It's no accident that UBS – the first of the big dealers to announce a significant retreat from fixed income – was also the first to break an old market-making taboo and launch a platform on which clients are able to trade directly with one another, relegating the bank to an agency role for a good proportion of the volume executed there.
Accepting Risk’s award for over-the-counter trading platform of the year in London on January 31, the bank’s head of matched principal trading, Paul Hamill,
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