XTX sounds death knell for last look

The NBLP launches new analytical tool, which Jeremy Smart says will make last look obsolete

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Toxic flow: "We believe XTX-ray will likely signal the death knell for last look as a practice," says XTX's Smart

XTX Markets has released a set of analytical tools that allow counterparties to quantify the impact of trading with each of their liquidity providers (LPs) and put a dollar amount on execution costs – a development the LP claims will end the use of last look. 

The free tool, dubbed XTX-ray, analyses trades based on spreads, round-trip times and fill ratios, as well as quantifying the dollar cost of rejects – defined as the amount by which the market mid-price moved between the time of sending th