The Tradetech Daily



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UBS Price Improvement Network (UBS PIN) is the bank''s international, signal-free, internal crossing network that is available in the US, EMEA and Asia.

Functionality and order types

UBS PIN offers midpoint matching on a strict price/ time priority basis based on the primary exchange”s bidoffer spread. PIN is strictly order neutral with no routing logic or preferencing. All order logic comes from the algorithm, order type or the smart order router.

Access and participation

UBS PIN is only accessible to UBS institutional clients. All UBS algorithms have access to PIN. UBS PIN is open only to buy-side clients by way of algorithmic trading. In the US, retail and institutional algorithmic flow access UBS PIN. In EMEA, in addition to institutional agency orders, there is also agency algorithmic trading flow from strategic alliances. In Asia, PIN is open only to client agency orders.

Instruments traded

UBS PIN in the US offers trading for all US-listed equities. In EMEA, it covers all equities in Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Israel, Italy, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Turkey and the UK. In Asia, UBS PIN supports trading in Hong Kong, Japanese and Australian equities, with Singapore coming soon.

Order protection

UBS continuously monitors flow and order interaction to ensure that predatory or information-seeking behavior is not being used by participants. In addition, PIN supports minimum fill requirements and does not aggregate partial fills on participant orders.

Connectivity/sharing agreements

No external parties have access to UBS PIN in the US and Asia-Pacific. In EMEA, UBS has algorithmic access agreements that allow strategic partners to algorithmic route flow to UBS PIN.