Broker-dealer UBS has introduced its internal crossing engine, UBS Price Improvement Network (UBS PIN), to Hong Kong.
UBS PIN anonymously matches clients’ orders within UBS’s internal liquidity pool while also routing them to the market. The platform, which includes queue and price improvement features, is automatically available each time clients enter an order for Hong Kong equities through UBS. No new connections or relationship agreements are required.
“As the leading provider of liquidity in Hong Kong, our deep and diverse trading flows from institutional and retail investors provide our clients with unique and tangible benefits,” said Laurent Combalot, head of equity client trading and execution, Asia, UBS. “UBS PIN allows all of our clients seamless crossing opportunities with UBS, which leads to spread savings and reduced signalling risk.”
According to UBS, its market share of trading on the Hong Kong Securities Exchange in Q1 2009 was 6.76%.
UBS PIN is already available in Japan and Australia in the Asia-Pacific market, as well as Europe and the US. The firm is looking to expand UBS PIN further in Asia. “We are in the process of expanding our internal crossing capabilities to all markets in Asia wherever regulatory framework permits the establishment of such a network,” David Rabinowitz, head of direct execution services, Asia, UBS, told theTRADEnews.com.