UBS: Sef aggregation 1.0
With trading of cleared OTC products set to migrate to a profusion of new platforms, dealers are planning to act as liquidity aggregators - and UBS has already taken a step in that direction. By Ramya Jaidev
It might seem an odd time for a dealer to launch a new over-the-counter derivatives trading platform, particularly in a market that looks likely to be subject to a clearing mandate. Rules on both sides of the Atlantic are still being crafted, but clearable products will need to be executed on a swap execution facility (Sef) in the US and an organised trading facility in Europe – and, in the US at least, dealers will not be able to own a Sef (see pages 45–48).
So what is UBS up to? It extended
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