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Forex's 'last look' practice gets curbed
By Chiara Albanese
The Wall Street Journal
Wednesday, May 27, 2015
Two of the world's biggest currency-trading platforms plan to restrict a controversial industry practice in which banks can pull out of trades at the last moment if the market moves against them.
Thomson Reuters Corp. and BATS Global Markets Inc. will limit the practice, known as "last look," on their platforms in coming weeks in a move aimed at increasing transparency in the foreign-exchange market.
The change comes amid a broader shake-up of the trading industry prompted by concerns about traders' efforts to manipulate a range of financial markets. Markets for precious metals, interest rates, stocks, and currencies have all come under scrutiny from regulators in recent years because of allegations of inappropriate behavior. ...
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