In an important step to expand its liquidity offering to clients, UBS has developed a new smart-order router dubbed Orca, which stands for optimal routing control algorithm. The first algo is Orca-Direct, which gives clients access to a wide variety of liquidity sources, including ECNs, futures and the bank’s principal price. “The release of Orca-Direct marks the culmination of a busy 12-month period for the FX execution team at UBS, which has also seen the availability of multi-venue liquidity to the FX algos for the first time,” says Mark Goodman, Managing Director and head of electronic execution at UBS.
“Orca-Direct represents a step-change in our algo offering and the client feedback since launch has been very positive. The ability to access futures liquidity, coupled with demonstrable savings versus taking a risk price, is something that has very much resonated with our clients,” he adds.