UBS launches Orca

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.

UBS launches Orca
Mark Goodman

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.