What is “last look”?
What is “last look”?
Last look is a colloquial term for liquidity providers or brokers stating a quoted price rather than a firm price based on supply and demand. Since the price stated is a quoted price, the liquidity provider or broker has the option execute the trade, offer an alternative price, or decline the trade.
Last look practices are often synonymous with Market Maker brokers which take the other side of your trade. Since their prices are quotes, there is a chance that they will manipulate their prices to their advantage or induce slippage when news events occur. Market makers tend to have higher spreads in comparison to ECN brokers.
ECN brokers receive bids / asks from their clients and directly match the best bid and ask prices across multiple market participants. The best prices are the prices stated on ECN brokers platform. Since ECN brokers only match trades, they do not have the opportunity to front run or have the “last look” to clients’ trades. We at BlackBull markets are proudly an ECN only broker, meaning we do not interfere with your trades and provide you with the best bid/ask spreads.
Silver got no love last week, suffering its worst week in thirteen weeks, and raking up a fourth straight month of losses. After losing US $1.35/t.oz between September 13 and September 18, the metal closed on Friday at US $22.38/t.oz. Before last week, Silver had not traded sub-US $22.50/t.oz for the entire 2021. One would have to rewind their charts to November 2020 to find Silver trading below US $22.50/t.oz.
The last two weeks haven’t exactly been ideal for the major US indices. In times like these, perhaps it is good to remind ourselves how far the indices have come in the year to date. If anything, reminiscing about the indices extraordinary gains in 2021 should help us contextualise the minor misfortune befalling stocks and indices in September.
Palladium is currently trading at USD 1,974/t.oz, a 13-month low for the soft silver-white mineral. In August 2020, Palladium was trading at such a price before it shot up within a hair’s width of USD 3,000/t.oz. The metal’s current price is sitting snuggly between two weak touchstone levels. Over the coming trading week, we could see Palladium claw itself back up to USD 2,200/t.oz, rejecting prices as low as USD 2,000/t.oz but remain suppressed from current levels or break lower into a pocket between USD 2,000/t.oz and USD 1,760/t.oz
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