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Following the publication on May 2, 2018 of the UBS MTF Market Notice N9 announcing changes to the Rules of Engagement for the new Periodic Auction and enhancements to the dark order book, we would like to inform our Members that all these changes will be live shortly and are now available in our Conformance Environment. The changes principally involve:
- The introduction of a Periodic Auction;
- Orders in the existing dark order book will be limited to pegged to mid; and
- An option for members to internalise the settlement of matching orders rather than through CCPs.
We recommend all Members that wish to participate in the new Periodic Auction to arrange testing with our Deployment & Testing team (DL-DAT-uk@ubs.com).
All the production changes will be effective on the same date which will not be before June 4, 2018. We will communicate the exact date shortly, once it has been confirmed.
In connection with these developments in functionality, we are taking the opportunity to share with you the changes to the UBS MTF Rulebook and User Guide that reflect these changes and will be effective from the date the changes go live. To assist Members, we are including with this Trading Notice a marked-up version of the Rulebook and User Guide highlighting the amended sections together with a clean copy of both. All documents are also available on our website (www.ubs.com/mtf).
