UBS has sparked controversy in electronic trading by becoming Bloomberg?s sole provider of dealer-to-client execution in exchange-traded derivatives (ETDs).
Other banks, which are themselves large clients of Bloomberg?s, will be able to keep the ETDs trading pages that they have run for several years on the network. But those pages are now for the banks? own use only, as UBS is the exclusive provider of direct market access (DMA) services for ETDs on Bloomberg Tradebook.
That means that over the next few months, other banks will have to migrate clients that use Bloomberg as an execution medium for ETDs to their web-based tools.
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