A window of opportunity

With opinion split on whether last look is the defender or villain of the piece, FX participants are campaigning to raise standards and boost transparency, but some say the timeframe for action is diminishing. By Alessandro Aimone

David Newns at State Street
David Newns, Currenex: "Last look has a legitimate place in FX"

Last look. Just the phrase is enough to send a chill down the spine of most market-makers nowadays. Hot on the heels of the benchmark-rigging scandal that rocked the world of foreign exchange and kick-started deep structural reforms in the industry, last look – whereby market-makers have the option to accept or reject trades before orders are executed – emerged as a potentially explosive topic last year, when regulators and lawyers caught scent of allegations that some market-makers misuse the t