Order Handling - Retail Market Making

Equities

We accept AON orders in all securities.

As part of our best execution obligation, we use reasonable diligence to ascertain the best market for customers' orders in an effort to obtain an execution price that is as favorable as possible under prevailing market conditions. When handling and executing customer orders, we consider a number of factors, such as: the customer's order objectives/instruction and constraints, our understanding of the current order book, security price, order size, trading characteristics of the security, speed of execution, the expected cost and difficulty of executing an order in a particular market, transaction costs, the potential for price improvement, and the reliability of and our historical experience routing to liquidity sources.

UBS monitors the quality of internal and external liquidity sources when accessing external liquidity from the broader marketplace. UBS operates an ATS ("UBS ATS") for crossing orders in U.S. equities and generally preferences UBS ATS as a routing destination when consistent with the Firm's best execution obligation. The UBS ATS (registered with the SEC) facilitates the matching of non-displayed orders in National Market System securities, which includes retail and institutional orders, orders from UBS Trading Desks, as well as order flow from other broker dealers, market makers and other active traders (Sometimes referred to as High Frequency Traders ("HFT")). If you wish to apply crossing restrictions to your orders in the UBS ATS or opt out of trading in the UBS ATS, please contact your UBS Salesperson. Additional information about the UBS ATS can be found on the UBS ATS website.

Consistent with FINRA Rule 4370, UBS maintains a business continuity plan with established procedures in the event of an emergency or significant business disruption. Please see the following link for UBSs Business Continuity Management program:

Upon receipt of a client order in a security dually listed on a Canadian and US exchange, we will seek out the best market and provide execution at that best available market price. Execution prices may reflect a commission and currency conversion charge, if applicable.

UBS will adjust or cancel open orders consistent with FINRA Rule 5330 when a stock is subject to certain corporate actions, (e.g., distributions, dividends, splits).

Adjustment Guidelines:

  • Stock Dividend: The prices of all open buy limit and sell-stop orders are adjusted by rounding up the dollar value of the stock dividend to the next higher quotation variation. The resulting amount will be subtracted from the price of the open order.
  • Cash Dividend: The prices of all open buy limit and sell-stop orders are adjusted by reducing them by the dollar amounts of the dividends, and then rounding down the resulting prices to the next lower minimum quotation variation. The resulting amount will be subtracted from the price of the open order.
  • Dividend payable in either cash or securities at the option of the stockholder: The prices of buy limit and sell stop orders are reduced by the dollar value of the cash or securities, whichever is greater.
  • Forward Splits: The size of all open buy limit and sell-stop orders are increased by multiplying the size of the original order by the numerator of the ratio of the dividend or split, dividing the result by the denominator of the ratio of the split and then rounding the result to the next lower round lot.
  • Reverse Splits: All open orders are cancelled.
  • Symbol Changes: All open orders are cancelled.
  • Exchange Changes: All open orders are cancelled unless the change is from Bulletin Board to OTC Markets or OTC Markets to Bulletin Boards for which case the orders will remain in force.
  • Stock Delisting: All open orders are cancelled.

Additional Notes:

  • Open orders (GTC/GTD): Refers to any order received by UBS prior to the effective date.
  • All orders: Will be adjusted for cash dividends, stock dividends and forward stock splits.
  • Prices less than one dollar ($1.00): The open order will be adjusted to four (4) decimal places and it will not be rounded down.
  • Distributions or dividends less than one cent ($0.01): Open orders will not be adjusted
  • Do-not-reduce/Do-not-increase (DNR/DNI): A client may choose to enter orders with 'DNR' instruction if the client does not want the price of an order reduced for cash dividends; or with 'DNI' instruction if the client does not want the size of an order increased for stock dividends or stock distributions.
  • Corporate Action Notifications: UBS distributes a daily “Corporate Action Notification” e-mail containing stock splits, dividends, symbol changes and symbol additions and deletions. If you are not receiving this email or have any questions regarding how your orders with UBS are affected by a corporate action, please contact Client Services at OL-BD-TEAM@ubs.com or call +1-212-713-2999.

If a transaction is eligible for review under FINRA Rule 11890 and related equities and options exchange rules, UBS will contact its client for the purpose of gathering information to assess and confirm whether an obvious error occurred with respect to any term of the underlying order, such as price, number of shares or other unit of trading, or identification of security, prior to filing. UBS will file a Clearly Erroneous petition where the Firm has a factual basis for believing the trade is clearly erroneous and the execution price is outside the clearly erroneous price bands.

UBS considers and treats all received orders as "day" orders unless otherwise designated, and any unfilled portion of an order will expire at the end of the trading day (4:00 p.m. EST). UBS accepts good-till-date ("GTD") orders and good-till-cancelled ("GTC") orders. GTD and GTC orders will remain open until executed, cancelled by the client that placed the order, or cancelled by UBS. UBS maintains GTC orders in equities on file for one year only. If a GTC order has not been executed or cancelled during this period, it will automatically expire at the conclusion of the trading session of the one-year anniversary of the order's original entry date.

“Extended hours” are those hours before and after the official market hours of the primary listing exchange. If you would like your order to be executed during this time period (typically 4:00 a.m. to 9:30 a.m. and 4:00 p.m. to 8:00 p.m. (Eastern Times))., the order must be specifically designated to indicate it is eligible for execution during extended hours. Please contact your UBS Salesperson to ensure you are set up to transact in the extended session, and for information on the times UBS systems are operational during these sessions. The following risks should be carefully considered when engaging in extended hours trading:

1. Risk of Lower Liquidity

Liquidity refers to the ability of market participants to buy and sell securities. Generally, the more orders that are available in a market, the greater the liquidity. Liquidity is important because with greater liquidity it is easier for investors to buy or sell securities. As a result, investors are more likely to pay or receive a competitive price for securities purchased or sold. There may be lower liquidity in extended hours trading as compared to regular market hours, thus, your order may only be partially executed, or not at all.

2. Risk of Higher Volatility

Volatility refers to the changes in price that securities undergo when trading. Generally, the higher the volatility of a security, the greater its price swings. There may be greater volatility in extended hours trading than in regular market hours. As a result, your order may only be partially executed, receive no execution, or may receive a price that is inferior to the price it may have received during regular market hours.

3. Risk of Changing Prices

The price of securities traded in extended hours trading may not reflect the prices either at the end of regular market hours, or upon the opening of the next morning. As a result, you may receive a price that is inferior to the price you may have received during regular market hours.

4.Risk of Unlinked Markets.

Depending on the extended hours trading system or the time of day, the prices displayed on a particular extended hours system may not reflect the prices in other concurrently operating extended hours systems dealing in the same securities. Accordingly, you may receive a price that is inferior to the price you may have received during regular market hours.

5. Risk of News Announcements.

Normally, issuers make news announcements that may affect the price of their securities after regular market hours. Similarly, important financial information is frequently announced outside of regular market hours. During extended hours trading, these announcements may occur without a halt in trading. Without the benefit of a market halt, and in combination with the lower liquidity and higher volatility than during normal market hours, your order may be significantly impacted by an exaggerated and unsustainable effect on the price of a security.

6. Risk of Wider Spreads.

The spread refers to the difference in the available prices at which you can purchase or sell a security. Lower liquidity and higher volatility in extended hours trading may result in wider than normal spreads for a particular security.

7. Risk of Lack of Calculation or Dissemination of Underlying Index Value or Intraday Indicative Value ("IIV").

For certain Derivative Securities Products, an updated underlying index value or IIV may not be calculated or publicly disseminated in extended trading hours. Since the underlying index value and IIV are not calculated or widely disseminated during the pre-market and post-market sessions, an investor who is unable to calculate implied values for certain Derivative Securities Products in those sessions may be at a disadvantage to market professionals.

FINRA 5270 prohibits a broker-dealer from trading for its own account while taking advantage of knowledge of an imminent customer block transaction. There are exemptions to this prohibition, one of which permits UBS to trade for its own account for the purpose of fulfilling or facilitating the execution of a customer's block transaction. UBS is also permitted to engage in hedging when the purpose of the trading is to fulfill the customer order and UBS has disclosed such trading activity to the customer. This hedging activity may coincidentally impact the market prices of the securities or financial instruments the customer is trying to buy or sell, however UBS endeavors to conduct this trading in a manner designed to limit market impact and consistent with its best execution obligations.

Generally, client orders will be handled as "not held" (including all orders sent to a UBS algorithm) unless they are sent to UBS via direct market access or the client instructs otherwise (i.e., client identifies and instructs the order as a "held" order). A “not held” order is one in which the client gives UBS discretion as to the time and price at which to execute the order. A “held” order is one for which the client instructs UBS to immediately submit the order for execution at the best available market prices, subject to size and limit price constraints. When handling a “not held” order, UBS uses professional judgment to seek the best quality of execution under the circumstances in accordance with the order instructions. UBS considers factors such as the order size, potential market impact and current market conditions such as depth and liquidity, when exercising trading discretion.

As stated in UBS's Code of Conduct, UBS will only share customer details with personnel who have a bona fide business "need to know" (as defined by UBS policy) to serve customers' best interests.

All orders (including high touch originated orders) routed through the UBS Electronic Trading Infrastructure are monitored by personnel on the UBS Electronic Trading Desk to ensure the Firm's algorithms and Smart Order Router ("SOR") operate effectively. The Electronic Trading Desk also monitors for orders paused or rejected by UBS market access and other risk management controls. To help UBS clients maximize liquidity opportunities within UBS, the Electronic Trading Desk monitors orders handled by UBS algorithms for potential crossing opportunities. In situations where a potential crossing opportunity is identified (e.g., high touch client order to sell using VWAP algorithm and offsetting low touch client order to buy using POV algorithm), an agency sales trader on the Electronic Trading Desk could initiate contact with the client to discuss the potential crossing opportunity. If you would like to opt out of this service, please contact your UBS Salesperson.

When handling facilitation orders in ETFs that contain non-equities components (i.e., corporate bonds, US Treasuries, precious metals, etc.), the UBS Equities ETF trading desk will typically share the clients' order information with personnel on the relevant UBS Fixed Income, Rates & Credit trading desk to ensure UBS properly prices and hedges such transactions.

UBS's Central Risk Book Desk ("CRB Desk") facilitates orders from customers (e.g., portfolio risk bids, ETF risk trades, and orders for customers that leverage the firm's internalization offering), and helps to centrally manage the market risk that UBS trading desks take on when trading with customers as principal/dealer/market maker in cash equity securities and related derivatives. For example, the CRB Desk may internally facilitate a UBS Trading Desk by acquiring a position established in connection with a customer facilitation by such desk and then holding or trading out of the risk position. Furthermore, principal order activity originating from other UBS Trading Desks (e.g., cash equities hedge for an OTC derivative) is eligible for internalization by the CRB Desk. To assist the CRB Desk in efficiently pricing risk capital offered to customers through principal facilitations, the CRB Desk is provided with certain customer identifying information on a "need to know" basis. More specifically, for customer child orders that are internalized by the CRB Desk or eligible for internalization (i.e., orders that are acknowledged), CRB Desk personnel will receive basic, non-client identifying order and execution information in real time and aggregated information on a historical basis. For directed customer order flow internalized by CRB, CRB personnel will have access to certain client identifying information.

Besides information available to CRB in connection with internalization, the CRB Desk will have access to order and execution information on a T+1 basis for high-touch single stock cash equities customer order flow facilitated in any capacity by UBS. Customer related information is made available to the CRB Desk in a controlled manner to enable the CRB Desk to appropriately manage its risk in a commercially prudent manner and provide UBS customers with fair and competitive risk prices.

UBS maintains a Limit Order Display (“LOD”) utility for equity securities that immediately displays non-marketable limit orders upon receipt. UBS’s general procedures are as follows:

  1. LOD displays orders in a manner designed to ensure representation in a fast moving market.
  2. Orders are displayed and executed in accordance with applicable SEC and FINRA rules.
  3. From time to time, UBS may partially display orders that, due to their size, are exempt from the provisions of the Limit Order Display Rule (Rule 604 of Reg NMS). If an exempt oversize order is partially displayed, UBS will execute the un-displayed portion of the order upon the full execution of the displayed portion of that order.
  4. Monitoring tools and procedures are in place to ensure adherence to all applicable display regulations and procedures.
  5. The RMM Best Execution Forum monitors routing and display decisions as part of its monthly review process.

UBS is not a market maker in OTC Securities. UBS will accept OTCBB & Pink Sheet order flow upon customer request, but will handle such flow in an agency only capacity by externally routing the flow to firms engaged in OTC market-making.

 

UBS does not accept held market orders for the purchase of shares being issued in an initial public offering ("IPO") of a security until secondary market trading in that IPO security has commenced. Clients may submit to UBS "held" limit orders and "not held" orders before and after secondary trading for the IPO security has commenced.

UBS sends MOC/LOC orders to the stock's primary exchange to be handled in accordance with the respective exchanges' closing processes and the applicable terms and conditions of that exchange.

  • Nasdaq Securities: MOC orders must be received prior to 3:55:00 p.m. ET to be eligible for the closing process. LOC orders may be entered until 3:58:00 p.m. ET to be eligible for the closing process. Orders that are eligible for the closing process cannot be cancelled or modified after 3:55:00 p.m. ET for MOC orders. LOC orders may be entered until 3:58:00 p.m. ET, but may not be canceled or modified after posting on the border book.
  • NYSE Securities: Orders must be received prior to 3:50:00 p.m. ET to be eligible for the closing process. Orders that are eligible for the closing process cannot be cancelled between 3:50:00 p.m. and 3:58.00 p.m. ET, unless they are documented errors. Orders that are eligible for the closing process cannot be canceled after 3:58:00 p.m., except as provided in except as provided by NYSE Rule 123C(8)(a)(ii).
  • NYSE American Securities: Orders must be received prior to 3:50:00 p.m. ET to be eligible for the closing process. Orders that are eligible for the closing process cannot be cancelled between 3:50:00 p.m. and 4:00.00 p.m. ET.
  • NYSE Arca Securities: Orders must be received prior to 3:59:00 p.m. ET to be eligible for the closing process. Orders that are eligible for the closing process cannot be cancelled between 3:59:00 p.m. and 4:00.00 p.m. ET.
  • BATS Securities: Orders must be received prior to 3:55:00 p.m. ET to be eligible for the closing process. Orders that are eligible for the closing process cannot be cancelled between 3:55:00 p.m. and 4:00.00 p.m. ET.
  • OTCBB/Pink Sheet Securities: UBS will accept OTCBB & Pink sheet order flow upon customer request and handle in an agency capacity only by routing all such order flow to firms that are engaged in OTC market-making.

The OTC Markets Group has established three different markets for quoting OTC securities (i.e., OTCQX, OTCQB, and OTC Pink) based on the quality and quantity of information the companies make publicly available. Within the OTC Pink market, depending upon the level of information available to investors, OTC equity securities are further classified as: (i) OTC Pink – Current Information; (ii) OTC Pink – Limited Information; and (iii) OTC Pink – No Information. In addition, the OTC Markets Group provides certain market designations for OTC equity securities, including: (i) Caveat Emptor, which indicates there is a public interest concern associated with the company, security, or control person which may include (but is not limited to) a spam campaign, questionable stock promotion, investigation of fraudulent or other criminal activity, regulatory suspensions, or disruptive corporate actions; and (ii) "Grey Market" for OTC equity securities not currently traded on the OTCQX, OTCQB or OTC Pink market and for which broker-dealers are not willing or able to publicly quote OTC securities because of a lack of investor interest, company information availability or regulatory compliance reasons.

As a general practice, UBS does not accept orders in OTC equity securities that are categorized as (1) OTC Pink - Current Information (with the exception of certain foreign securities and exchange-traded funds ("ETFs")), (2) OTC Pink - Limited Information, (3) OTC Pink - No Information, (4) Caveat Emptor, (5) Grey Market Securities (with the exception of certain foreign securities and ETFs), and (6) securities on the DTC's Deposit Chill or Global Locks lists and securities suspended by the SEC pursuant to Section 12(j) or 12(k) of the Securities and Exchange Act of 1934. In addition to the foregoing, UBS may at its discretion block orders in microcap and low-priced securities that exhibit other indications suggesting the transaction and/or the security may be higher risk.

UBS includes orders in its Rule 605 statistics in accordance with applicable SEC requirements. UBS does not include, for the purposes of Rule 605, any orders handled on an agency basis (where UBS does not make a market in the stock).

UBS is required to publicly disclose its order routing and execution practices on a quarterly basis. Our Rule 606 reports are available at http://www.ubs.com/sec_reports. Any customer (please note that "customer" under SEC Rule 606 means any person that is not a broker or dealer), may request from UBS a written report detailing specific information for orders routed and executed during the previous six months.

The Order Protection Rule requires trading centers to have procedures to prevent the execution of trades in NMS securities at prices inferior to protected quotes (i.e., "trade-throughs"), subject to certain exceptions. One exception allows broker-dealers to use an Intermarket Sweep Order ("ISO") to attempt to access protected quotes when executing at a price that would trade through such protected quotes. When UBS sends ISOs in the course of facilitating client orders, UBS will provide the client with the benefit of any better priced ISO executions UBS receives.

UBS subjects all orders to certain financial and regulatory risk management controls before submitting them to market centers in compliance with the SEC Market Access Rule. UBS's pre-trade controls include, but are not limited to: credit & capital threshold checks, price checks, and erroneous and duplicative order controls. If a customer order triggers one of these pre-trade controls, UBS may either reject or execute the subject order on a delayed basis after further review. Where UBS reviews your order, a UBS employee may contact you to request more information about your transaction to verify that the transaction was not erroneous.

UBS may handle pre-open orders eligible for the primary listing exchange's opening auction either as agent, principal or a combination of both. In instances where UBS acts as agent for such orders, UBS will route such orders to the primary exchange for participation in the exchange's opening auction. Where UBS acts as principal, UBS will facilitate the order at the opening price, as determined by the primary listing exchange.

Pre-open orders are handled in accordance with the respective exchanges’ opening processes:

  • Nasdaq Securities: Orders must be received prior to 9:28:00 a.m. ET to be eligible for the opening cross pricing. Orders that are eligible for the opening cannot be canceled or modified between 9:28:00 a.m. and 9:29:59 a.m. ET.
  • NYSE & NYSE American Securities: Orders that are eligible for the opening auction may not be cancelled between 9:29:00 a.m. and 9:29:59 a.m. ET until the conclusion of the opening auction. 
  • NYSE Arca Securities: Orders must be received prior to 9:29:00 a.m. ET to be eligible for the opening auction pricing. Orders that are eligible for the opening auction cannot be canceled between 9:29:00 a.m. and 9:29:59 a.m. ET.
  • BATS Securities: Orders must be received prior to 9:28:00 a.m. ET to be eligible for the opening auction pricing. Orders that are eligible for the opening auction cannot be canceled between 9:28:00 a.m. and 9:29:59 a.m. ET.
  • OTC Market Securities: UBS will accept OTCBB & Pink sheet order flow upon customer request and handle in an agency capacity only by routing all such order flow to firms that are engaged in OTC market-making.  

UBS provides order information to third parties to the extent required to process, settle or clear client transactions or to comply with regulatory obligations. Consistent with its practice of cooperating with regulators, UBS provides information on client activities to regulators upon request in connection with inquiries, investigations or examinations, or as otherwise required by law or regulation. UBS also provides information when required or subpoenaed, as part of administrative, civil or criminal proceedings.

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.

UBS participates as a "Retail Member Organization" (RMO) that has the capability to route "Retail Orders" to SRO Retail Platforms. In order for UBS to utilize these Retail Platforms we must obtain your prior written representation that substantially all of your orders qualify as "retail orders" under applicable SRO rules or you may alternatively indicate that individual orders are "retail orders" by setting FIX tag 582=5. The market centers operating these Retail Platforms require UBS to obtain an annual written representation, and the attestation must be executed between UBS, as the RMO, and your firm.

In some limited cases, UBS may request that a client route a stock away in the event of a regulatory restriction, system outage or irregular trading behavior.

Clients may designate whether their stop and stop limit orders are to be triggered off the quote or the last sale ("stop price"). When the stop price for a stop order is triggered, a market order is generated and executed at the current market price. The price at which a stop order is executed may be very different from a client's specified stop price. In contrast, when the stop price for a stop limit order is triggered, an appropriately priced limit order is generated for handling and potential execution.

While a client may receive a prompt execution of a stop order, during volatile market conditions the execution price may be significantly different from the stop price if the market is moving rapidly. The price of a stock can move significantly in a short period of time during volatile market conditions and trigger the execution of a stop order. Clients should understand that if their stop orders are triggered under these circumstances, they may sell at a price considered highly undesirable in light of subsequent, more stable prices.

The activation of sell stop orders may add downward price pressure on a security. If triggered during a sharp price decline, a sell stop order also is more likely to result in an execution well below the stop price.

Placing a limit price on a stop order may help mitigate some of these risks. By using a stop limit order instead of a regular stop order, a client may receive additional certainty with respect to the price received for the stock if the stop is triggered. However, clients should be aware that because UBS cannot sell for a price that is lower (or buy for a price that is higher) than the client specified limit price, there is a possibility the stop limit orders will not be executed at all.

In the event of UBS trading system outages or downtime, the UBS routing technology has the functionality to immediately route orders around UBS trading technology and direct to the market. Any system outage is communicated to clients via telephone and/or email. In connection with any system outage, we review both unexecuted and executed market and limit orders for any adverse handling or executions.

FINRA Rule 5320 generally provides that a broker-dealer handling a customer order in an equity security is prohibited from trading that security on the same side of the market for its own account at a price that would satisfy the customer order, unless the firm immediately executes the customer order up to the size of its own order at the same or better price. However, Rule 5320 also provides exemptions that permit broker-dealers to trade for their own account provided certain conditions are met, including disclosure made to customers. UBS may trade for its own account while handling a customer's order without providing price protection where the order is from an "institutional account" (as defined in FINRA Rule 4512(c)) or where the order is large-sized (i.e., 10,000 shares or more and greater than $100,000 in value). You may opt-in to Rule 5320 protections for all of your orders, or on an order-by-order basis, by providing UBS with written notice specifically stating your preference and related instructions.

Additionally, Rule 5320 permits UBS to trade for its own account provided the principal trading desk has "no knowledge" of a customer order that would trigger price protection. Consistent with the "no knowledge" exemption under Rule 5320, UBS has implemented internal controls, including information barriers, to prevent principal trading desks from obtaining knowledge of orders outside of their trading unit.

UBS offers clients the option of reporting all off-exchange trades to either the FINRA/NASDAQ Trade Reporting Facility ("TRF") or the FINRA/NYSE TRF. Unless an alternative agreement exists with individual clients, UBS defaults trade reporting to the FINRA/NASDAQ TRF. We have the ability to manually switch from FINRA/NASDAQ TRF to FINRA/NYSE TRF if needed. We encourage all customers to have clearing agreements in place for both facilities. Please contact your UBS Sales Representative for additional information.

Upon request, UBS will provide the Last Market value (FIX Tag 30) reflecting the market where the execution occurred. Please contact your UBS Sales Representative for further details.

Options

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 order flow will be routed directly to the options exchanges.

UBS Retail Market Making ("RMM") Data Analyses

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.

The 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.

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

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.