Questions on FX last-look

[CodeNoob]

We all know that on secondary ECNs, your order might get last-looked by liquidity providers.

Say there are bid quotes 9, 10, 11, and I place a sell order at 9. Can I actually specify, hey I only want to sell to the 9 guy, I know 10 and 11 will definitely last look me. Can I specify on the fly when sending the order, or I have to exclude this counter-party before hand?

I don't want to waste time to match against 11 and get last looked -- by the time I get rejected 9 might even be gone as well.

 

[Pharaoh]

I've never seen an Fx Broker who will let you pick and chose who to buy or sell with. The best ECN brokers will match your market orders at the best available price. If you ONLY want to sell at 9, then use a pending order.

 

[bigdolly]

We all know that on secondary ECNs, your order might get last-looked by liquidity providers.

Say there are bid quotes 9, 10, 11, and I place a sell order at 9. Can I actually specify, hey I only want to sell to the 9 guy, I know 10 and 11 will definitely last look me. Can I specify on the fly when sending the order, or I have to exclude this counter-party before hand?

I don't want to waste time to match against 11 and get last looked -- by the time I get rejected 9 might even be gone as well.

What you want is called instant execution and available only on market maker platforms, where broker act as a counterparty to your order. And we all know what trading against your broker ends up with
LPs in turn apply a principle called FIFO - first in first out. Unfortunately no right for privileged execution can be obtained on the level of retail trading for a retail trader with a simple inquiry to broker support.
However, with increase of your capital your broker may come up with some exclusive solutions, where significant spread and execution betterments are involved. For example at MYBROKER I have "vip" account where spreads, comparing to micro accounts, are reduced more than two times. But capital adequacy is increased to 40K, what's definitely not for everyone. Check it with your broker it has to have around the same offers.
Not sure about execution though, but I guess with spreads shrunk it comes along with proportional improvements too. Correct me if I'm wrong.