COUNTERPARTY FILE · last re-checked 2026-09
UBS Neo (FX) — institutional liquidity provider
This record highlights potential transparency issues regarding licensing and self-reported metrics.
Licence, read literally
| Regulator | Licence number | Jurisdiction | Tier | Source |
|---|---|---|---|---|
| FINMA | not verified | Switzerland | tier-1 | open source ↗ |
| FCA (UBS AG London Branch) | 186958 | UK | tier-1 | open source ↗ |
| SEC/FINRA (BrokerCheck, UBS Securities LLC) | 8-22651 | US | tier-1 | open source ↗ |
| NYSE (UBS Group AG listed) | not verified | US | tier-1 | open source ↗ |
Tier classification follows the same scale as the retail register: tier-2 means real supervision and client-money segregation, without an investor compensation scheme — never misread it as tier-1 protection.
Residuals a counterparty carries
Unpublished FINMA licence number
UBS AG's FINMA banking licence number is not published, raising transparency concerns.
Source: firm disclosures page
Self-measured volume growth figures
NeoFX volume growth figures are self-measured and cited by Euromoney.
Source: self-measured claims
The claims ledger
Claims specific enough to be falsified — and the ones that remain the venue's own measurement.
Testable claims
- UBS Neo is the bank's cross-asset electronic platform providing 'electronic access to the best of UBS' (ubs.com investment-bank/ubs-neo page)
- UBS Investment Bank e-FX offers around-the-clock streaming prices across G10, Emerging Market and Precious Metals (ubs.com electronic-trading/fx page)
- UBS Group is subject to consolidated supervision by FINMA; UBS AG London Branch FCA FRN 186958 is authorised (UBS Annual Report 2025; FCA register firm page)
Claims we cannot verify from outside
- NeoFX volume growth figures (self-measured, Euromoney-cited)
- Liquidity depth claims (self-measured)
Perimeter and coverage
| Asset classes | Venues | Connectivity | Clients accepted | Explicitly refused |
|---|---|---|---|---|
| FX spot, FX forwards, FX swaps, NDFs, FX options, Precious metals | EBS, Reuters, CME FX, CLS | FIX, REST/API, UBS Neo platform | Banks, Institutional investors, Asset managers, Hedge funds, Corporates | Retail clients |
A firm that publishes its own negative space — who it refuses, where it is not licensed — is materially easier to diligence than one that doesn't. The refusal list is treated here as disclosure, not as a defect.