OTC trading platform of the year: UBS

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Paul Hamill

There is an old joke about two hikers who disturb a bear. One pulls on his running shoes in response, prompting his weirdly rational companion to point out that outrunning the bear will be impossible. “I don’t need to outrun the bear,” the first hiker replies, “I just need to outrun you.”

This devil-take-the-hindmost attitude was behind the launch of a new credit default swap (CDS) trading platform by UBS in January last year, called Price Improvement Network (Pin). In an attempt to ensure its o