Best FX Swaps Platform – UBS 2026

Neo is a platform that delivers on so many levels, and its build means that the bank has been able to easily withstand what could have been a very disruptive event in the form of the Credit Suisse takeover. Instead of disruption, however, what we have got is a platform that is integrating the best aspects of the CS platform, to ensure not only that its fills the odd gap (and we could question if they even existed) but also ensure client loyalty.

Over the past year the bank has improved its order workflow – including making it quicker – it is also increasing its quote thresholds in terms of size and building even more automation into what was already one of the most automated post-trade houses on the street.

Over the last year the bank has added connectivity to LSEG FX’ Forwards First Fixing, this provides another avenue for clients already spoilt for choice with the rich graphics around the run and enhanced pricing capabilities across the board.

UBS continues to deliver axes to defined clients based upon historical analysis or relationship management guidance alongside its streaming swaps prices – something that sets the SDP apart compared to the MDP, as we noted last year, its STIR analytics product, a pretty unique offering built by a quant trader for the STIR trading desk – continues to attract rave reviews from users.

STIR analytics breaks down a price into its component parts to assist traders with the timing of their execution and identify existing trends in the market, as well as to predict price action around market events. The data is very granular and updated by UBS’ traders globally marking the curve. This effectively means live data for users of Neo in STIR markets, it also includes hard-to-get data, such as with the impact of month- or quarter-ends.

The level of granularity and the depth of data involved is tremendous – and Neo’s build means users can stay on the surface, or dive to great depths. The heatmap can be populated by currency, by real-time or look back, one click on a tenor in a pair feeds a graph below that provides details of historical performance.

OIS analytics remain part of the package, showing the ‘priced in’ component ahead of central bank meetings, a panel also shows relative value for single or multiple currencies across the curve. Over the past year the bank has added customer tenors.

With uncertainty continuing over the path of interest rates (or more pertinently interest rate differentials) analytics such as those provided by UBS are invaluable. The fact that they exist in such a “straight-through” environment where moving from trade idea to execution is so easy, just makes it even better.