Forex glossary
Last look
Last look is a final check of a trade request at the quoted price before the liquidity provider accepts or rejects it. In wholesale FX it can assess validity or price. Its window and rules vary by provider; it is not cancellation of an already confirmed trade.
Illustrative example
How does it work in practice?
In a hypothetical wholesale FX scenario, a request to buy 10,000 EUR at a displayed 1.1000 USD per EUR is rejected during last look, before a trade is confirmed. The request was rejected; an already completed trade was not canceled.
A case to work through
Two timing components
Wholesale FX model: a log records 15 ms for last look and 45 ms for the full request-and-response cycle.
- The check occupies only part of the total cycle.
- The remaining 30 ms cannot be assigned to that check from these two figures.
What follows? Analyze timestamps and the provider’s disclosed process.
Example boundary: These hypothetical times establish neither typical latency nor provider compliance.
A useful distinction
Last look / Requote
A requote offers a new price; last look assesses acceptance or rejection of a request.
Check your understanding
Separate the checking window from other delays.
Show the answer and explanation
Last look took 15 ms
That checking time is separately specified.
From provider structure to confirmation
Step 8 / 10 · 0 / 10 reviewed
View the full sequence →Progress is saved only in this browser.
Read the fuller explanation
Related terms
Sources and documentation
- GFXC: last-look report
Wholesale FX validity/price checks before acceptance; a mechanism rather than latency measurements.
Document read:
The example illustrates the mechanism. Check current account conditions and instrument specifications with the provider.