Best for fixed-income trading connectivity: UBS
Highly commended: CSFB, Goldman Sachs
UBS is distinguishing itself in fixed income with a new business model and products.
All the major trading banks have good trading engines and a presence in the main electronic markets, and most can build bespoke systems for favoured clients.
But with KeyTrader, UBS is starting to reshape connectivity in fixed income. Starting from the premise that no single bank could provide the greatest possible depth of prices on the broadest possible range of securities, UBS has made its own internal tool, KeyTrader, available to clients. A single application for equities and fixed income, KeyTrader is a trading system designed to execute at best price regardless of whether or not it is UBS that is offering that price. Clients can manage their own accounts. They get real-time data. They can pass orders directly to more than 50 international stock markets. And they get straight-through processing. Effectively, a client can outsource his trading desk and, once on KeyTrader, is just a click away from over 50 exchanges. Users can connect through an interface or through either Fix or Swift. KeyTrader messaging can be delivered straight into a client’s order management system.
Pre-trade, KeyTrader is complemented by KeyInvest, which gives clients online access to an expanding range of structured fixed-income products.