UBS MTF is a multilateral trading facility operated by UBS, offering significant and diverse liquidity to members1 in two Order Books. These include the Dark Order Book and the Periodic Auction Order Book. It offers liquidity across market caps covering 3,300+ individual instruments in sixteen European markets, trading Equities, Exchange Traded Funds and Depositary Receipts.
Our top ranking MTF2 incorporates efficiency, fair access and client choice.
Why UBS MTF?
- UBS MTF features a Central Counterparty (CCP) model, to help you manage settlement costs and potential counterparty risks.
- We implement a non-discriminatory membership access and order prioritization policy
- Executions completed in UBS MTF will be reported post trade in real time to the Cboe Trade Reporting Service
- UBS MTF is segregated and operates as an external venue that pools European liquidity and matches orders on a non-discretionary basis.
- To ensure UBS MTF adheres to our rigorous confidentiality standard, it operates with its own management team.
- UBS MTF operates two Order Books: a Dark Order Book (XUBS) and a Periodic Auction Order Book (XUMP)
For the Dark Order Book:
- UBS MTF offers mid-point matching based on the price of the most relevant market. UBS MTF matches orders according to price/time priority.
- All orders must be either IOC (Immediate Or Cancel) or Day Orders. Orders only match on UBS MTF when the primary market is in a continuous trading phase for the relevant instrument.
- UBS MTF applies well-formed market checks to all orders to ensure that the executed price from the most relevant market for an instrument is the best price at the time of the trade.
For the Periodic Auction Order Book:
- Segregated from the Dark Order Book and operated under a new segment MIC (XUMP), the Periodic Auction provides additional liquidity with minimal information leakage at competitive fees.
- The auction price and auction volumes are published and available to all Members via UBS MTF Market Data Feed (UMDF).
- Our CCP model delivers benefits to you by assisting in mitigating counterparty risk and contributing to reduced settlement costs.
- UBS MTF currently offers clearing via SIX x-clear, EuroCCP and LCH.Clearnet. UBS MTF participants must be a member (GCM, ICM or NCM using a GCM) of one of the Central Clearing Counterparties (CCP) selected by UBS MTF. Our settlement cycle mirrors the settlement cycle of the primary market.