The motion: ‘Last look’ should be banned from FX – A head to head debate, New York May 2016 between David Mercer (CEO, LMAX Exchange) and Isaac Lieberman (CEO, Aston Capital Management)

LMAX Exchange

LMAX Exchange

The motion: ‘Last look’ should be banned from FX – A head to head debate, between David Mercer (CEO, LMAX Exchange) and Isaac Lieberman (CEO, Aston Capital Management) at Profit & Loss Forex Network New York, May 2016.

David Mercer argues that the practice of ‘last look’ should be abolished in FX, stating that it was a business solution to a technology problem that no longer exists. Mercer refers to the recent ‘Restoring trust in FX’ market survey where 88% said the practice most open to abuse is ‘last look’. He also argues for a more transparent, robust and fair marketplace and asks, why doesn’t ‘last look’ exist in any other asset class?

David Mercer, LMAX Exchange CEO, shares insights.
david-mercer-thumbnail

– Is ‘last look’ just a ‘free’ option for maker makers?
– Given the supposed benefits of ‘last look’, why should it be banned?
– Are Liquidity Providers still protected with ‘last look’ abolished?
– Does ‘last look’ stop an FX latency ‘arms race’?
– Could banning ‘last look’ be seen as overkill?

Any opinions, news, research, analyses, prices or other information ("information") contained on this Blog, constitutes marketing communication and it has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Further, the information contained within this Blog does not contain (and should not be construed as containing) investment advice or an investment recommendation, or an offer of, or solicitation for, a transaction in any financial instrument. LMAX Exchange has not verified the accuracy or basis-in-fact of any claim or statement made by any third parties as comments for every Blog entry.

LMAX Exchange will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. No representation or warranty is given as to the accuracy or completeness of the above information. While the produced information was obtained from sources deemed to be reliable, LMAX Exchange does not provide any guarantees about the reliability of such sources. Consequently any person acting on it does so entirely at his or her own risk. It is not a place to slander, use unacceptable language or to promote LMAX Exchange or any other FX, Spread Betting and CFD provider and any such postings, excessive or unjust comments and attacks will not be allowed and will be removed from the site immediately.

LMAX Exchange will clearly identify and mark any content it publishes or that is approved by LMAX Exchange.

FX and CFDs are leveraged products that can result in losses exceeding your deposit. They are not suitable for everyone so please ensure you fully understand the risks involved. The information on this website is not directed at residents of the United States of America, Australia (we will only deal with Australian clients who are "wholesale clients" as defined under the Corporations Act 2001), Canada (although we may deal with Canadian residents who meet the "Permitted Client" criteria), Singapore or any other jurisdiction where FX trading and/or CFD trading is restricted or prohibited by local laws or regulations.