XTX: top 10 banks will move to zero hold times in 2020

Awareness and competitive pressures will compel market-makers who have held out to cut holding times

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Jeremy Smart: liquidity providers will be more committed to follow the FX Global Code

2020 is the year that the top 10 foreign exchange banks will reduce their holding times to zero, says Jeremy Smart, global head of distribution at XTX Markets, which would essentially mark the first nail in the coffin for the practice known as ‘last look’.

“I expect the remaining top 10 banks to move to zero hold times, partially because of independent and transparent transaction cost analysis (TCA) providers [coming to the fore], and partially because the interbank venues are moving to real

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