Trading Systems Tap Into Dark Pools

Terry Flanagan

Linkages expand liquidity and aid price discovery.

Trading systems are plugging into broker-owned crossing networks in order to expand the available pools of liquidity.
TradingScreen, a provider of multi-asset class execution management systems (EMS) and order management system (OMS) to the buy side, has added streaming liquidity of UBS Price Improvement Network – Fixed Income (PIN-FI).

TradingScreen buy-side users can access over 8,000 corporate names in USD and EUR actively priced on the UBS Price Improvement Network (UBS PIN), which collates open inquiries from hundreds of institutional buy-side clients and provides a significant alternative source of fixed income liquidity.

The deal increases the depth and breadth of investment-grade and high-yield corporates available to TradingScreen clients. UBS PIN-FI also gives TradingScreen users access to a fully anonymous, client-driven source of liquidity.

“UBS Pins allows TradingScreen clients to tap US dollar- and Euro-denominated corporate bonds for the first time,” Jean-Philippe Malé, head of OTC products at TradingScreen, told Markets Media. “TradingScreen offers its fixed income clients the ability to execute on live prices as well as post their own bids and levels on UBS-PIN.”

Partnering with TradingScreen is an important part of UBS’ strategy for expanding its reach across multiple asset classes, said Stu Taylor, managing director and head of UBS Matched Principal Trading, Fixed Income.

TradingScreen’s global presence and leading position in the EMS space allows UBS to extend its reach to a broad distribution network, with access to more than 1,700 clients, and more than 5,000 users around the world, Taylor said.

TradingScreen clients can also access fixed income liquidity via eSpeed, the proprietary trading platform of BGC Partners. Using eSpeed, TradingScreen’s clients can tap the liquidity of the U.S. treasury market.

“We have a full pipeline of liquidity providers coming on board in 2012,” Malé said. “The list includes the largest dealers, brokers and ECNs.”

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