The Foreign Exchange Professionals Association (FXPA) has released the third in a series of educational papers it is producing to explain the many nuances of the FX industry. FXPA’s “Focus on Last Look” explains the origins and evolution of the practice, and its unique role in global currency markets.
“Focus on Last Look” addresses the various perspectives of the practice, which originated as a risk mitigation tool for an increasingly electronically traded FX market. The paper explains the differences between firm liquidity and indicative prices and considers both sides of the debate around the use of last look in terms of market liquidity, abuse and manipulation, as well as latency risk.
FXPA will host a webinar on Tuesday, January 12 at 10am (ET)/3pm (GMT)/11pm (Asia) to unveil the paper, as well as provide an overview of the “Implications of the Recent Last Look Settlements on Your Business”.
This latest paper follows the publication of FXPA’s “The Modern Foreign Exchange Market”, which provides an overview of how the $5.3 trillion/day FX market has grown and developed over the years, as well as FXPA’s “Focus on: Foreign Exchange Benchmarks”, which discusses how benchmarks and fixings evolved from valuation tools to trading mechanisms.
The FXPA is a Washington, DC-based organization that represents the collective interests of the full array of professional foreign exchange industry participants. The group was developed to engage key regulators, policymakers, the news media and general public through education, research and advocacy, with the goal of advancing a sound, liquid, transparent, and competitive global currency market.
To find out how you can support the FX industry through education, research and advocacy, visit our website at, become an institutional member, sign up for our newsletter, FXPA globalFXsource.