/question/what-are-the-key-differences-between-full-disclosure-and-no-disclosure-strategies-in-an-rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). This includes the [Liquidity Provider Disclosure Cover](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) Sheet and the more detailed disclosure document. These documents should be reviewed by legal and compliance experts to ensure that they are accurate and complete.

The final step is to make the disclosure documents available to all clients. This can be done by posting them on the LP’s website, by sending them to clients directly, or by making them available through third-party platforms.

The following table provides a detailed checklist for implementing Principle 17’s disclosure requirements:

| Implementation Phase | Key Tasks | Verification Points |
| --- | --- | --- |

The execution of Principle 17’s disclosure requirements is an ongoing process. LPs must have a system in place for regularly reviewing and updating their disclosure documents to ensure that they remain accurate and complete. They must also be prepared to answer any questions that clients may have about their last look practices. By taking a proactive and transparent approach to the execution of Principle 17, LPs can build a reputation for integrity and fair dealing, which can be a valuable asset in the competitive FX market.

The following is a list of key disclosure items that should be included in an LP’s Principle 17 documentation:

- **Last Look Application** ▴ A clear statement of whether last look is employed and, if so, whether it is applied symmetrically or asymmetrically.

- **Asymmetrical Application Rationale** ▴ A detailed explanation of the circumstances under which an asymmetrical last look practice would be used.

- **Last Look Window** ▴ The minimum and maximum duration of the last look window, expressed in milliseconds.

- **Trading During Last Look** ▴ A statement on whether the LP engages in any trading activity during the last look window, with specific details on any “cover and deal” arrangements.

- **Information Handling** ▴ A description of how confidential client information is handled and the measures in place to prevent its misuse.

![A macro view reveals a robust metallic component, signifying a critical interface within a Prime RFQ. This secure mechanism facilitates precise RFQ protocol execution, enabling atomic settlement for institutional-grade digital asset derivatives, embodying high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/core-secure-institutional-digital-asset-derivatives-rfq-trade-system-element.jpg)

## References

- Global Foreign Exchange Committee. “FX Global Code ▴ Liquidity Provider Disclosure Cover Sheet Instructions.” 2021.

- Cleary Gottlieb. “The FX Global Code.” 2017.

- J.P. Morgan. “FX Global Code Liquidity Provider Disclosure Cover Sheet.” 2021.

- Global Foreign Exchange Committee. “FX Global Code.” 2021.

- Bank of China. “Liquidity Provider Disclosure Cover Sheet.” 2021.

![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)

## Reflection

The implementation of Principle 17’s disclosure requirements presents an opportunity for liquidity providers to critically assess their role in the FX market. It is a moment to move beyond mere compliance and to consider the broader implications of one’s actions on the health and integrity of the market as a whole. The disclosures are a mechanism for fostering a more transparent and equitable trading environment, but their true value lies in the introspection they can inspire. By thoughtfully crafting their disclosures, LPs can not only meet their regulatory obligations but also redefine their relationship with their clients, building a foundation of trust that can withstand the pressures of a dynamic and often volatile market.

![A multifaceted, luminous abstract structure against a dark void, symbolizing institutional digital asset derivatives market microstructure. Its sharp, reflective surfaces embody high-fidelity execution, RFQ protocol efficiency, and precise price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-trading-protocol-architecture-optimizing-high-fidelity-rfq-execution-and-latent-liquidity-discovery.jpg)

## How Can This Framework Enhance Your Own Operations?

The principles of transparency and accountability that underpin Principle 17 are not limited to the FX market. They are universal principles that can be applied to any business that seeks to build long-term relationships with its clients. The process of developing and implementing a disclosure framework can be a valuable exercise for any organization, forcing it to clarify its policies, streamline its processes, and communicate its values. It is an opportunity to look inward, to identify areas for improvement, and to emerge as a stronger, more resilient, and more trusted partner.

![Abstract visualization of institutional RFQ protocol for digital asset derivatives. Translucent layers symbolize dark liquidity pools within complex market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-6.jpg)

## Glossary

<a href="https://prime.greeks.live/area/liquidity-providers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A transparent teal prism on a white base supports a metallic pointer. This signifies an Intelligence Layer on Prime RFQ, enabling high-fidelity execution and algorithmic trading](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-derivatives-rfq-execution-prime-microstructure-liquidity.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/fx-global-code/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, metallic algorithmic trading component with a central circular mechanism rests on angular, multi-colored reflective surfaces, symbolizing sophisticated RFQ protocols, aggregated liquidity, and high-fidelity execution within institutional digital asset derivatives market microstructure. This represents the intelligence layer of a Prime RFQ for optimal price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-system-architecture-for-optimal-price-discovery-and-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/in-a-cross-border-insolvency-which-factors-determine-which-jurisdictions-bankruptcy-laws-will-apply/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A central, metallic, complex mechanism with glowing teal data streams represents an advanced Crypto Derivatives OS. It visually depicts a Principal's robust RFQ protocol engine, driving high-fidelity execution and price discovery for institutional-grade digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-8.jpg)

## Circumstances under Which

The jurisdiction's bankruptcy laws are determined by the debtor's "Center of Main Interests" (COMI). </a><a href="https://prime.greeks.live/question/how-do-modern-trading-platforms-architect-their-systems-to-control-information-flow-in-rfq-protocols/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precision-engineered metallic and glass system depicts the core of an Institutional Grade Prime RFQ, facilitating high-fidelity execution for Digital Asset Derivatives. Transparent layers represent visible liquidity pools and the intricate market microstructure supporting RFQ protocol processing, ensuring atomic settlement capabilities](https://options.greeks.live/wp-content/uploads/2025/08/robust-institutional-digital-asset-derivatives-trading-platform-for-optimized-rfq-protocol-execution-and-deep-liquidity-access.jpg)

## About Their

Modern trading platforms architect RFQ systems as secure, configurable channels that control information flow to mitigate front-running and preserve execution quality. </a><a href="https://prime.greeks.live/area/asymmetrical-application/?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)

## Asymmetrical Application

Meaning ▴ An asymmetrical application describes a system or strategy where the impact of an action or market condition produces disproportionate outcomes across different states or participants. </a><a href="https://prime.greeks.live/area/disclosure-requirements/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sophisticated, symmetrical apparatus depicts an institutional-grade RFQ protocol hub for digital asset derivatives, where radiating panels symbolize liquidity aggregation across diverse market makers. Central beams illustrate real-time price discovery and high-fidelity execution of complex multi-leg spreads, ensuring atomic settlement within a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-rfq-protocol-facilitating-atomic-settlement-and-high-fidelity-execution-of-multi-leg-spreads.jpg)

## Disclosure Requirements

Meaning ▴ Disclosure requirements mandate the systematic provision of specific information by market participants to regulators, counterparties, or the public, establishing a foundational layer of transparency within institutional digital asset derivatives markets. </a><a href="https://prime.greeks.live/question/under-what-circumstances-can-an-internal-model-be-used-for-a-close-out-amount/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A macro view of a precision-engineered metallic component, representing the robust core of an Institutional Grade Prime RFQ. Its intricate Market Microstructure design facilitates Digital Asset Derivatives RFQ Protocols, enabling High-Fidelity Execution and Algorithmic Trading for Block Trades, ensuring Capital Efficiency and Best Execution](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-core-system-for-institutional-digital-asset-derivatives-rfq-protocol-execution-and-advanced-market-microstructure-optimization.jpg)

## Circumstances Under

An internal model can be used for a close-out amount when contractually permitted and commercially reasonable, especially for complex derivatives. </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">
![Abstract geometric forms depict institutional digital asset derivatives trading. A dark, speckled surface represents fragmented liquidity and complex market microstructure, interacting with a clean, teal triangular Prime RFQ structure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-high-fidelity-execution-system-for-prime-os-liquidity-pool.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 transparent geometric structure symbolizes institutional digital asset derivatives market microstructure. Its converging facets represent diverse liquidity pools and precise price discovery via an RFQ protocol, enabling high-fidelity execution and atomic settlement through a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-for-optimized-liquidity-aggregation-and-high-fidelity-execution.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/question/how-do-dealers-quantify-the-risk-of-information-leakage-from-a-client/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A layered, cream and dark blue structure with a transparent angular screen. This abstract visual embodies an institutional-grade Prime RFQ for high-fidelity RFQ execution, enabling deep liquidity aggregation and real-time risk management for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-layered-structure-for-institutional-digital-asset-rfq-execution.jpg)

## Confidential Client Information

Dealers quantify information leakage by modeling the deviation of actual trading costs from predicted market impact benchmarks. </a><a href="https://prime.greeks.live/area/cover-and-deal/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precision optical system with a reflective lens embodies the Prime RFQ intelligence layer. Gray and green planes represent divergent RFQ protocols or multi-leg spread strategies for institutional digital asset derivatives, enabling high-fidelity execution and optimal price discovery within complex market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-intelligent-core-driving-digital-asset-derivatives-rfq-protocols-high-fidelity-execution-across-diverse-liquidity-pools-for-optimal-price-discovery.jpg)

## Cover and Deal

Meaning ▴ The "Cover and Deal" mechanism represents a specialized institutional execution methodology prevalent in over-the-counter (OTC) or request-for-quote (RFQ) markets for digital asset derivatives. </a><a href="https://prime.greeks.live/area/last-look/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sophisticated metallic mechanism, split into distinct operational segments, represents the core of a Prime RFQ for institutional digital asset derivatives. Its central gears symbolize high-fidelity execution within RFQ protocols, facilitating price discovery and atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/precision-rfq-engine-for-institutional-digital-asset-derivatives-trading.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/question/how-do-dealers-quantify-the-risk-of-information-leakage-from-a-client/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A dark blue sphere, representing a deep institutional liquidity pool, integrates a central RFQ engine. This system processes aggregated inquiries for Digital Asset Derivatives, including Bitcoin Options and Ethereum Futures, enabling high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-for-optimized-liquidity-aggregation.jpg)

## Client Information

Dealers quantify information leakage by modeling the deviation of actual trading costs from predicted market impact benchmarks. </a><a href="https://prime.greeks.live/area/disclosure-document/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Sharp, intersecting metallic silver, teal, blue, and beige planes converge, illustrating complex liquidity pools and order book dynamics in institutional trading. This form embodies high-fidelity execution and atomic settlement for digital asset derivatives via RFQ protocols, optimized by a Principal's operational framework](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-digital-asset-derivatives-market-microstructure-high-fidelity-execution-across-multi-leg-spread-rfq-protocol-orchestration-within-principals-operational-framework.jpg)

## Disclosure Document

Meaning ▴ A Disclosure Document is a formal, comprehensive legal instrument designed to provide prospective participants with all material information concerning an offering, platform, or financial product within the digital asset derivatives ecosystem. </a><a href="https://prime.greeks.live/area/risk-management-systems/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract bisected spheres, reflective grey and textured teal, forming an infinity, symbolize institutional digital asset derivatives. Grey represents high-fidelity execution and market microstructure teal, deep liquidity pools and volatility surface data](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocols-for-digital-asset-derivatives-execution.jpg)

## Risk Management Systems

Meaning ▴ Risk Management Systems are computational frameworks identifying, measuring, monitoring, and controlling financial exposure. </a><a href="https://prime.greeks.live/area/policies-and-procedures/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Intersecting multi-asset liquidity channels with an embedded intelligence layer define this precision-engineered framework. It symbolizes advanced institutional digital asset RFQ protocols, visualizing sophisticated market microstructure for high-fidelity execution, mitigating counterparty risk and enabling atomic settlement across crypto derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-execution-system-microstructure-dynamics.jpg)

## Policies and Procedures

Meaning ▴ Policies and Procedures represent the codified framework of an institution's operational directives and the sequential steps for their execution, designed to ensure consistent, predictable behavior within complex digital asset trading systems and to govern all aspects of risk exposure and operational integrity. </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">
![Curved, segmented surfaces in blue, beige, and teal, with a transparent cylindrical element against a dark background. This abstractly depicts volatility surfaces and market microstructure, facilitating high-fidelity execution via RFQ protocols for digital asset derivatives, enabling price discovery and revealing latent liquidity for institutional trading](https://options.greeks.live/wp-content/uploads/2025/07/optimized-rfq-protocol-dynamics-for-institutional-crypto-derivatives.jpg)

## Liquidity Provider Disclosure Cover Sheet

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/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">
![Intersecting abstract elements symbolize institutional digital asset derivatives. Translucent blue denotes private quotation and dark liquidity, enabling high-fidelity execution via RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/rfq-protocols-digital-asset-derivatives-optimal-execution-prime-os-microstructure-system.jpg)

## Cover Sheet

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/question/what-are-the-key-differences-between-full-disclosure-and-no-disclosure-strategies-in-an-rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A vertically stacked assembly of diverse metallic and polymer components, resembling a modular lens system, visually represents the layered architecture of institutional digital asset derivatives. Each distinct ring signifies a critical market microstructure element, from RFQ protocol layers to aggregated liquidity pools, ensuring high-fidelity execution and capital efficiency within a Prime RFQ framework](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-execution-stack.jpg)

## Detailed Disclosure Document

Full disclosure RFQs trade anonymity for potentially tighter spreads, while no disclosure strategies pay a premium to prevent information leakage. </a><a href="https://prime.greeks.live/question/in-a-cross-border-insolvency-which-factors-determine-which-jurisdictions-bankruptcy-laws-will-apply/?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)

## Under Which

The jurisdiction's bankruptcy laws are determined by the debtor's "Center of Main Interests" (COMI). </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 translucent sphere with intricate metallic rings, an 'intelligence layer' core, is bisected by a sleek, reflective blade. This visual embodies an 'institutional grade' 'Prime RFQ' enabling 'high-fidelity execution' of 'digital asset derivatives' via 'private quotation' and 'RFQ protocols', optimizing 'capital efficiency' and 'market microstructure' for 'block trade' operations](https://options.greeks.live/wp-content/uploads/2025/07/precision-rfq-engine-for-digital-asset-derivatives-best-execution.jpg)

## Liquidity Provider Disclosure Cover

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/question/what-are-the-key-differences-between-full-disclosure-and-no-disclosure-strategies-in-an-rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Precision-engineered multi-vane system with opaque, reflective, and translucent teal blades. This visualizes Institutional Grade Digital Asset Derivatives Market Microstructure, driving High-Fidelity Execution via RFQ protocols, optimizing Liquidity Pool aggregation, and Multi-Leg Spread management on a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-multi-vane-system-illustrating-institutional-digital-asset-derivatives-rfq-protocols-market-microstructure-optimized-liquidity-aggregation-prime-os-high-fidelity-execution.jpg)

## Disclosure Documents

Full disclosure RFQs trade anonymity for potentially tighter spreads, while no disclosure strategies pay a premium to prevent information leakage. </a>

**Tags:** [Risk Management Systems](https://options.greeks.live/area/risk-management-systems/), [Disclosure Document](https://options.greeks.live/area/disclosure-document/), [Liquidity Provider](https://options.greeks.live/area/liquidity-provider/), [Last Look Window](https://options.greeks.live/area/last-look-window/), [Global Foreign Exchange Committee](https://options.greeks.live/area/global-foreign-exchange-committee/), [FX Market Integrity](https://options.greeks.live/area/fx-market-integrity/)	

## Discover More

- 
### [What Are the Key Disclosures Institutions Should Demand from Liquidity Providers regarding Last Look?](https://options.greeks.live/question/what-are-the-key-disclosures-institutions-should-demand-from-liquidity-providers-regarding-last-look/)
![Dark, pointed instruments intersect, bisected by a luminous stream, against angular planes. This embodies institutional RFQ protocol driving cross-asset execution of digital asset derivatives. The stream signifies price discovery and liquidity aggregation within market microstructure, ensuring high-fidelity execution for block trades.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-best-execution-system-architecture.jpg)

Institutions must demand explicit disclosures on last look timing, symmetry, and data access to ensure verifiable, fair execution.

- 
### [How Does the Fx Global Code Regulate Last Look Practices?](https://options.greeks.live/question/how-does-the-fx-global-code-regulate-last-look-practices/)
![A central, precision-engineered component with teal accents rises from a reflective surface. This embodies a high-fidelity RFQ engine, driving optimal price discovery for institutional digital asset derivatives. Surrounding granular texture depicts intricate market microstructure and latent liquidity within the Principal's operational framework.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-execution-engine-for-price-discovery.jpg)

The FX Global Code governs last look by mandating transparency and fair conduct, reframing it as a predictable risk control mechanism.

- 
### [What Are the Differences between Symmetric and Asymmetric Last Look in FX Markets?](https://options.greeks.live/question/what-are-the-differences-between-symmetric-and-asymmetric-last-look-in-fx-markets/)
![Abstract geometric representation of an institutional RFQ protocol for digital asset derivatives. Two distinct segments symbolize cross-market liquidity pools and order book dynamics. A central, illuminated conduit signifies high-fidelity execution, price discovery, and algorithmic trading within a Principal's operational framework, optimizing block trade settlement and capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-protocol-2.jpg)

Symmetric last look is a neutral price-check protocol, while asymmetric last look is a one-sided option benefiting the liquidity provider.

- 
### [Does the FX Global Code Provide Sufficient Guidance on the Fair Use of Last Look?](https://options.greeks.live/question/does-the-fx-global-code-provide-sufficient-guidance-on-the-fair-use-of-last-look/)
![Abstract geometric planes and light symbolize market microstructure in institutional digital asset derivatives. A central node represents a Prime RFQ facilitating RFQ protocols for high-fidelity execution and atomic settlement, optimizing capital efficiency across diverse liquidity pools and managing counterparty risk.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-intelligence.jpg)

The FX Global Code provides a framework for fair last look, but its sufficiency depends on market participants' commitment to transparency.

- 
### [Can the Use of “Last Look” in RFQ Systems Be Considered a Fair Mechanism for Mitigating Risk?](https://options.greeks.live/question/can-the-use-of-last-look-in-rfq-systems-be-considered-a-fair-mechanism-for-mitigating-risk/)
![Abstract image showing interlocking metallic and translucent blue components, suggestive of a sophisticated RFQ engine. This depicts the precision of an institutional-grade Crypto Derivatives OS, facilitating high-fidelity execution and optimal price discovery within complex market microstructure for multi-leg spreads and atomic settlement.](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-market-microstructure-for-institutional-digital-asset-derivatives-rfq.jpg)

Last look is a risk mitigation protocol whose fairness is a direct function of its transparency and operational integrity.

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

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

- 
### [How Does the Symmetric Application of Last Look Differ from an Asymmetric One in Practice?](https://options.greeks.live/question/how-does-the-symmetric-application-of-last-look-differ-from-an-asymmetric-one-in-practice/)
![Intersecting sleek conduits, one with precise water droplets, a reflective sphere, and a dark blade. This symbolizes institutional RFQ protocol for high-fidelity execution, navigating market microstructure. It represents optimal price discovery, block trade facilitation, and atomic settlement for digital asset derivatives, ensuring capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-framework-optimizing-latent-liquidity-discovery-and-atomic-settlement-protocols.jpg)

Symmetric last look applies price tolerance checks equally, while asymmetric application favors the liquidity provider.

- 
### [Could the Proliferation of Last Look Lead to a More Fragmented or Centralized Market Structure over Time?](https://options.greeks.live/question/could-the-proliferation-of-last-look-lead-to-a-more-fragmented-or-centralized-market-structure-over-time/)
![A translucent blue sphere is precisely centered within beige, dark, and teal channels. This depicts RFQ protocol for digital asset derivatives, enabling high-fidelity execution of a block trade within a controlled market microstructure, ensuring atomic settlement and price discovery on a Prime RFQ.](https://options.greeks.live/wp-content/uploads/2025/07/precision-execution-pathway-for-institutional-digital-asset-derivatives-leveraging-rfq-protocols-and-high-fidelity-market-microstructure.jpg)

The proliferation of last look creates a hybrid market structure, centralizing liquidity sources while fragmenting the execution pathway.

- 
### [What Are the Key Differences between Last Look in Fx Markets and Crypto Markets?](https://options.greeks.live/question/what-are-the-key-differences-between-last-look-in-fx-markets-and-crypto-markets/)
![A multifaceted, luminous abstract structure against a dark void, symbolizing institutional digital asset derivatives market microstructure. Its sharp, reflective surfaces embody high-fidelity execution, RFQ protocol efficiency, and precise price discovery. This visual metaphor represents atomic settlement, capital efficiency, and robust counterparty risk management.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-trading-protocol-architecture-optimizing-high-fidelity-rfq-execution-and-latent-liquidity-discovery.jpg)

Last look is a risk protocol granting liquidity providers a final trade veto, differing by market structure and intent.

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        "@type": "SearchAction",
        "target": "https://options.greeks.live/?s=search_term_string",
        "query-input": "required name=search_term_string"
    }
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "FAQPage",
    "mainEntity": [
        {
            "@type": "Question",
            "name": "What Are The Core Tenets Of Principle 17?",
            "acceptedAnswer": {
                "@type": "Answer",
                "text": "The central tenets of Principle 17 revolve around the concepts of transparency, fairness, and accountability. The principle is not merely a set of guidelines but a foundational element of the FX Global Code, designed to ensure that the practice of last look does not undermine the integrity of the market. It requires LPs to be explicit about their operational procedures, providing liquidity consumers with a clear line of sight into the mechanics of trade execution. This includes detailed information on how prices are verified, the conditions for trade rejection, and the handling of client information. By codifying these requirements, Principle 17 seeks to create a level playing field where all market participants can transact with confidence, knowing that the rules are clear and consistently applied."
            }
        },
        {
            "@type": "Question",
            "name": "How Do Liquidity Providers Differentiate Themselves?",
            "acceptedAnswer": {
                "@type": "Answer",
                "text": "Liquidity providers can differentiate themselves through the quality and clarity of their Principle 17 disclosures. While the principle sets a minimum standard for what must be disclosed, there is significant scope for LPs to go beyond these basic requirements. For instance, an LP could provide detailed examples of how its last look process works in different market scenarios, or it could offer clients a choice of different last look profiles, each with its own set of parameters and disclosures. This level of customization and transparency can be a powerful differentiator, attracting clients who value control and predictability in their trade execution."
            }
        },
        {
            "@type": "Question",
            "name": "What Are The Practical Steps For Implementation?",
            "acceptedAnswer": {
                "@type": "Answer",
                "text": "The practical implementation of Principle 17's disclosure requirements can be broken down into a series of distinct steps. The first step is to conduct a thorough review of the LP's existing last look practices. This review should identify any areas where the LP's practices are not aligned with the requirements of the principle. The next step is to develop a set of new policies and procedures that are fully compliant with the principle. These policies and procedures should be documented in a clear and comprehensive manner, and they should be communicated to all relevant staff."
            }
        },
        {
            "@type": "Question",
            "name": "How Can This Framework Enhance Your Own Operations?",
            "acceptedAnswer": {
                "@type": "Answer",
                "text": "The principles of transparency and accountability that underpin Principle 17 are not limited to the FX market. They are universal principles that can be applied to any business that seeks to build long-term relationships with its clients. The process of developing and implementing a disclosure framework can be a valuable exercise for any organization, forcing it to clarify its policies, streamline its processes, and communicate its values. It is an opportunity to look inward, to identify areas for improvement, and to emerge as a stronger, more resilient, and more trusted partner."
            }
        }
    ]
}
```


---

**Original URL:** https://options.greeks.live/question/what-are-the-specific-disclosure-requirements-for-liquidity-providers-under-principle-17/
