UBS: last look is sticking around, but conversation evolving

Bank says transparent and open discussion can produce “mutual benefits going both ways”

fx-last-look-divergence
Last look: the risk management technique has been open to abuse in the past

Last look will not be completely removed from the foreign exchange market because of the meaningful effect it would have on bid/offer spreads, says a head of FX sales at UBS.

Speaking at the 16th annual FX Week USA Conference on July 11, Blaise Sheppard said the Swiss bank uses last look in its principal market-making business when the customer business warrants it. However, he cautions its use remains an ever-evolving conversation with clients so there are no unknowns on either side about what

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