UBS to outsource fixed income platform to Murex and ION - Reuters
20 January 2014 | 9895 views | 0
Swiss bank UBS is to outsource large parts of its fixed income technology infrastructure to Murex and ION, according to Reuters.
Citing 'people close to the situation', Reuters says the bank is taking the drastic step in a bid to pare back spending on a business that is nearing the end of a 30-year long bull run and is now beset by increased regulatory scrutiny.
The move will replace a bloated patchwork of inhouse trading systems with a new platform from Murex for booking trades, running valuations and risk management. In addition, the bank has chosen Ion Trading to provide gateways to electronic exchanges and pricing tools.
UBS has declined to comment on the reports.