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UBS Launches its Tap Algorithm in Canada
UBS today announced the Canadian launch of the firm's liquidity-seeking algorithm, UBS Tap. Launched in the US and Europe in 2007, UBS Tap rapidly became one of the global firm's most popular and high performing algorithmic trading strategies.
UBS Tap is specifically designed to seek liquidity from a variety of available sources, including the Exchanges, displayed markets, and "dark pools." UBS Tap is highly customizable, offering the trader a range of urgency options which control how fast an order fills, and how much of the order may interact with displayed markets.
The algorithm is self-adaptive, and selective about when and how it accesses dark liquidity. Tap also has a number of unique safeguards built into the logic to minimize exposure to 'gaming' and 'negative selection' - commonly cited drawbacks of dark pool interaction. Since this liquidity-seeking algorithm is provided by UBS - one of the top trading organizations in the world -- the firm's sheer magnitude of order flow and at-market experience gives clients a real advantage. This scale translates to significant crossing expertise and state of the art infrastructure. Clients can benefit from the firm's broad and deep Canadian market expertise, as well as UBS's worldwide access.
"UBS Tap is a highly efficient tool for minimizing market impact by enabling a trader to access Canada's growing array of traditional and alternative sources of liquidity." said Rick Meslin, Managing Director, Head of Canadian Equities for UBS. "If a trader had to seek all these forms of liquidity manually - the process would be far more labour and time intensive."
The strategy is uniquely engineered to work for each specific market structure in which UBS trades electronically, but the mission and client experience remain consistent. UBS's Canadian suite of algorithms includes a variety of liquidity-seeking, price-sensitive, and time-sensitive strategies. UBS also offers traders Direct Market Access (DMA), providing access to the world's markets, and a comprehensive array of sophisticated electronic trading and analytical tools.
UBS is one of the world's leading financial firms, serving a discerning international client base. UBS is a leading global wealth manager, a leading global investment banking and securities firm, and one of the largest global asset managers. In Switzerland, UBS is the market leader in retail and commercial banking.
UBS is present in all major financial centres worldwide. It has offices in over 50 countries, with about 37% of its employees working in the Americas, 34% in Switzerland, 16% in the rest of Europe and 13% in Asia Pacific. UBS employs more than 80,000 people around the world. Its shares are listed on the SIX Swiss Exchange, the New York Stock Exchange (NYSE) and the Tokyo Stock Exchange (TSE).
Graeme Harris +1-416 345-7050
New York , November 3, 2008
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