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The Markets in Financial Instruments Directive has been a catalyst for change in the European execution market place, with the result that the importance of credible electronic trading technology and the ability to harness technology to source liquidity have become paramount for the broking community.
The UBS MTF operates as what is termed a “dark order book” and continuous matching will occur at the mid, bid or offer price of the primary best bid and offer.
Access to the UBS MTF is restricted to its members and requires supplementary documentation over and above the standard trading terms and conditions that regulate more traditional execution services.
Questions surrounding the operation of the UBS MTF should be emailed to firstname.lastname@example.org or call +44 20 7568 2052.
The UBS MTF supports the following:
There will be a new universe of stocks created for the UBS MTF however this list will be fungible with internal UBS systems. The list of stocks for go live will be limited to an approved subset of stocks in the ESMA list of approved securities for regulated markets. It is anticipated that this list will include over time Swiss listed stocks.
In all cases the Symbol value must be the Uniform Symbology Code. This code is being adopted by European execution venues to uniformly identify securities traded across Europe. The following details on how this code if formatted has been extracted from information at the website http://en.wikipedia.org/wiki/Uniform_Symbology
The Uniform Symbology Algorithm is designed to be human readable, fit into 6 characters, have no symbol clashes and where possible, be derivable from another, freely available code.
It will consist of a stock code followed by a single, lower case letter designating the primary listing exchange. The stock code will be derived from the “local code” published by the primary exchange. These will be truncated where necessary.
If the local code contains a single letter class designator of A through Z (eg. “STE A”) then the single letter class designator shall be retained and the code will be truncated to a maximum of 4 characters, plus the single letter class (A through Z) designator. For some Nordic stocks the share designator will be prefixed with “SDB” (eg. “SDBA”). In this case the “SDB” should be removed and the single letter class (A through Z) designator will be retained.
Any codes containing spaces, periods, underscores or second words (other than the single letter class (A through Z) described above) will be truncated at the space, period, etc. All remaining non-alphanumeric characters should be removed.
Market codes by market centre (including examples)
|Market Centre||MIC||Market Code||Sample Local Symbol||Uniform Symbology Code||Sample Company Name|
|Copenhagen Stock Exchange||XCSE||c||DANSK||DANSKc||Danske Bank Ord|
|Deutsche Borse/Germany||XETR||d||EXS1||EXS1d||iShares DAX ETF|
|Euronext Lisbon/Portugal||XLIS||u||ALTR||ALTRu||ALTRI SGPS|
|Helsinki Stock Exchange||XHEL||h||NOK1V||NOK1Vh||Nokia|
|Irish Stock Exchange||XDUB||i||GNC||GNCi||Greencore Group plc|
|London Stock Exchange||XLON||l||VOD||VODl||Vodafone Group Ord|
|Madrid/Spain (Espana)||XMAD||e||COL||COLe||INMOB Colonial|
|Oslo Stock Exchange||XOSL||o||NHY||NHYo||Norsk Hydro|
|Reykjavik, Iceland||XICE||r||OSSR||OSSRr||Ossur Ord|
|Stockholm Stock Exchange||XSTO||s||VOLB||VOLBs||Volvo B Ord|
|Vienna Stock Exchange||XWBO||v||VIG||VIGv||Vienna Insurance Group|
|Luxembourg Stock Exchange||XLUX||x||BIP||BIPx||BIP Investment Partners|
|Swiss Exchange/Zurich||XVTX||z||UBSN||UBSNz||UBS N Ord|
UBS will send a value based on the Market Identification Code (MIC) standard in the LastMkt<30> field on FIX Execution Report message. The value is XUBS.
On the incoming order, there is no need to specify an exchange and hence ExDestination<100> is not supported and will be ignored.
The below table outlines the time in force and order type combinations supported on the UBS MTF:
|P (Pegged)||0 (Day)||Crosses at bid, mid or offer of primary best Bid/Offer, else remains on the MTF order book priced at the bid, mid or offer of primary. Can contain optional limit price in Price<44> value. Tag 18 must be used to identify the reference price.|
|P (Pegged)||3 (IOC)||Crosses at bid, mid or offer of primary best Bid/Offer, else is deleted. Can contain optional limit price in Price<44> value. Tag 18 must be used to identify the reference price.|
The UBS MTF will match orders according to price/time priority. It is possible to send an instruction that the order must not be matched with specific other orders. The following values are supported for the first phase:
Session times will match those of the primary market where the underlying security is listed. There will be no trading in the open or closing auctions & if the primary market is suspended the UBS MTF will go into a pending “primary live” state until connection is re-established.
To access the UBS MTF, a connection must be made to the UBS European hub in London. Connection via any of the other UBS regional entry points will not be supported.
An original PDF version of this specification can be found at this link.
UBS, by publishing this document, does not guarantee that any information contained herein is and will remain accurate or that use of the information will ensure correct and faultless operation of the relevant service or equipment.
Seems this is the only instance of this field in this spec unfortunately.
The field also appears in the following technical messages:
The field also appears in the following functional views:
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