CURRENCY traders may not be fast enough, at least when it comes to cleaning up their image. At issue is a controversial custom called "last look", which allows market makers to back out of a trade. After allegations of abuse, most major banks have recently taken steps to publicly disclose their trading standards to clients. But not all are on board. Top-10 dealer BNP Paribas SA doesn't. And a big player in high-frequency trading called Tower Research Capital LLC says it doesn't need to.
Industry executives - still reeling from paying billions in currency-rigging fines - concede that the largely unregulated US$5.1 trillion-a-day foreign-exchange market could use a dose of transparency. As part...
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