UBS
Markets covered
The UBS Price Improvement Network (UBS PIN)
is the firm’s international, signalfree, internal crossing network. UBS PIN is
available in the US and across EMEA and APAC.
Order protection
UBS PIN maintains a strict price/time
priority for crossing. No routing logic or preferencing is used in UBS liquidity
pools (order logic comes from the algorithm, order type, or the smart router –
not the pool). The firm does not send IOIs on clients’ orders. It vets and aims
to fully understand the nature of each participant.
In addition, UBS does not participate in
exchange exhaust flow relationships, nor does it hold orders in an effort to
increase internal crossing statistics. The bank monitors the flow and interaction
within its pools, in order to ensure strict barriers to information leakage and gaming. The platform promises no prints
on high/ low of the day and quote stability checks to ensure that the bid/ask
quote is stable for a period before crossing at mid-tick.
Access
UBS PIN in APAC contains liquidity from
institutional agency orders only and is currently available in Hong Kong, Japan
and Australia. No external liquidity partners, broker-dealers, market makers,
proprietary desks or high-frequency funds have access to UBS PIN.
Order types and matching logic
UBS PIN
offers midpoint matching and queue improvement functionality on a strict
price/time priority basis, based on the primary exchange’s bid-offer spread.
UBS PIN
is open only to buy-side clients by way of algorithmic trading only.
Connectivity
UBS PIN
does not route out nor does it have any onward routing capability to other pools
or liquidity sources. All routing decision making and order management
behaviour resides within the order logic. In addition to UBS PIN, the firm’s
DMA and algorithmic trading orders access a range of exchanges and alternative
liquidity venues across Asia Pacific, including Japannext, Chi-X Japan, ASX
Centre Pointand Chi-X Australia.