Barclays is paying $50m over its lawsuit from November 2015 with Axiom Investment Advisors, an asset manager specialising in foreign exchange. The "last look" is the opportunity taken by market makers to reject a trade after the client commits to a trade at a certain price, giving them the flexibility to reject unprofitable trades, a practice which is illegal in many jurisdiction and asset classes, and frowned upon in others. However, the specific complaint by Axiom relates to delaying execution of trades, resulting in a worse consummated final price than what was initially agreed. The investigation was led by the New York Department of Financial Services (DFS). Barclays has denied wrongdoing.
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