UBS ATS

UBS

UBS ATS is an alternative trading system (ATS) for US equities that connects to a broad base of liquidity, including retail and institutional flow, DMA orders, internal UBS desks and flow from other broker dealers.

Functionality and order types

UBS ATS maintains a strict price/time priority for crossing and is order neutral – no routing logic or preferencing is used. Order logic comes from the algorithm, order type, or the smart router – not the pool. The ATS is fully dark; it does not onward route or send or receive IOIs.

Access and participation

All UBS trading clients have access to UBS ATS and have the option to opt out of interacting with certain types of flow. All flow is monitored for execution quality, and UBS” ATS team works to ensure an efficient, orderly pool is being operated, and that risks of any signaling or negative selection are minimised. Retail flow, agency order flow from other broker dealers, DMA orders and internal UBS desks are all part of the flow that is available within UBS ATS.

Instruments traded

Over 7,000 Reg NMS listed securities are traded, across large-, mid- and small-caps, as well as exchange-traded funds and American depository receipts.

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. UBS ATS is 100% dark with no information leakage and usage of odd-lots is monitored.

Connectivity/sharing agreements

UBS ATS has several bilateral partnerships with other institutional brokers for liquidity access. The pool does not route to other liquidity pools.