Asset Management

Investment Association unhappy with controversial FX practice

Investment Association is concerned about the impact of so-called 'last look' and thinks it should be banned in some instances

Investment Association unhappy with controversial FX practice

The trade body representing the UK's £7tn investment industry has waded into the debate surrounding a controversial practice in the foreign exchange markets known as "last look", giving details of instances when it thinks it should be outlawed.

Last look gives market-makers, such as investment banks, a chance to back away from executing a deal at prices previously quoted to fund management clients — something that is seen as giving them an unfair advantage in FX markets.

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