UBS Cross

UBS Cross

The vast majority of UBS Clients participate in either or both of the crossing networks as part of their normal trading process and receive crossing opportunities on cash equities orders in Australia, Hong Kong and Japan.

Functionality and order types

Compared to
other UBS offerings, this pool provides greater choice and opportunities to
interact with other non-displayed orders before trading in the displayed
market. UBS Cross offers crossing at three price points – near, mid or
far-touch (where regulation allows).

Access and participation

UBS Cross is available
to a wider spectrum of market participants than UBS PIN. UBS Cross allows these
participants to interact with each other and with UBS liquidity. Participation
in UBS Cross is only via UBS Algorithmic strategies.

Instruments traded

It offers crossing in cash equity products traded
in Australia, Hong Kong and Japan. The universe of stocks available for
crossing is selected based upon criteria determined by UBS and is subject to
change.

Order protection

UBS deploys a number of mechanisms to protect its
clients from adverse selection. These include a dark throttle mechanism, a
minimum fill quantity mechanism and a safeguard against an unevenly set book.

Connectivity/sharing agreements

UBS has entered into a reciprocal access agreement
with Morgan Stanley to allow each firm’s algorithms access to their internal
crossing networks.

Future developments

UBS will continue to enhance UBS Cross to provide
best execution to its clients.