UBS Investment Bank has become the exclusive executing broker for Bloomberg's Tradebook alternative trading system on the Chicago Board of Trade, Chicago Mercantile Exchange, Eurex and Euronext.liffe futures exchanges, reports Risknews’ sister publication, Trading Technology Week .Starting this month, users of the Bloomberg Professional service whose firms are not currently members of these exchanges can now trade using UBS' membership, said Steve Sparke, global head of exchange-traded derivatives at UBS Investment Bank.
Orders travel over the pre-existing Bloomberg links to exchanges; current exchange members use Bloomberg to trade directly with the electronic facilities of these exchanges, says Andrew Hausman, global manager, futures trading at Bloomberg.
Bloomberg has also agreed to market UBS' clearing services to its customers; reciprocally, UBS is marketing Tradebook as its preferred direct-market-access solution. Bloomberg maintains the software and exchange connections, and a link has been built between Tradebook's data centres and UBS' SwisKey Clearing system. In the event that the trader uses another party for clearing, the give-up process is fully automated, and UBS will see a post-trade report from the exchange, Sparke says.
There is no additional fee for the service to Bloomberg users, who pay monthly for their terminals, but users of the UBS-Bloomberg joint service will pay for any brokerage fees incurred.
More on Technology
Markup language could reduce high levels of operational risk
Sponsored feature: Northern Trust
Off-the-shelf energy trading and risk management (ETRM) systems are more popular than ever before, according to Energy Risk’s annual software survey. However, companies say they still require sig...
Structured Products Technology Rankings 2014
Sign up for Risk.net email alerts
Nominated for two technology awards
Nominated for post trade technology award
Sponsored webinar: Collateral and counterparty tracking
Isda directors warn on fragmentation, access and liquidity - but expect problems to pass
There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.