UBS has extended the reach of PIN-FI, its internal fixed income liquidity platform for institutional buy-side clients, through a partnership with order and execution management system vendor TradingScreen.
TradingScreen’s buy-side clients now have access to streaming liquidity in over 8,000 US dollar and euro denominated corporate bonds issues offered on PIN-FI.
TradingScreen says the deal will increase the depth and breadth of investment-grade and high-yield corporates if offers and offer clients access to a fully anonymous, client-driven source of liquidity.
“TradingScreen’s global presence and leading position in the execution management system space allows us to extend our reach to a broad distribution network, with easy access to more than 1,700 clients, and more than 5,000 users around the world,” added Stu Taylor, head of UBS matched principal trading, fixed income.
Gonzague du Couëdic, head of trading and advisory at Banque Privée Espirito Santo, added that increasing transparency in fixed income markets through increased order management capabilities for the buy-side would help deliver best execution to clients and create more transparent fixed income markets.
UBS’ PIN-FI was first launched in April 2010 and initially focused on facilitating smaller fixed income trade sizes with firm pricing and algorithmic execution. Block trading functionality was added in November 2011, following by the addition of credit default swap (CDS) instruments in December 2011.
Using PIN-FI, buy-side traders can send marketable order enquiries for corporate bonds and CDSs instruments before having the option to either execute immediately against UBS’ internal liquidity, if available, or display price levels to other PIN-FI participants on an anonymous basis. For block trades, the platform offers a smart routing system that allows participants to search for liquidity within PIN-FI using customisable search parameters.