UBS PaineWebber has signed up to the BondDesk platform in an initiative to enhance its online retail fixed income services for affluent investors.
Using the BondDesk online platform, UBS PaineWebber's financial advisors are now able to search the firm's fixed income inventory by multiple criteria including product type, (e.g., government and corporate bonds, mortgage-backed securities and CMOs, CDs, $25 par securities and municipal bonds), maturity, and rating through a browser-based application.
Online order entry capabilities have been enhanced by a trader inventory management system, which facilitates easy to execute purchases and sales, limit orders, requests for bids or offers wanted and non-competitive tenders for US Treasury auctions.
Later this year, UBS PaineWebber's clients will also have fixed income search and order entry capabilities from UBS PaineWebber's online services.
The new order entry capabilities are also available to correspondent broker clients of UBS PaineWebber's clearing subsidiary: Correspondent Services Corporation (CSC).
Thomas Naratil, executive vice president and director of the transaction products group for UBS PaineWebber, says: "Online browser-based software like BondDesk's product has enabled our financial advisors to deliver more personalised advice in the relationship with their clients."
By the end of 2001, UBS PaineWebber plans to expand online access to bond inventories from several firms through BondDesk Trading's centralised marketplace. The firms participating include Goldman Sachs, Bear Stearns, Bank of America, Prudential Securities, ABM Amro, Pershing Division of DLJ Securities, First Union, Wells Fargo and A.G. Edwards.