UBS

UBS

UBS offers a highly scalable, low-latency SOR with advanced intelligence and global access to displayed and non-displayed trading venues.

Access and algorithmicintegration

UBS Direct Execution clients

can access the SOR via its

electronic trading offering,

which includes algorithmic

trading strategies and DMA.

Destinations

Smart order routing is

currently available in: the US;

Canada; Brazil; all major

EMEA markets including

Hungary, Poland, the Czech

Republic, Turkey, Israel and

Greece; and Japan.

The SOR is specifically

tailored to the regulatory and

market specific requirements

of each venue.

Order types and clientreporting

The SOR supports all UBS

DMA and algorithmic

strategy orders, in addition to

standard order types,

including hidden and pegged.

The bank offers a number of

DMA tactics that combine algorithmic logic with the

speed of a DMA order. UBS

offers historical and real-time

execution reports from all

destinations.

Data feeds

UBS utilises direct market

data feeds from all major

markets, and both real-time

and historical data.

Routing logic

The SOR will first seek a

non-displayed execution

before accessing displayed

venues based on the nature of

the order and the strategy

selected. As the order

executes, routing will be

amended to reflect where

orders are being traded.

The router will seek the

optimal price/time execution

opportunities based on both

real-time market data and the

parent/order child

management provided by the

client via DMA order ticket

selection or UBS” algorithmic

trading engine.

The SOR uses heat maps

and responds in real time to

market stimuli, adjusting its

behaviour as necessary.

Clients have the ability to

opt-out of venues and have a

variety of both back-end

defaults and individual order

management controls that

will affect the routing logic.

Venues are constantly

monitored for signs of

potential gaming or negative

selection and algorithms are

adjusted to make qualified

decisions on when and how

to access certain venues.

Each region has a primary

and contingency site and

business continuity planning

procedures within the FIX

connectivity layer, the client

order management system

(OMS) layer and market

OMS layers, that are under

continual review.

Future plans

UBS is constantly performing

analysis on electronic orders

in order to update and

improve trading strategies

and tools.

UBS plans to extend the

use of its SOR to Hong Kong,

Australia, Singapore, Korea,

Taiwan, India, Malaysia,

Indonesia, Mexico and the

Dubai International Financial

Exchange.