FX last look: how non-banks stack up

Research shows patchy disclosures plus differences from banks on pre-hedging and rejected orders

last look - trading - Getty
Opaque policies: all of the dealers researched provide public last look disclosures, but only half of the non-banks

This is the first of a two-part series looking at last look disclosures in the foreign exchange spot market. Part two will look at disclosures of the top 50 liquidity providers.


While becoming increasingly important players within the electronic foreign exchange cash market, some non-banks are not necessarily playing by the same rules as their bank competitors. Non-bank liquidity providers have all adhered to the FX Global Code, but compared with the top five banks, their trading practices

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