Hold times collapse on EBS Direct as LPs cut last look

Hold times down 67% and reject rates drop to 3.15%, as FX Global Code of Conduct forces liquidity providers to step away from last look

Seth Johnson: "…the Code is creating greater openness and a sea change in behaviour for the better”

Average hold times on EBS Direct have dropped to 37 milliseconds among the top 10 liquidity providers on the platform – 61% lower than 18 months ago – as market-makers cut the use of last look on the bilateral platform, a report from owner Nex Markets shows.

According to the paper, The FX Global Code: changing transparency and behaviour, reject rates across the top 10 market-makers have also fallen to 3.15%, down 41% compared with a year and a half ago. The decline in rejects has led to more

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