Order Handling - Retail Market Making

The disclosures below provide the terms and conditions upon which UBS Securities LLC (UBS) provides its execution services and products to broker-dealer clients of the Retail Market Making (RMM) business. Persons that affirmatively transact with UBS RMM will be deemed to agree with the terms and conditions and consent to them as legally binding. The resolution of disputes regarding the terms and conditions or arising from the execution services and products provided by UBS RMM shall be handled via FINRA arbitration. 



UBS is not a registered market maker in equity options products. UBS RMM will accept options order flow upon customer request and handle such flow in an agency only capacity (i.e., UBS will not provide principal liquidity). UBS has established relationships with multiple options market makers and will route all marketable order flow to these firms. Non-Marketable options order flow will be routed directly to the options exchanges.

UBS Retail Market Making ("RMM") Retail Data Analyses

Data Solutions Business:The UBS Global Markets Division operates a Data Solutions business that offers certain data sets to institutional clients for purchase. The retail data analyses described below will be included in the UBS Data Solutions offering. Additionally, the retail data analyses will be made available to UBS Global Markets staff working outside of RMM to assist those individuals in performing trend analysis and providing market color and commentary regarding retail market activity. The data presented within the retail data analyses are anonymized, and we maintain safeguards (including the safeguards identified below) to help ensure client confidentiality is not compromised.

Retail Data Analysis: In addition, as part of UBS's ongoing efforts to keep clients informed of broader marketplace trends, the Electronic Trading business unit of UBS prepares consolidated analyses of equities order flow that UBS RMM executes for retail broker-dealers. A fundamental purpose of the analyses is to depict US retail market trends. This retail data analyses take two forms:

  1. Macro reports detailing either sector or stock-specific moves (e.g., rotation from financials to healthcare, inflows to technology ETFs, etc.).
  2. Stock-specific data consolidated by symbol, side and notional amount.

Criteria, Filters and Opt-Out for UBS RMM Retail Data Analyses:

Basic Criteria for Retail Data Analyses

  • Analyses include all US exchange-listed equity securities.
  • Provided on a T+1 or greater basis; never same-day.
  • Individual client order/trade information is NOT provided.
  • Execution information is consolidated and of a general nature (i.e., symbol, side, notional amount).

Filters to Avoid Concentration

  • For a symbol to be included in an analysis, a minimum of three RMM clients must be active in the symbol on that trading day.
  • A client’s execution activity will be capped at 10% of the day’s total volume, calculated on a per symbol basis.

Opt-Out Available on Request

  • RMM clients have the ability to "opt out" at any time so their order flow is excluded from the retail data analyses. 
  • If you decide to opt out, please send your request by e-mail to your senior sales coverage.

If you have questions regarding the retail data analyses or the UBS Data Solutions offering, please contact your relationship manager or senior sales coverage. 

Reserved Rights. UBS reserves the right at its sole discretion to modify, suspend, or cancel any of its order handling protocols, without notice, when adverse market conditions exist, as determined by UBS.