© The Financial Times Ltd 2015 FT and 'Financial Times' are trademarks of The Financial Times Ltd.
March 5, 2013 12:46 am
Mr Semark has taken over the role from Robert Barnes, who is stepping down and set to leave after more than 18 years at the Swiss broker, the sources said. The broker is currently formalising the role, and an announcement is set to be made in the next week or so, the people added. UBS declined to comment.
The change comes amid a wide-ranging restructuring at UBS as focuses on its highly prized global wealth management and domestic retail unit. However it is also expected to focus on trading of capital-light asset classes like equities and foreign exchange trading. Fixed income trading operations, which have contributed heavily to profits in recent years, are to be radically trimmed.
Mr Semark, who is responsible for execution client relationships, client strategy and market structure and regulation at UBS, has been at the broker since 2004. He previously worked as head of trading at Axa Investment Managers.
In the two years since its launch under Mr Barnes’s stewardship, UBS MTF had become the third-largest dark pool in Europe behind two platforms owned by BATS Chi-X Europe. According to data from Fidessa, the broker-owned venue had a 22.3 per cent market share.
These “dark pools”, so-called as prices are only displayed after a trade has been executed, have found increasingly popularity with fund managers seeking to trade large blocks of shares without the market price moving against them, or seeing their orders sliced into smaller sizes by computer algorithms. Recent studies of both US and European markets have suggested that as much as one-third of all equities trading is conducted via off-exchange venues like broker crossing networks and independent dark pools.
UBS MTF also competes in Europe with rivals such as Turquoise, Liquidnet and Posit, run by ITG, the US broker.
The alternative trading platform also benefited from the introduction of interoperability of clearing houses in Europe in 2011. Regulatory approval allowed customers greater choice over where to clear their trades. The venue offered a choice between x-Clear, owned by the SIX Group, the Swiss Exchange, and EuroCCP, the European equities clearing house.
Copyright The Financial Times Limited 2015. You may share using our article tools.
Please don't cut articles from FT.com and redistribute by email or post to the web.