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Currency Traders Race to Reform 'Last Look'

Industry developing code of conduct for trading practices.

By John Detrixhe, Bloomberg | Updated on March 17, 2017

Currency traders may not be fast enough, at least when it comes to cleaning up their image.

At issue is a controversial custom called “last look,” which allows market makers to back out of a trade. After allegations of abuse, most major banks have recently taken steps to publicly disclose their trading standards to clients. But not all are on board. Top 10 dealer BNP Paribas doesn’t. And a big player in high-frequency trading called Tower Research Capital says it doesn’t need to.

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