“We are confident that providing our respective clients` access to each other`s liquidity in an increasingly fragmented market will result in better crossing results for our clients,” said Greg Tusar, Managing Director, Goldman Sachs Electronic Trading. UBS has already launched Direct Execution in several emerging European countries: Greece, the Czech Republic, Hungary and Poland. MSCI Inc. warned in June that if “the level of accessibility of the Turkish stock market, already degraded, were to deteriorate,” could begin to view the MSCI Turkey index to the border market or stand-alone status. Following the warning, Turkey`s capital markets regulator lifted a ban on short selling for larger listed companies, easing a flat-rate restriction introduced in February to protect markets from volatility. Turquoise, prepared for the end of the UBS Direct Execution market-keeping operation is the company`s electronic stock trading activity. Our algorithmic trading strategies include cash-seeking algorithms, price search and time-critical algorithms. UBS also offers direct market access (DMA) that provides access to global markets; UBS Pinpoint – a sophisticated office trading system; and a wide range of trade and analytics tools. For more information, see www.ubs.com. Goldman Sachs (NYSE:GS), Morgan Stanley (NYSE:MS) and UBS (NYSE:UBS) today announced a series of bilateral agreements that will allow each company to access the other company`s unseated cash pool to its respective clients. These agreements allow each company`s algorithmic trading orders to interact with U.S. equity liquidity in three of the largest brokers that operated “dark” liquidity pools in the United States – Goldman Sachs` Sigma X, Morgan Stanley`s MS POOL and UBS`s PIN ATS.
On Monday, supervisors fined Credit Suisse Securities $6.5 million and fined Credit Suisse Securities for failing to control and supervise more than $300 million on multiple trading orders that allowed brokers and other institutional clients to enter U.S. stock exchanges directly for four years. Customers send electronic orders directly from their office to an options exchange, either via UBS Pinpoint (its own EMS) or through external vendors` office trading systems.