'Last look' will prevent settlement with regulators, warns New Change FX

Benchmark provider says the US DoJ will scrutinise 'last-look' market-making

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'Last look' practices under scrutiny

Banks will be unable to settle fines with regulators in one go, as 'last-look' market-making activities are coming under scrutiny in the US, according to benchmark rate provider New Change FX, despite an impending deal with UK regulators that would draw a line under the nearly two-year-old global probe into currency trading.

"Recent discussions that New Change FX has had with interested parties suggest investigations into 'last look' are currently at an early stage. This tells us this week's

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