Last Look
A brief window in which a liquidity provider can reject an order on its quoted price after seeing it.
In plain English
A brief window in which a liquidity provider can reject an order on its quoted price after seeing it.
With last look, a bank or market maker gets a final moment, often milliseconds, to accept or reject your trade on the price it showed. It protects them from being picked off by faster traders when prices are stale.
Critics say it can be abused to reject trades that would lose the provider money. Industry codes of conduct now set rules on how it may be used.
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