UBS ATS
UBS ATS is a Securities and Exchange Commission registered alternative trading system (ATS) for crossing US Reg NMS securities. The ATS enables client orders to interact with a broad base of liquidity, including retail and institutional flow, DMA orders, internal UBS desks, as well as flow from other broker dealers. |
Functionality and order types
UBS ATS is a fully dark crossing venue that crosses
all orders at or within the national best bid and offer (NBBO). Orders are
handled with strict price/time priority and will support pegged orders, and
limit orders. Pegged orders may be pegged to the bid, offer, or midpoint and
may include an optional limit price constraint.
Access and participation
UBS ATS is available to clients of the UBS broker
dealer algorithms and smart order router, as well as to Subscribers of the ATS.
subscribers are subject to restriction, and must sign a subscriber agreement.
Instruments traded
All US Reg NMS Securities are available for
crossing in UBS ATS, unless otherwise specified.
Order protection
UBS ATS is monitored for execution quality and
external participants interacting with it are heavily vetted and provided
access on a controlled basis. There is a strict information barrier policy in
place with UBS ATS that restricts access to employees, except for those that
are critical to the operation of the ATS. No employees involved in UBS
principal trading can view UBS ATS. UBS ATS does not allow for maximum contra
size filtering.
Future developments
In 2014, UBS ATS will be rolling out technology
improvements to further improve capacity and performance – primarily in
reducing latency for both order processing and market data. Changes in order
types may be introduced in response to regulatory or market structure changes.