It has been rumoured to have been imminent for ages but UBS’s margin trading platform now appears to be up and running. Called UBS Trader (www.ubs.com/trader), the platform has had a soft launch in the past few days.
UBS has confirmed that it is working with Oanda, which also supplies the technology for ABM Amro’s marketindex offering, on the platform. “As one of the leading global FX and securities trading institutions, UBS is working on further developing its online trading capabilities in cooperation with Oanda. New functionalities are expected to be offered to selected private clients in the course of 2008,” says a bank spokesperson.
I hear UBS looked at various technology providers, including Cognotec and Reuters, over the past 18 months before deciding to go with Oanda. Its move into retail follows the lead of Deutsche, which white-labelled FXCM last year, and ABN Amro. Other big banks will no doubt join these three in seeking to tap more directly into what is regarded as an increasingly important pool of liquidity.