Checklist · Liquidity and Market Data
Last Look: Questions for an Execution Review
Build an evidence-based last-look review using policy disclosures, request timestamps and outcome records without assuming a rejection proves abuse.
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Published by FxTrusts, a supplier of brokerage and prop firm technology. Prepared with AI-assisted research and drafting; reviewed against the cited public sources. Examples are illustrative. Product links describe our services.
Quick answer
Last look is a disclosed execution process in which a liquidity provider has a final opportunity to accept or reject a trade request under its policy. Review the stated purpose, decision conditions and observed records. A connection, quote or marketing label does not establish a no-last-look arrangement.
Start with the applicable policy
Identify the legal entity, venue, account arrangement and instruments covered by the disclosure. The FX Global Code addresses good practice in wholesale FX and includes execution and transparency principles; it does not replace law or constitute a guarantee for a particular account. The GFXC’s last-look guidance and disclosure templates help frame questions. Obtain the actual supplier policy rather than assuming that an industry term has one identical implementation.
Ask how the decision is made
A useful review asks which checks are performed, what information is considered, when the decision window starts and how outcomes are communicated. Clarify whether different conditions apply across instruments or customer arrangements. Request sufficient explanation to understand price and validity checks without demanding proprietary code. Avoid treating a vague statement about fast execution as an answer about a last-look policy or a contractual commitment to firm pricing.
Measure a complete and comparable timeline
Record the quote or request reference, send time, receive time where available, response time, outcome and reason information. Clock synchronization and timestamp resolution affect what can be inferred. A client-side round trip includes network and processing components; it is not automatically the provider’s decision time. Compare like-for-like records and retain rejected as well as accepted requests so that the sample is not biased toward completed trades.
Separate an observation from an accusation
A rejected request can have several causes, including validity, credit or documented execution conditions. One rejection does not establish abuse, and a high acceptance rate alone does not establish fair treatment. A review should ask whether disclosures, configured behavior and observed records are consistent across an appropriate sample. Escalate unexplained patterns with their supporting evidence. Do not publish a supplier ranking or a claim of misconduct from an incomplete timing worksheet.
A last-look evidence request record
The example fields below are a review template, not a report about any supplier. A complete record links the governing policy version to the request and response. Where a timestamp or reason is unavailable, preserve that limitation instead of estimating it from an unrelated client clock. The purpose is to make a conversation with the provider specific and reproducible.
| Question | Evidence to request |
|---|---|
| Which policy applied? | Entity, route, instrument and dated disclosure |
| What was requested? | Quote/request ID, side, size and price |
| What happened? | Accepted/rejected outcome and available reason |
| How long did each segment take? | Documented clock sources and relevant timestamps |
| Does the sample represent normal operation? | Selection method, period and included failures |
Implementation checklist
- Obtain the actual policy for the route and account arrangement.
- Distinguish client round-trip time from provider decision time.
- Include accepted and rejected requests in the declared sample.
- Keep unknown fields explicit and avoid unsupported misconduct or no-last-look claims.
Sources
These documents support the reference. Check the original publication for current requirements and the limits of its scope.
- FX Global Codewww.globalfxc.org
- GFXC last-look guidance and disclosure templateswww.globalfxc.org
Continue with the broader guides
Connect this reference to platform selection and the wider operating workflow.