UBS has confirmed the appointment of Richard Semark as the new CEO of its pan-European dark pool, following the departure of Robert Barnes.
The leadership change for UBS MTF was confirmed in an internal memo from the Swiss bank’s global head of cash equities Phil Allison.
Semark has worked at UBS since 2004, holding a variety of roles in the firm’s cash trading and execution division, most recently as head of client relationships, EMEA – a role he will continue in addition to his new responsibilities.
Semark already sits on the UBS MTF executive steering committee, as well as several other management committees for the bank, including global liquidity and market structure.
“Richard’s extensive insight into the needs of buy-side and intermediary traders will enable UBS MTF to continue to pursue its primary mission: to deliver additional liquidity, choice, efficiency and innovation to our execution clients. Richard will retain the CTE client relationship role as he takes on stewardship of UBS MTF.
Barnes, who was the founding CEO of UBS MTF, is leaving the firm to establish a specialised advisory boutique.
“We wish him the best as he launches his new venture and we look forward to a continuing relationship with him in this capacity,” added Allison.
UBS MTF has grown to become the second largest dark multilateral trading facility (MTF), behind the CXE dark pool operated by BATS Chi-X Europe. According to data from Thomson Reuters Equity Market Share Reporter, UBS traded €5.69 billion last month, accounting for 18.3% of dark MTF liquidity.