Has last look had its day in FX?

‘Last look', a controversial practice whereby dealers have the opportunity to review orders on an electronic communication network (ECN) after they have been dealt, has long been criticised as a mechanism that grants excessive leverage to the sell side, to the extent some platforms have either banned last look or not allowed it in the first place.

But it remains a divisive issue, with some participants arguing it creates an unfair advantage for the sell side and others suggesting banks need