UBS Price Improvement Network (UBS PIN) provides clients with access to UBS internal liquidity via an internal discretionary crossing process. UBS PIN is available across EMEA, US and APAC.
Functionality and order types
UBS PIN is not a venue and hence does not support
specific order types. UBS PIN offers crossing at the mid-point of the primary
market and offers matching on a strict price/time priority basis. In APAC, UBS
PIN offers crossing at near, mid or far-touch (where regulation allows).
Access and participation
All flow routed to UBS PIN is routed via UBS
algorithms, there is no direct access. DMA, ELPs, market makers, external
brokers and HFT are not able to access UBS PIN.
In EMEA, UBS PIN 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 the US, it supports trading in all US-listed equities and, in Asia, supports
trading in Hong Kong, Japanese and Australian equities.
All UBS algorithms apply anti-gaming measures,
including minimum fill sizes, when accessing dark liquidity to maximise the
quality of execution. UBS has a dedicated team who regularly review the quality
of execution from UBS PIN and other external dark venues.
UBS will continue to enhance UBS PIN in order to provide best execution to its clients.