What Role Does ‘Last Look’ Functionality Play in Assessing Quote Competitiveness in OTC Derivatives?

'Last look' is a feature where the quote recipient has a final window to accept or reject an execution request after the quote provider has confirmed the price. While it can protect the quote provider from adverse selection, it can undermine the perceived competitiveness of the quote, as the provider can reject it.

A platform that minimizes or eliminates 'last look' is often seen as providing firmer, thus more competitive, quotes.