Last look orders come under scrutiny

Buy-side pressures market-makers to eliminate practice

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Market-makers stand accused of using last look order types aggressively to dial up the profitability of their books, with some buy-side participants warning the practice deserves as much regulatory scrutiny as the allegations of benchmark manipulation.

Last look market-making allows price providers to reject orders within a short period of time if the trade is deemed unfavourable, which gives dealers a significant information advantage and can damage the execution quality of customers.

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