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Global forex rules now warn banks on abuse of 'last look' rights

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Published Sun, Feb 8, 2015 · 09:50 PM

Milan

BANKS must not abuse "last look" rights that allow them a final chance to reject deals on foreign exchange platforms, an update of industry trading guidelines set to be published on Monday will show.

The update to the code of conduct run by dealer body ACI Financial Markets Association comes after months of debate among banks, funds and other players in the US$5 trillion a day market over how to regulate such practices.

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