ORCA-Direct from UBS

When would it be used? When wanting to be filled urgently using a wide range of liquidity sources. What does it do? ORCA-Direct uses liquidity from UBS Principal, ECNs & correlated Futures instruments. How does it work? Checks visible liquidity and calculates the price that could be achieved from it Also checks the CME to see if further liquidity/better price can be achieved there All orders are placed simultaneously via timed release from co-located servers Any Futures fills are placed When would it be used? When wanting to be filled urgently using a wide range of liquidity sources. What does it do? ORCA-Direct uses liquidity from UBS Principal, ECNs & correlated Futures instruments. How does it work? Checks visible liquidity and calculates the price that could be achieved from it Also checks the CME to see if further liquidity/better price can be achieved there All orders are placed simultaneously via timed release from co-located servers Any Futures fills are placed

When would it be used? When wanting to be filled urgently using a wide range of liquidity sources. What does it do? ORCA-Direct uses liquidity from UBS Principal, ECNs & correlated Futures instruments. How does it work? Checks visible liquidity and calculates the price that could be achieved from it Also checks the CME to see if further liquidity/better price can be achieved there All orders are placed simultaneously via timed release from co-located servers Any Futures fills are placed