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UBS MTF is a non-displayed multilateral trading facility (MTF) that offers midpoint matching based on the primary exchange. UBS MTF is a segregated venue that pools European liquidity and matches orders on a non-discretionary basis. There is no membership fee and 0.1 basis point trading fees.
Functionality and order types
UBS MTF offers midpoint matching and operates under a central counterparty model. Trades are reported anonymously in real-time to Markit BOAT. Orders are executed on a price/time priority basis, and there is no preferencing among participants.
Access and participation
UBS MTF is accessible to UBS clients via its DMA and algorithmic trading offering. All subscribers to the MTF who meet a set of objective membership requirements, in accordance with MiFID regulation are accepted as members.
UBS MTF offers trading in equities across 12 European markets – Austria, Belgium, Denmark, Finland, France, Germany, the Netherlands, Norway, Portugal, Sweden, Switzerland and the United Kingdom. Trading in Czech, Hungarian, Irish and Italian equities is coming soon. The pool also offers trading in over 140 exchange-traded funds and plans to add international depository receipts with exposure to a range of global markets. UBS MTF is particularly strong in small- and mid-cap stocks. Average execution size in UBS MTF was €13,000 from launch in November 2010, to 31 May 2011. An average of 2.5 million shares (double counted) were traded daily between March and May 2011.
A dedicated supervisor ensures an orderly market, carrying out real-time monitoring and historical surveillance to monitor all types of market abuse and prevent gaming activity. In addition, all UBS algorithms are equipped with advanced anti-gaming and anti-negative selection measures to safeguard client orders.
No connectivity deals at present.