An end to the global currency market’s four-year quest to crack down on a controversial trading practice that allows dealers to back out of transactions if prices move against them looks further away than ever.
The committee overseeing a voluntary code of conduct in a market worth nearly $7 trillion a day released new guidelines on so-called last look earlier this month, but these principles have only stoked a new wave of push back from traders frustrated at their framing. Liquidity provider XTX Markets, a member of the Global Foreign Exchange Committee’s working group on last look, critiqued the consultative process and labeled the paper a missed opportunity to settle the issue.
"Market" - Google News
August 26, 2021 at 06:00AM
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Currency Traders Reneging on Deals Frustrate $7 Trillion Market - Bloomberg
"Market" - Google News
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