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cashback forex means forexcashbackcalculator the bank providing Eastforexcashback has the opportunity to see the status of customer quotes before the order East forex cashback executed cashbackforexbtc decide whether to execute the trade based on the stakes As we know, in the foreign exchange market, there are two types of brokers one is a market maker (MM) and the other is an electronic communications network (ECN) provider ECN is the most The reason for the most transparent way of obtaining quotes and trading assets is mainly the application of the Financial Information Exchange (FIX) protocol In terms of the counterparty, brokers obtain liquidity from the primary primary bank that provides liquidity and then provide the banks asset quotes to traders, who are the ultimate buyers As a buyer terminal, traders usually have access to multiple liquidity They are free to choose the price that best suits their needs and then start placing orders to the market. After the traders orders are submitted through the brokers platform to the liquidity provider that executes the orders, the ECN broker receives commissions from these orders. The initial deposit requirement for a typical ECN account is at least $20,000 Now, despite the transparency of quotes in the ECN environment, there is still the possibility that a traders order will be rejected, but it is only rare in comparison If this happens, then the trader may be experiencing the Lastlook Phenomenon This behavior occurs more frequently in the early days of online forex trading when the structure of forex trading is not yet stable enough and the order execution process is extremely slow Banks will take this action to protect their interests from orders trading ahead of their pricing For example, a trader places a long EURUSD order at 1.0900 and when the exchange rate rises to 1.0915, the liquidity The liquidity provider gets the traders order and if it executes the trade at the previous price, the trader instantly has a 15 pip profit If there are many traders, especially those with a large number of such orders, the liquidity provider will immediately go out of business So the Lastlook mechanism is also seen as a protection mechanism Now, most of the online trading structures have been upgraded, but the Lastlook behavior still exists. Usually, if a trader has a large number of orders that cannot be matched at execution time, then these orders may be rejected due to the Lastlook phenomenon When there is a high-risk event that triggers sharp market volatility, such as the Swiss franc black swan event on January 15, 2015 or the first trading day after the 9/11 event that year When the Lastlook phenomenon is also more frequent This also means that many genuine ECN brokers now still allow their liquidity providers to exercise the controversial power of Lastlook If investors intend to trade on an ECN platform, it may be necessary to investigate whether this ECN platform allows this behavior to exist Trading practice, ECN brokers are more loyal to their liquidity providers than to their liquidity providers Generally speaking, if a broker does not allow Lastlook on their trading platform, then they will also indicate this on their website Lastlook advantages For traders, Lastlook has no advantages it does not provide particular benefits to traders  In theory, Lastlook can prevent the execution of large orders, but the fact is that liquidity providers still have enough liquidity to keep the market functioning even if they execute large orders Lastlook disadvantages The main reason traders want to stay away from market makers is their excessive price manipulation and the fact that in a non-ECN environment, traders have to deal with Lastlook can lead to order rejection, which is not much different from the re-quotes or bad openings you face when using a market maker Fortunately, Lastlook behavior is not uncommon and many brokers are realizing that they will lose a lot of business if they continue to allow this behavior which is why many ECN brokers The brokers claim that their platform is Lastlook-free is not to be completely believed, and ultimately traders will need to run demo accounts to prove whether the truth is as they say it is The foreign exchange manipulation case that broke at the end of 2013, including HSBC, Citi, Barclays and other large banks were involved in the exchange rate manipulation scandal With the further investigation and clarity of this incident, the recent joint U.S. judicial and financial regulatory authorities on the existence of banks such as Barclays Lastlook mechanism to investigate In lastlook trading mechanism, industry players expressed concern that traders will be through this pool of money, in the knowledge that all customers trading orders stop loss and profit and loss, through trader intervention The problem of not allowing customers to close two senior practitioners in the foreign exchange industry shared their views on the Lastlook execution model:  ACI Financial Markets Association President MarshallBailey:  The truth is that customer preferences are always changing, and LastLook is sometimes an acceptable execution method, and more efficient for example Some people want to execute as tight a price as possible, and they accept the possibility of a higher rejection rate due to LastLook; while others may prefer a different price, but can guarantee that the transaction can be executed In fact, it depends largely on the brokers who use LastLook to achieve transparency in trading, they want to ensure that customers know that LastLook exists, and once the order is rejected They can give a full explanation and ensure that there is a full record of trade execution or rejection, so as to maintain consistency with the transaction The client should decide for themselves whether to trade or not, or whether to use the LastLook price mechanism, once they are fully aware of the advantages and disadvantages of LastLook, which should refer to their own trading needs and execution patterns LastLook has evolved and begun to contribute to smaller spreads, market participants should take steps to ensure that lastlook liquidity provisions do not create a false perception of market depth or level regardless of the circumstances, orders under lastlook execution cannot be rejected because of price, or the subjective intent of the liquidity provider, etc. Since the conditions for order entry are the same, it Orders cannot be rejected because they affect them The ACI Code of Standards provides clear guidance on how liquidity providers should use lastlook and includes some information that must be provided to clients to ensure transparent and fair operations Dan Marcus, CEO of ParFX: LastLook is still being used by many participants as a model for executing trades is still used by many participants as a model for executing trades, although there seems to be a misconception that there is a time lag between when a trade enters the trading system, and when it is executed, and that is why it often leads to wrongdoing in trading As the primary trading venue for market participants, we decided not to introduce the lastlook model because it is anachronistic We introduced a number of solutions to enable prices to remain stable, such as random order of orders entering the system, average distribution of market data, etc. Lastlook itself is not a bad thing, it just accidentally leaves loopholes that lead to unlawful trading practices, such as liquidity artifacts, etc. However, we do not feel that banning lastlook is an effective method despite the increasingly limited, it has a place in todays Foreign exchange market still has a place customers fully understand the characteristics of trading venues, and the implementation of lastlook traders, and then choose whether their own transactions need this model, which is the most important ultimately, the market will evolve on its own, everything will follow the principle of survival of the fittest

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