XTX Markets has developed a new tool for institutional investors that it says could spell the end of the so-called 'last look' practice in the FX industry that allows banks to reject client orders at the last moment if the market shifts against them.

The electronic trading firm, which quotes prices in the $5.1 trillion-a-day currency markets, said in a January 31 statement that its XTX-ray tool will allow buyside firms to assess how well banks and other market-makers execute their orders.