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 onto a UBS risk book and the Cash equivalent sent back to client
- Different order types give you control of visibility.
- The default of IOC is the most urgent
- A limit price must always be added
Key parameters available
Immediate Or Cancel (IOC) – Sweep then cancel balance
Iceberg – Posts passively at your price
Hidden – Stays invisible, hitting price when available
Different order types gives you control of visibility
Multiple sources of correlated liquidity including CME, Currenex, EBS, FXall, Hotspot, ParFx & Thomson Reuters
Machine-driven learning analyzes & adapts ORCA-Direct to market behaviors