Citi drops last look hold times for e-FX
Bank joins Goldman Sachs, Morgan Stanley and UBS in ditching controversial practice after GFXC clampdown
Citi has become the latest liquidity provider to remove the additional hold times it had placed on spot foreign exchange trades subject to last look.
Back in 2019, Citi confirmed to FX Markets that a hold time of 100 milliseconds was typically placed on client trades subject to last look checks. Last look broadly comprises two parts: a price validity and credit check. However, many LPs have historically placed an additional hold time on top of these checks to monitor client behaviour.
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