Call for clarity on last look rejections
Asset managers say holding periods “far in excess” of what is necessary for risk checks
While some improvements have been made with regard to transparency during the milliseconds-long last look window, asset managers still feel it’s often unclear whether a trade has been rejected due to risk-control checks or for another reason.
Hugo Gordon, a policy specialist for capital markets at The Investment Association, which represents UK asset managers, said: “There is general recognition that last look does have valid risk-control purposes.” But he added: “The problem for a lot of our
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