UBS to Close Credit Suisse Dark Pool Crossfinder
UBS Group AG, the world’s largest wealth manager, is set to close its Credit Suisse dark pool Crossfinder, the latest in a series of cost-cutting measures.
Background of Crossfinder
Crossfinder was launched in 2011 as a joint venture between UBS and Credit Suisse Group AG. It was designed to provide institutional investors with a platform to trade large blocks of shares anonymously. The dark pool was the first of its kind in Europe and quickly became one of the largest in the region.
UBS Cost-Cutting Measures
UBS has been looking for ways to reduce costs in recent years. In 2018, the bank announced a plan to cut costs by 3 billion Swiss francs ($3.2 billion) by the end of 2020. As part of this plan, UBS has been reducing its headcount and closing some of its businesses.
Closing of Crossfinder
UBS has now decided to close Crossfinder, citing a lack of profitability. The bank said that the dark pool had become increasingly difficult to operate in a competitive market. UBS also said that the closure of Crossfinder would not have a significant impact on its overall business.
Impact on Clients
The closure of Crossfinder will have an impact on UBS’s clients. The dark pool was used by institutional investors to trade large blocks of shares anonymously. With the closure of Crossfinder, these investors will have to find alternative platforms to trade.
UBS Dark Pool Alternatives
UBS has other dark pools that it operates, such as UBS MTF and UBS PIN. These dark pools are designed to provide institutional investors with a platform to trade large blocks of shares anonymously. UBS also operates a number of other trading platforms, such as UBS Neo and UBS Connect.
Conclusion
UBS Group AG has decided to close its Credit Suisse dark pool Crossfinder, the latest in a series of cost-cutting measures. The closure of Crossfinder will have an impact on UBS’s clients, who will have to find alternative platforms to trade. UBS has other dark pools and trading platforms that it operates, such as UBS MTF, UBS PIN, UBS Neo and UBS Connect.