UBS — Price Improvement Network (PIN)
Two types of instruments are traded on the PIN platform: corporate bonds on the PIN-FI platform and credit default swaps (CDS) on the PIN-CDS platform. |
Connectivity
PIN is launched via a Citrix session within a
client’s web browser. This means there is no additional software that needs to
be loaded onto client systems. For more active clients, the option of connecting
via a FIX protocol is offered. For security, PIN uses secure web browsing
protocols and has a separate authentication layer upon login to ensure the
identity of the client trader.
Participants
For PIN, approximately 50% of participants are US
based, with 50% Europe-based and 25% of the client base are bank clients while
75% are non-bank entities.For PIN, approximately 50% of participants are US
based, with 50% Europe-based and 25% of the client base are bank clients while
75% are non-bank entities.
Future plans
For CDS, 2013 will see the launch of an agency
platform, with PIN becoming a liquidity aggregator for those products mandated
to clear on swap execution facilities and designated contract markets. UBS will
continue to offer OTC traded products on the PIN network, including the launch
of interest rate swaps. For cash, UBS will continue to augment liquidity
sources via partnerships and will launch a round lot trading screen early in
the new year.