FX algos revive US rates trading at UBS
Rejigged algo behind doubling in volumes – Swiss bank aims to repeat in swaps
A European bank with a slimmed-down product line is making waves in the US Treasury market and the unlikely secret of its success is an algorithm borrowed from its foreign exchange business.
UBS, which announced a retreat from fixed-income trading in 2012, claims to have more than doubled its market share and revenues from electronic trading of liquid US Treasuries since last year, but the starring role for a FX-pricing algorithm is raising eyebrows.
"I don't know how you could use a FX algo to
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