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Investment bank UBS to outsource fixed income trading platform [January 20, 2014] (Reuters) — Swiss bank UBS <UBSN.VX> will begin outsourcing its fixed income trading platform to two technology groups in an attempt to save costs, a source told Reuters. |
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UBS declined to comment. French trading software firm Murex and Ion Trading have been
finalized to handle bookings and electronic exchange gateways,
the source said. The combination of a regulatory drive to make markets less
risky, a reduction in banks trading for their own account and
the end of a 30-year bull market in fixed income is forcing all
banks to rethink their operations and, in most cases, shrink. Europe's leading investment banks took a trading revenue
battering in the third quarter last year that gives a glimpse
into the upheaval facing the industry as a whole. Fixed Income, Currencies and Commodities units are particularly
vulnerable to the sweep of regulatory change to make markets
more transparent and banks take less risk, in a bid to prevent
another financial crisis. Murex and Ion Trading could not be reached for a comment outside
of normal business hours. (Reporting by Aashika Jain in Bangalore; editing by Nick Zieminski) [© 2014 Thomson Reuters. All rights reserved.] Copyright 2014 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
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