Direction of travel on last look becomes clear

Hold time holdouts likely to fall into line in face of increased regulatory scrutiny

Over the past two-and-a-half years, we’ve written a lot on the topic of last look and have often felt overwhelmed by the prospect of trying to compare the trading practices of different liquidity providers (LPs). 

For starters, not every LP used everyday language when writing their last look trading disclosure. 

Rather than allowing market participants to easily understand what their policy entails from a quick glance, some LPs have preferred to keep their trading practices obscured behind