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Last Look Meaning

A practice in foreign exchange and some digital asset markets where a "liquidity provider" (usually a large bank or market maker) is given a final opportunity to reject a trade after a "taker" has already accepted their quoted price. This usually happens within a millisecond "latency window." The purpose of "last look" is to protect the market maker from "toxic flow"-traders who use ultra-fast connections to "snipe" stale prices.

If the market maker sees the market has moved against them in the microsecond it took the order to arrive, they can use their "last look" privilege to cancel the trade. This practice is controversial because it can be abused by market makers to only accept trades that are profitable for them, leading to "slippage" for the retail trader.

In response, many modern "Transparent" or "ECN" style exchanges have banned last look, favoring a "Firm Quote" model where a price shown must be honored.

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Important Disclaimer:

Finery Markets BVI Limited (“Finery Markets”) provides software, technology infrastructure, and related Information and Communication Technology (ICT) services on a Software-as-a-Service (“SaaS”) basis. Finery Markets acts solely as a software vendor and does not operate a trading platform, does not intermediate, match, execute, clear, or settle transactions, and does not engage in any activities that would require regulatory authorisation under applicable laws.

Finery Markets’ software is non-custodial and is provided exclusively to licensed institutional entities that act as independent operators of their own environments. All counterparties are solely responsible for establishing and maintaining their own bilateral trading and settlement relationships. Finery Markets is not a party to any such arrangements and assumes no responsibility for the conduct, verification, or compliance obligations of any users of the software.

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