Recommended "no last look", fast execution, reliable brokers

Please recommend "no last look", fast execution, reliable brokers.(Brokers must meet all three criteria) If you disagree with someone's recommendation then explain why.

You have to understand what last look is. The LP has the ability to recheck usually within 0-50ms or so when they receive a request to reject your order. This protects an LP connected to an ECN from a quote that might have become stale. This happens quite often, but you wont even notice it in 99% of the cases.

A decent broker keeps track of LP execution times on a regular basis and then either switches LPs off that are under-performing or promotes those that are executing well. They can also customize feeds for clients, but that is in exceptional cases where you are doing lots of volume (>100 lots/mo....really more like >500 lots/mo) Unfortunately, most of the retail brokers do not have a prime broker relationship (which is harder to get nowadays).

With that said, Global Prime Au, IC Markets, FxOpen Au or UK ECN accts, RubixFx are good for retail trading. Interactive Brokers if you don't need mt4.

i think fxpro is fast .i use also roboforex they are reasonable but fxpro is so fast c trader
all have a nice day

How wide-spread is last-look features? Do institutional platforms have this? Any rough ideas on large this is?

Thanks in advance,
Dagfinn Rime
home.bi.no/dagfinn.rime
(Finance Professor with interest in FX trading. Author of the latest BIS FX volume-reports)

i need more confirmation because they chaged there service way .

reliable broker accept individual,
lmax.

Depends on the platform, but most do. The two biggest interdealer platforms do not have this (Icap EBS Markets and Reuters Dealing). But these two firms also operate a bilateral platforms (EBS Direct and and FXAll, gaining marketshare with these) who do have it. Other ECNs and aggregation service providers (Currenex, Hotspot, Integral) do have it too, and single dealer bank platforms obviously also.

One of the problems is that there is little disclosure about the extent of last look privileges - how long can a price-maker sit on an order before either rejecting or filling it. Apparently typical is 200 or 300 milliseconds. Its basically a license to print money if not policed by the platform operator (marketmakers with too high rejection rates can be disabled on a client-by-client basis).

How large is this? Basically all electronic flow except EBS and Reuters Dealing (these two combined have about $200 to $300bn ADV) and CME futures(last i checked around 100bn ADV). With a few more exceptions like lmax who are tiny in comparison (like 10bn ADV).

Hi Spox,

well maybe you can say where are you coming from because it is a key factor. Besides that there are many other issues to consider when you open an account. What is important for you?

NLL and Fast execution must come hand in hand together. Broker that offer NLL but execution is above 7ms (excluding your distance latency), is definitely not a NLL.

A true NLL should be sub ms. However, depends on their order matching and Pre-risk check technology that could increase the execution latency. But all together should be around 5ms on average.

I have also attached two execution latency chart where you can compare together.
The red one is the Last look and the Green one is the non-last look.

An old post - comes up first on last look search - will do to log for reference

Trading on foreign exchange markets (FX) is usually conducted on last look venues. Last look is a trading practice where the liquidity provider (LP) provides a quote rather than a firm price into the trading system or execution venue. These venues are often used in retail foreign exchange trading. When a request to trade against the quoted price is received, the LP may hold the request for some time, execute the trade (fill) at the price quoted, offer an alternative price (requote) or decline to trade (reject). Firm liquidity venues on the other hand operate an open central limit order book where trades are matched without optionality. Last look's quote-driven behaviour is commonly argued to be necessary to protect the liquidity providers in a fragmented and unregulated market place where there is no central exchange.[1]

The last look model has been the subject of several recent investigations and fines for misconduct over abuses of the practice and lack of transparency.[2]

Regulators are showing increased interest in the provision of last look liquidity in the FX market, with the Bank of England conducting a 'Fair and Effective Markets Review' (FEMR) which included recommendations for the FX industry. In response, the FX industry has moved towards adopting a global code of conduct.[3] However surveys indicate that many FX market participants do not believe that the situation has improved in the last two years.[4]

Both industry comment[5][6] and the FEMR review final report[7] describe the use of transaction cost analysis (TCA) as a method by which buy side traders can assess quality of execution from all liquidity providers and determine if they are at a disadvantage from last look. - source: https://en.wikipedia.org/wiki/Last_l...reign_exchange)

LMAX White Paper - https://www.lmax.com/documents/FX-TC...hite-paper.pdf

April - 2018: https://www.funds-europe.com/april-2...-one-last-look

Jun - 2018: https://link.springer.com/article/10...579-018-0218-3

Jun - 2018: https://www.finextra.com/blogposting...a-thorny-issue

Aug 2019: https://financefeeds.com/end-last-lo...boot-foot-now/

Aug -2019: https://www.winston-fox.co.uk/news-a...d-to-last-look

Sep 2019: - https://www.euromoney.com/article/b1...-caveat-emptor

Barclays Bank - current: https://www.barx.com/last-look-disclosure.html