BNPP, BofA and Nomura ditch last look add-on

Majority of top 25 LPs have now removed hold times as regulators step up scrutiny of controversial practice


Bank of America, BNP Paribas and Nomura are the latest liquidity providers to remove an additional hold time for electronic spot foreign exchange trades subject to last look.

In BNP Paribas’s updated disclosure sheet, published on EBS’s FX Global Code registry in March, the bank states that no additional hold times are applied to electronic spot FX trades. Its last look window “typically” lasts up to 25 milliseconds, it adds.

The French dealer previously applied a 150-millisecond delay on

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