GFXC confirms zero hold times in last look

Chair says checks can’t be used to monitor client market impact – a “game changer” according to some

The Global Foreign Exchange Committee (GFXC) has clarified that no additional hold times should be applied to last look checks in electronic spot foreign exchange transactions. The move – hailed as a “game changer” by some market participants – may require some liquidity providers (LPs) to update their dealing practices.

Definitions differ, but last look broadly comprises two parts: a price validity and credit check; and an additional hold time, which some LPs apply to monitor whether a client