Last look: what do you know about it?
Last look lets liquidity providers reject or reprice orders in the milliseconds after they arrive, and its fairness is debated. The retail angle is less understood.
Discuss:
- how last look affects the prices you see
- whether your broker discloses it
- the honest implications for fills
The bid, ask and slippage guide covers the fill mechanics.
Background: Bid, ask and slippage: why your order fills at a different price
Why buy trades open at one price and close at another, why a stop can trigger when the chart never touched it, and how slippage happens.
Why did my stop-loss trigger when the price on the chart didn't reach it?
Charts usually show the bid price, but a sell position's stop is triggered by the ask. If the spread widened, the ask could have touched your stop while the bid line stayed away from it.
What is slippage?
The difference between the price you expected and the price your order was filled at. It is most common in fast or thin markets, such as around news releases.
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