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In eFX spot markets “last look” is the name given to a window of time where the market-maker has the option to reject the trade. It is a controversial topic and one highlighted within the FX code of conduct.
There are pros and cons to the usage of last look:
In this paper, Jamie Walton with his co-authors quantify the cost of the last look option and suggest the reduction in spreads that may result as a result of last look liquidity.