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UBS Assembles the Ultimate Machine: Schwab Purchase and Best Execution

Traders Magazine, October 2004

Gregory Bresiger & John A Byrne

UBS AG, which surprised the trading world by buying Charles Schwab & Co.'s Capital Markets unit for $265 million, has greatly expanded its trading footprint. The benefits of the deal include an extraordinary ability to internalize more order flow. The Swiss bank sees itself becoming a cost-effective trading competitor with rising profit margins. "This will propel UBS to a leading position as a top trader of Nasdaq securities globally and further our goal of becoming a premier provider of services to private clients around the world," according to John Costas, chairman and chief executive of UBS Investment Bank.

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