Execution Hub at UBS will combine FlexTrade’s open technology stack together with its own proprietary automation technology to route orders to the best liquidity provider.
UBS has made two senior trading hires from Morgan Stanley Investment Management as it expands the outsourced trading team in the US.
Despite its involvement, NatWest was not fined as it revealed the cartel, while Bank of America, Natixis and Portigon also evaded penalties.
New outsourced trading desk by UBS will look to cut costs and take the pressure off asset managers and hedge funds in the US.
By acquiring the remaining stake from UBS, Deutsche Börse becomes the sole shareholder in the company, after acquiring a 51% share in September.
UBS Asset Management’s Lynn Challenger told TradeTech that Europe needs to focus less on primary exchange bid-asks spreads in an increasingly internalised equities market.
Sameer Jain joins Nomura as wholesale chief information officer after nearly 30 years at Barclays and UBS in senior technology focused roles.
Kevin Connors becomes global and EMEA sales head of FX and emerging markets at Nomura in a newly-created role.
Piero Novelli will step down from all executive positions including his role as co-president at UBS Investment Bank in March to assume the role of chairman at Euronext.
The UniCredit board of directors has nominated Andrea Orcel for the role of CEO, a decision expected to be approved at the bank’s upcoming annual general meeting.