# What Is the Role of the FX Global Code in Shaping Market Practices around Last Look? ▴ Question

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

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## Concept

The architecture of the [global foreign exchange](https://prime.greeks.live/question/how-do-hft-strategies-differ-in-equity-versus-foreign-exchange-markets/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) market rests upon a foundational paradox. It is at once the most liquid and accessible financial market globally, yet its decentralized, over-the-counter structure creates inherent latencies and risk vectors that are absent in centralized, exchange-traded environments. Within this paradox, the practice of ‘last look’ emerged as a logical, if contentious, engineering solution to a persistent problem for [liquidity providers](https://prime.greeks.live/area/liquidity-providers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite).

To understand the role of the [FX Global Code](https://prime.greeks.live/area/fx-global-code/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) in shaping this practice, one must first view the market as a complex system where participants are constantly solving for risk, speed, and certainty. [Last look](https://prime.greeks.live/area/last-look/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is a risk-management protocol, a final checkpoint for a market maker before committing capital at a quoted price in a market where that price may have decayed in the milliseconds it takes for a client’s request to traverse the network.

From a systems perspective, a [liquidity provider](https://prime.greeks.live/area/liquidity-provider/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (LP) in the FX market is a node broadcasting price data across numerous channels simultaneously. They quote to direct clients, on multi-dealer platforms, and through aggregators. The risk is that a quote accepted on one platform is based on market conditions that have already changed, a phenomenon known as latency arbitrage or being ‘picked off’. A sophisticated, high-speed client could detect a change in the broader market and race to hit the LP’s stale quote before the LP can update it.

Last look was designed as the final circuit breaker in this process. It is a practice in [electronic trading](https://prime.greeks.live/area/electronic-trading/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) where the LP, upon receiving a trade request from a [liquidity consumer](https://prime.greeks.live/area/liquidity-consumer/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (LC), is granted a brief window of time to perform a final validation check before accepting or rejecting the trade at the quoted price. It is fundamentally a tool to mitigate the principal risk an LP incurs by making markets.

> The FX Global Code introduced a principles-based framework to govern last look, transforming it from an opaque practice into a defined risk control mechanism requiring fairness and transparency.

The FX Global Code entered this environment not as a prescriptive set of regulations enforced by a single global authority, but as a body of principles developed by a coalition of central banks and private sector market participants. Its purpose was to restore confidence and promote the effective functioning of the wholesale FX market by establishing a common set of guidelines for good practice. The Code addresses the entire lifecycle of a trade, from ethics and governance to execution and settlement. Given the controversy and opacity surrounding last look, it was a critical area for the Code to address.

The practice had become a significant point of friction between LPs and LCs, with consumers concerned about a lack of transparency, potential for information leakage, and the fairness of rejections. The Code’s intervention was therefore a direct attempt to re-architect this specific interaction, establishing clear principles for how this powerful risk management tool could be used without undermining the integrity of the market it was designed to serve.

[Principle 17](https://prime.greeks.live/area/principle-17/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) of the Code is the cornerstone of this effort. It states that market participants employing last look should be transparent about its use and provide appropriate disclosures to their clients. This principle reframes last look entirely. It ceases to be an implicit, undefined privilege of the market maker and becomes an explicit service feature that must be documented, disclosed, and applied consistently.

The Code specifies that if last look is used, it should function as a [risk control](https://prime.greeks.live/area/risk-control/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) to verify the validity of the [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) and the price against which it was placed. This establishes a clear boundary for its application, moving it away from a potential tool for opportunistic trading and toward a defined, auditable risk management function. The subsequent sections of this analysis will explore the strategic and executional transformation this principled intervention has catalyzed within the market’s microstructure.

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## Strategy

The FX Global Code’s approach to last look represents a strategic pivot from market convention to market integrity. By establishing a principles-based framework, the Code provides a strategic blueprint for both liquidity providers and consumers to re-evaluate and re-engineer their execution policies. The core strategy is the systematic substitution of opacity with transparency, creating a market environment where [execution quality](https://prime.greeks.live/area/execution-quality/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) can be measured, compared, and ultimately improved. This is achieved not through rigid rules, but by providing a common language and set of expectations that allow for more sophisticated and equitable interactions.

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## A Framework of Mandated Transparency

The primary strategic thrust of the Code, particularly through Principle 17, is the mandate for transparency. For liquidity providers, this necessitates a fundamental shift in strategy. Previously, the internal logic and application of last look were proprietary black boxes. Post-Code, the strategy is one of explicit disclosure.

LPs who adhere to the Code are strategically positioning themselves as fair and transparent partners. This involves creating and maintaining comprehensive disclosure documents that detail precisely how their last look process functions.

For liquidity consumers, the Code provides a powerful strategic tool for counterparty risk management and execution optimization. The ability to demand and receive clear disclosures on last look practices allows LCs to move beyond price as the sole determinant of routing decisions. An LC can now build a more robust, multi-factor routing logic that incorporates the quality of execution offered by an LP.

The strategy becomes one of selective engagement, rewarding LPs who offer transparent and minimally invasive last look practices with greater trade flow. This creates a competitive dynamic where LPs are incentivized to improve their practices to attract and retain sophisticated clients.

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## What Is the Strategic Value of Differentiated Disclosures?

The Code encourages detailed disclosures, allowing LCs to strategically differentiate between liquidity providers. A sophisticated LC can analyze these disclosures to assess the potential for negative signaling or information leakage associated with a particular LP’s last look methodology. Key areas for strategic analysis include:

- **Hold Time** ▴ The length of the [last look window](https://prime.greeks.live/area/last-look-window/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is a critical variable. A shorter hold time is generally preferable as it reduces the period of uncertainty for the LC and limits the opportunity for the LP to observe market moves before making a decision. LCs can strategically favor LPs with shorter, or even zero, [hold times](https://prime.greeks.live/area/hold-times/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite).

- **[Price Check Tolerance](https://prime.greeks.live/question/what-are-the-primary-sources-of-latency-in-a-dynamic-risk-check-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)** ▴ Disclosures should specify the [price check](https://prime.greeks.live/area/price-check/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) methodology, including the tolerance for price movement that would trigger a rejection. An LP with a very tight tolerance may have a higher rejection rate, which is valuable information for an LC’s execution algorithm.

- **Use of Information** ▴ The Code is clear that information from a client’s trade request should not be used for the LP’s own trading activity during the last look window. An LC’s strategy must involve scrutinizing disclosures for any ambiguity on this point and monitoring trading data for patterns that might suggest misuse.

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## Redefining Execution Quality and Transaction Cost Analysis

The Code’s principles on last look enable a more sophisticated and meaningful approach to [Transaction Cost Analysis](https://prime.greeks.live/area/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (TCA). The strategic objective of TCA expands from simply measuring slippage on executed trades to analyzing the entire lifecycle of an order, including the “shadow costs” of rejected trades. Post-Code TCA strategy incorporates new metrics directly related to last look.

> By mandating clear disclosures and defining permissible use, the Code empowers liquidity consumers to strategically evaluate and select providers based on the fairness of their execution mechanisms.

The table below illustrates a strategic comparison between the pre-Code and post-Code environments for last look, highlighting the shift in power and information symmetry.

| Practice Area | Pre-Code Environment (Strategic Opacity) | Post-Code Environment (Strategic Transparency) |
| --- | --- | --- |
| Disclosure | Minimal to non-existent. Last look is an implied, undefined practice. | Comprehensive disclosure is expected. LPs must clearly explain their methodology. |
| Hold Time | Variable and unknown to the client. Could be prolonged to observe market movement. | Stated and monitored. LCs can select LPs based on shorter hold times. |
| Rejection Rationale | No reason given for rejections. LCs are left to guess the cause. | Transparency in rejection rationale is encouraged, allowing LCs to diagnose routing issues. |
| Information Use | Ambiguous. High potential for information from rejected trades to inform LP’s own trading. | Strictly limited. The Code prohibits using client trade request data for other trading during the window. |
| LC Counter-Strategy | Limited to blunt tools like shutting off LPs with high rejection rates. | Sophisticated, data-driven routing logic based on TCA metrics like rejection rates, hold times, and post-rejection market impact. |

This strategic shift empowers LCs to build a more resilient and efficient execution process. They can design algorithms that dynamically adjust routing based on the real-time performance of LPs, penalizing those with high rejection rates or long hold times. This creates a feedback loop that incentivizes the entire market to move toward the best practices outlined in the Code.

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## Execution

The execution of the FX Global Code’s principles on last look requires a deep, operational commitment from market participants. It is a transition from abstract principles to concrete system architecture, data analysis, and procedural discipline. For both liquidity providers and consumers, adherence is an engineering challenge that involves reconfiguring trading systems, establishing new governance structures, and developing sophisticated data analysis capabilities to monitor and validate execution quality in a granular way.

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## The Operational Playbook for Liquidity Provider Compliance

For a liquidity provider, executing a compliant last look practice is a multi-stage process that touches nearly every aspect of the trading operation. It requires a systematic approach to ensure that the practice is fair, transparent, and defensible under the scrutiny of clients and regulators.

- **Establish Robust Governance** ▴ The first step is to form a dedicated oversight body, often a committee composed of representatives from trading, compliance, legal, and technology. This body is responsible for defining, documenting, and periodically reviewing the firm’s last look policy to ensure it remains consistent with the Global Code and prevailing market standards.

- **Define The Risk Control Parameters** ▴ The policy must precisely define the mechanics of the last look window. This includes specifying the maximum ‘[hold time](https://prime.greeks.live/area/hold-time/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)’ in milliseconds. It also requires defining the price check tolerance ▴ the maximum permissible deviation between the quoted price and the current market price that will be accepted. The source of the market price used for this check must also be documented.

- **Architect And Implement System Controls** ▴ The trading system’s architecture must be configured to enforce the policy. This involves programming the defined hold time and price tolerance into the execution logic. Crucially, systems must be designed to prevent the misuse of information. When a trade is rejected, the system should be architected to ensure that the information from that client’s request cannot be used by the firm’s traders or algorithms. This may involve creating information barriers or logic that temporarily prevents the firm from trading in that currency pair for its own account after a rejection.

- **Create Comprehensive Client Disclosures** ▴ A clear, plain-language disclosure document must be drafted and provided to all clients. This document is the operational manifestation of Principle 17. It must detail the hold time, the price check methodology, the potential reasons for rejection, and a clear statement on the firm’s policy regarding the use of information from trade requests.

- **Develop Data Logging And Analytics** ▴ The system must log every event within the last look window for every trade request. This includes the timestamp of the request, the decision (accept/reject), the reason for rejection if applicable, the hold time, and the market price at the time of the decision. This data is essential for providing transparency to clients (via their TCA reports) and for internal auditing and compliance monitoring.

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## Quantitative Modeling and Data Analysis

The execution of a fair last look system is verifiable through data. Liquidity consumers can and should use quantitative analysis to evaluate the execution quality of their providers. The following table provides a hypothetical comparison of last look policies and their measurable impact, which an LC would use to inform their routing decisions.

| Liquidity Provider | Stated Hold Time (ms) | Price Check Tolerance (pips) | Observed Rejection Rate (%) | Avg. Post-Rejection Slippage (pips) |
| --- | --- | --- | --- | --- |
| LP Alpha | 5 ms | 0.2 | 1.5% | +0.01 |
| LP Beta | 50 ms | 0.1 | 4.2% | +0.15 |
| LP Gamma | 2 ms (Zero Hold Time) | N/A | 0.0% | N/A |
| LP Delta | 40 ms | 0.5 | 0.8% | +0.03 |

In this model, ‘Post-Rejection Slippage’ is calculated as the [market movement](https://prime.greeks.live/question/how-does-the-proliferation-of-last-look-affect-overall-price-discovery-and-market-stability-in-the-fx-market/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) in the direction of the original trade request (e.g. for a rejected ‘buy’ order, a subsequent rise in price) in the milliseconds following a rejection. A consistently high value, as seen with LP Beta, is a significant red flag. It suggests that the LP’s long hold time allows them to observe market movement and reject trades that would have been profitable for the client, a practice known as ‘free optionality’. In contrast, LP Alpha shows a more reasonable profile, and LP Gamma offers a ‘no last look’ policy, which would be strategically attractive to many LCs.

![Transparent geometric forms symbolize high-fidelity execution and price discovery across market microstructure. A teal element signifies dynamic liquidity pools for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-rfq-execution-for-institutional-digital-asset-derivatives-1.jpg)

## How Can a Buy-Side Firm Systematically Analyze Last Look Data?

A sophisticated buy-side firm will integrate last look analytics directly into their TCA reporting framework. This involves capturing detailed execution data and analyzing it to identify patterns of abuse. The following is an example of what a detailed TCA report extract focused on last look might contain.

> A truly compliant execution of last look is not just a policy document; it is an auditable data trail logged by the trading system itself.

- **Rejection Rate Analysis** ▴ Calculating the percentage of orders rejected by each LP, both overall and broken down by currency pair and time of day. Spikes in rejections during volatile periods may be expected, but consistently high rates from one provider are cause for investigation.

- **Hold Time Measurement** ▴ Independently measuring the time between sending an order and receiving a fill or rejection. This should be compared against the LP’s disclosed hold time. Significant deviations could indicate a problem.

- **Post-Rejection Market Impact** ▴ This is the most critical analysis. The firm must measure the market movement immediately following a rejection. If an LP consistently rejects buy orders just before the market ticks up, or sell orders just before it ticks down, it strongly suggests they are using the last look window to protect themselves from adverse price moves at the client’s expense. This analysis provides the hard data needed to challenge an LP’s practices or reroute flow to better providers.

Ultimately, the execution of the Global Code’s principles transforms last look from a source of conflict into a domain of quantitative analysis and competitive differentiation. It forces a level of engineering and data discipline that elevates the operational standards of the entire FX market.

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## References

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

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

- Puth, David. “The Foreign Exchange Global Code ▴ Lessons Learned and Next Steps.” Federal Reserve Bank of New York, 12 July 2017.

- The Investment Association. “Guide to the FX Global Code.” 2019.

- Steptoe & Johnson LLP. “The FX Global Code And Its Enforcement ▴ What To Expect.” Law360, 22 May 2017.

![Robust metallic structures, symbolizing institutional grade digital asset derivatives infrastructure, intersect. Transparent blue-green planes represent algorithmic trading and high-fidelity execution for multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-microstructure-1.jpg)

## Reflection

The codification of principles surrounding last look has fundamentally altered the architecture of participant interaction in the [foreign exchange market](https://prime.greeks.live/area/foreign-exchange-market/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). The framework provided by the Global Code moves the conversation beyond a simple debate over a single practice. It prompts a deeper introspection into the nature of trust and transparency within a decentralized system.

For an institution, reviewing its own operational framework through this lens is a valuable exercise. It compels an assessment of not just the tools and protocols in use, but the quality of the data they produce and the sophistication of the analytics applied to that data.

The knowledge gained from analyzing the Code’s impact on last look is a component in a larger system of institutional intelligence. It underscores that in modern electronic markets, a strategic edge is derived from a superior capacity to process information, measure performance with precision, and adapt system architecture based on empirical evidence. The principles offer a blueprint for building a more resilient, data-driven execution process. The ultimate potential lies not in mere compliance, but in leveraging this new level of transparency to forge a more efficient and equitable market ecosystem for all participants.

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## Glossary

<a href="https://prime.greeks.live/question/how-do-hft-strategies-differ-in-equity-versus-foreign-exchange-markets/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Global Foreign Exchange

HFT strategies diverge due to equity markets' centralized structure versus the FX market's decentralized, fragmented liquidity landscape. </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 central RFQ engine flanked by distinct liquidity pools represents a Principal's operational framework. This abstract system enables high-fidelity execution for digital asset derivatives, optimizing capital efficiency and price discovery within market microstructure for institutional trading](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-engine-optimal-execution-for-digital-asset-derivatives.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">
![Intersecting structural elements form an 'X' around a central pivot, symbolizing dynamic RFQ protocols and multi-leg spread strategies. Luminous quadrants represent price discovery and latent liquidity within an institutional-grade Prime RFQ, enabling high-fidelity execution for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-enabling-high-fidelity-execution-across-disparate-liquidity-pools.jpg)

## Fx Global Code

Meaning ▴ The FX Global Code represents a comprehensive set of global principles of good practice for the wholesale foreign exchange market. </a><a href="https://prime.greeks.live/area/last-look/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A dual-toned cylindrical component features a central transparent aperture revealing intricate metallic wiring. This signifies a core RFQ processing unit for Digital Asset Derivatives, enabling rapid Price Discovery and High-Fidelity Execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-core-best-execution-prime-os.jpg)

## Last Look

Meaning ▴ Last Look refers to a specific latency window afforded to a liquidity provider, typically in electronic over-the-counter markets, enabling a final review of an incoming client order against real-time market conditions before committing to execution. </a><a href="https://prime.greeks.live/area/liquidity-provider/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A transparent cylinder containing a white sphere floats between two curved structures, each featuring a glowing teal line. This depicts institutional-grade RFQ protocols driving high-fidelity execution of digital asset derivatives, facilitating private quotation and liquidity aggregation through a Prime RFQ for optimal block trade atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-high-fidelity-execution-6.jpg)

## Liquidity Provider

Meaning ▴ A Liquidity Provider is an entity, typically an institutional firm or professional trading desk, that actively facilitates market efficiency by continuously quoting two-sided prices, both bid and ask, for financial instruments. </a><a href="https://prime.greeks.live/area/electronic-trading/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Precision metallic components converge, depicting an RFQ protocol engine for institutional digital asset derivatives. The central mechanism signifies high-fidelity execution, price discovery, and liquidity aggregation](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-precision.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/area/liquidity-consumer/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Intersecting muted geometric planes, with a central glossy blue sphere. This abstract visualizes market microstructure for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-microstructure-5.jpg)

## Liquidity Consumer

Meaning ▴ A liquidity consumer is an order type or execution algorithm designed to immediately execute against existing liquidity on an order book, thereby removing resting orders and consuming available depth. </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">
![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)

## 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/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 geometric forms converge around a central RFQ protocol engine, symbolizing institutional digital asset derivatives trading. Transparent elements represent real-time market data and algorithmic execution paths, while solid panels denote principal liquidity and robust counterparty relationships](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-core-for-high-fidelity-execution.jpg)

## 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/risk-control/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Translucent, multi-layered forms evoke an institutional RFQ engine, its propeller-like elements symbolizing high-fidelity execution and algorithmic trading. This depicts precise price discovery, deep liquidity pool dynamics, and capital efficiency within a Prime RFQ for digital asset derivatives block trades](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-14.jpg)

## Risk Control

Meaning ▴ Risk Control defines systematic policies, procedures, and technological mechanisms to identify, measure, monitor, and mitigate financial and operational exposures in institutional digital asset derivatives. </a><a href="https://prime.greeks.live/area/execution-quality/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Robust institutional Prime RFQ core connects to a precise RFQ protocol engine. Multi-leg spread execution blades propel a digital asset derivative target, optimizing price discovery](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-proto-insti-digital-asset-derivs-hi-fi-exec-capital-effi-risk-mgmt.jpg)

## Execution Quality

Meaning ▴ Execution Quality quantifies the efficacy of an order's fill, assessing how closely the achieved trade price aligns with the prevailing market price at submission, alongside consideration for speed, cost, and market impact. </a><a href="https://prime.greeks.live/area/last-look-window/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precision metallic dial on a multi-layered interface embodies an institutional RFQ engine. The translucent panel suggests an intelligence layer for real-time price discovery and high-fidelity execution of digital asset derivatives, optimizing capital efficiency for block trades within complex market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-high-fidelity-execution-system.jpg)

## Last Look 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/hold-times/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## Hold Times

Meaning ▴ Hold Times refers to the specified minimum duration an order or a particular order state must persist within a trading system or on an exchange's order book before a subsequent action, such as cancellation or modification, is permitted or a new related order can be submitted. </a><a href="https://prime.greeks.live/question/what-are-the-primary-sources-of-latency-in-a-dynamic-risk-check-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precision mechanism, potentially a component of a Crypto Derivatives OS, showcases intricate Market Microstructure for High-Fidelity Execution. Transparent elements suggest Price Discovery and Latent Liquidity within RFQ Protocols](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-crypto-derivatives-rfq-engine-high-fidelity-execution.jpg)

## Price Check Tolerance

The primary sources of latency in a dynamic risk check system are network distance, computational hardware, and software logic overhead. </a><a href="https://prime.greeks.live/area/price-check/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## Price Check

Meaning ▴ A Price Check is a real-time, programmatic query executed against a specified liquidity source or internal pricing engine to ascertain the current executable or indicative price for a given instrument and quantity. </a><a href="https://prime.greeks.live/area/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![An intricate, transparent cylindrical system depicts a sophisticated RFQ protocol for digital asset derivatives. Internal glowing elements signify high-fidelity execution and algorithmic trading](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-protocol-architecture.jpg)

## Transaction Cost Analysis

Meaning ▴ Transaction Cost Analysis (TCA) is the quantitative methodology for assessing the explicit and implicit costs incurred during the execution of financial trades. </a><a href="https://prime.greeks.live/area/hold-time/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Interlocking transparent and opaque geometric planes on a dark surface. This abstract form visually articulates the intricate Market Microstructure of Institutional Digital Asset Derivatives, embodying High-Fidelity Execution through advanced RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/geometric-abstraction-of-institutional-digital-asset-derivatives-market-microstructure-driving-high-fidelity-execution-via-principal-rfq-protocols-and-optimal-liquidity-aggregation.jpg)

## Hold Time

Meaning ▴ Hold Time defines the minimum duration an order must remain active on an exchange's order book. </a><a href="https://prime.greeks.live/question/how-does-the-proliferation-of-last-look-affect-overall-price-discovery-and-market-stability-in-the-fx-market/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract geometric forms in dark blue, beige, and teal converge around a metallic gear, symbolizing a Prime RFQ for institutional digital asset derivatives. A sleek bar extends, representing high-fidelity execution and precise delta hedging within a multi-leg spread framework, optimizing capital efficiency via RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-digital-asset-derivatives-rfq-execution-engine-architecture.jpg)

## Market Movement

Last look re-architects FX execution by granting liquidity providers a risk-management option that reshapes price discovery and market stability. </a><a href="https://prime.greeks.live/area/foreign-exchange-market/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, institutional grade sphere features a luminous circular display showcasing a stylized Earth, symbolizing global liquidity aggregation. This advanced Prime RFQ interface enables real-time market microstructure analysis and high-fidelity execution for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-digital-asset-derivatives-trading-platform-displaying-global-liquidity-aggregation-and-real-time-price-discovery-for-rfq-protocols.jpg)

## Foreign Exchange Market

Meaning ▴ The Foreign Exchange Market, commonly known as FX or Forex, represents the global decentralized financial market for the exchange of currencies. </a>

**Tags:** [Liquidity Provider](https://options.greeks.live/area/liquidity-provider/), [GFXC](https://options.greeks.live/area/gfxc/), [Transaction Cost Analysis](https://options.greeks.live/area/transaction-cost-analysis/), [Last Look](https://options.greeks.live/area/last-look/), [Price Check](https://options.greeks.live/area/price-check/), [Hold Times](https://options.greeks.live/area/hold-times/)	

## Discover More

- 
### [How Does Last Look Impact the Effectiveness of Algorithmic Trading Strategies?](https://options.greeks.live/question/how-does-last-look-impact-the-effectiveness-of-algorithmic-trading-strategies/)
![A luminous teal bar traverses a dark, textured metallic surface with scattered water droplets. This represents the precise, high-fidelity execution of an institutional block trade via a Prime RFQ, illustrating real-time price discovery. The droplets symbolize dynamic market microstructure and managed latent liquidity, crucial for optimal capital efficiency in digital asset derivatives RFQ protocols.](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-real-time-institutional-digital-asset-rfq-execution-stream-visualizing-prime-os-liquidity-flow.jpg)

Last look degrades algorithmic effectiveness by introducing execution uncertainty, a cost that must be systematically measured and managed.

- 
### [How Does Last Look Affect the Principle of Best Execution in Fx Markets?](https://options.greeks.live/question/how-does-last-look-affect-the-principle-of-best-execution-in-fx-markets/)
![A sleek, institutional grade apparatus, central to a Crypto Derivatives OS, showcases high-fidelity execution. Its RFQ protocol channels extend to a stylized liquidity pool, enabling price discovery across complex market microstructure for capital efficiency within a Principal's operational framework.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-rfq-digital-derivatives-prime-os-microstructure-optimization.jpg)

Last look complicates best execution by introducing rejection risk, which a data-driven TCA framework can quantify and mitigate.

- 
### [How Does the Concept of “Last Look” in RFQ Protocols Affect the True Transfer of Risk in Volatile Markets?](https://options.greeks.live/question/how-does-the-concept-of-last-look-in-rfq-protocols-affect-the-true-transfer-of-risk-in-volatile-markets/)
![A spherical, eye-like structure, an Institutional Prime RFQ, projects a sharp, focused beam. This visualizes high-fidelity execution via RFQ protocols for digital asset derivatives, enabling block trades and multi-leg spreads with capital efficiency and best execution across market microstructure.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-prime-os-rfq-protocol-digital-asset-derivatives-block-trade-execution.jpg)

Last look transforms risk transfer into a conditional option, retaining market risk with the liquidity provider until final acceptance.

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

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

- 
### [How Does the Global FX Code Influence the Use of Last Look Liquidity?](https://options.greeks.live/question/how-does-the-global-fx-code-influence-the-use-of-last-look-liquidity/)
![A multi-layered, sectioned sphere reveals core institutional digital asset derivatives architecture. Translucent layers depict dynamic RFQ liquidity pools and multi-leg spread execution. The opaque half signifies robust institutional-grade infrastructure. A central core embodies the Prime RFQ intelligence layer, enabling high-fidelity execution, atomic settlement, and optimal price discovery.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-market-microstructure-1.jpg)

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

- 
### [How Can Institutions Verify a Liquidity Provider’s Adherence to Its Stated Last Look Policy?](https://options.greeks.live/question/how-can-institutions-verify-a-liquidity-providers-adherence-to-its-stated-last-look-policy/)
![An institutional-grade platform's RFQ protocol interface, with a price discovery engine and precision guides, enables high-fidelity execution for digital asset derivatives. Integrated controls optimize market microstructure and liquidity aggregation within a Principal's operational framework.](https://options.greeks.live/wp-content/uploads/2025/07/proprietary-institutional-digital-asset-derivatives-rfq-protocol-engine-facilitating-high-fidelity-execution-and-granular-market-microstructure-analysis-for-prime-os.jpg)

Institutions verify last look adherence by using transaction cost analysis to detect asymmetrical execution patterns in their trade data.

- 
### [What Key Metrics Should an Institution Monitor to Assess Fair Last-Look Practices?](https://options.greeks.live/question/what-key-metrics-should-an-institution-monitor-to-assess-fair-last-look-practices/)
![A spherical control node atop a perforated disc with a teal ring. This Prime RFQ component ensures high-fidelity execution for institutional digital asset derivatives, optimizing RFQ protocol for liquidity aggregation, algorithmic trading, and robust risk management with capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-powered-high-fidelity-digital-asset-derivatives-execution.jpg)

Institutions must monitor fill ratios, hold times, and slippage symmetry to ensure last-look is a fair risk control, not an unfair option.

- 
### [What Key Metrics Define Execution Quality in a Last Look Environment?](https://options.greeks.live/question/what-key-metrics-define-execution-quality-in-a-last-look-environment/)
![Abstract geometric planes in teal, navy, and grey intersect. A central beige object, symbolizing a precise RFQ inquiry, passes through a teal anchor, representing High-Fidelity Execution within Institutional Digital Asset Derivatives. This depicts optimal Price Discovery and Liquidity Aggregation.](https://options.greeks.live/wp-content/uploads/2025/07/rfq-protocols-for-digital-asset-derivatives-high-fidelity-execution-liquidity-aggregation-price-discovery-market-microstructure.jpg)

Key metrics in a last look environment quantify the reliability of a liquidity provider's quotes through analysis of rejection rates and hold times.

- 
### [How Does the FX Global Code’s Guidance on Last Look Impact Algorithmic Trading Strategies?](https://options.greeks.live/question/how-does-the-fx-global-codes-guidance-on-last-look-impact-algorithmic-trading-strategies/)
![A precise RFQ engine extends into an institutional digital asset liquidity pool, symbolizing high-fidelity execution and advanced price discovery within complex market microstructure. This embodies a Principal's operational framework for multi-leg spread strategies and capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-engine-interfacing-core-liquidity-system.jpg)

The FX Global Code's last look guidance transforms algorithmic trading from price-seeking into a system that quantifies and rewards fair LP behavior.

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```


---

**Original URL:** https://options.greeks.live/question/what-is-the-role-of-the-fx-global-code-in-shaping-market-practices-around-last-look/
