Call for clarity on last look rejections

Asset managers say holding periods “far in excess” of what is necessary for risk checks

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Last look: let’s go back to basics and come up with a clear definition, say panellists

While some improvements have been made with regard to transparency during the milliseconds-long last look window, asset managers still feel it’s often unclear whether a trade has been rejected due to risk-control checks or for another reason.

Hugo Gordon, a policy specialist for capital markets at The Investment Association, which represents UK asset managers, said: “There is general recognition that last look does have valid risk-control purposes.” But he added: “The problem for a lot of our

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