UBS: last look is sticking around, but conversation evolving

Bank says transparent and open discussion can produce “mutual benefits going both ways”

Last look: the risk management technique has been open to abuse in the past

Last look will not be completely removed from the foreign exchange market because of the meaningful effect it would have on bid/offer spreads, says a head of FX sales at UBS.

Speaking at the 16th annual FX Week USA Conference on July 11, Blaise Sheppard said the Swiss bank uses last look in its principal market-making business when the customer business warrants it. However, he cautions its use remains an ever-evolving conversation with clients so there are no unknowns on either side about what

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact customer services -, or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to FX Markets? View our subscription options

You need to sign in to use this feature. If you don’t have a FX Markets account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: