UBS and trueEX form liquidity alliance for Interest Rate Swaps Creating liquidity in Standard Coupon Standard Maturity (SCSM)

   UBS and trueEX form liquidity alliance for Interest Rate Swaps Creating
         liquidity in Standard Coupon Standard Maturity (SCSM) Swaps

Six additional Market Makers at an advanced stage of on-boarding

PR Newswire

NEW YORK, Aug. 8, 2013

NEW YORK, Aug. 8, 2013 /PRNewswire/ --trueEX, LLC, the first CFTC-regulated
electronic exchange for interest rate swaps (IRS), today announced that UBS
has completed full certification and testing on the trueEX exchange and will
offer client access to trueEX pricing as part of their liquidity aggregation
strategy. UBS will be providing markets and routing client flows on the most
liquid interest rate swaps as well as the Standard Coupon Standard Maturity
(SCSM) swaps that are ISDA MAC (Market Agreed Coupon) Compliant. In addition,
UBS will offer buy-side clients seamless electronic access to the consolidated
liquidity as well as the PTC platform (Portfolio Terminations and Compactions)
on the trueEX exchange.

On May 16^th, 2013, the CFTC adopted final rules relating to Dodd-Frank's
mandatory trade execution requirement. In anticipation of the additional
regulatory, reporting, compliance, clearing and trading requirements, trueEX
has created the world's 1^st IRS exchange to help market makers, clearing
members (i.e. FCMs – Futures Clearing Merchants), asset managers and global
hedge funds meet these additional requirements.

"We are pleased to have worked extensively with trueEX over the past 18 months
to fully test, refine and on-board with trueEX. Many global clients are
demanding fully automated, standardized, transparent and regulated platforms
to execute their IRS transactions in line with regulatory requirements," said
Chris Murphy, UBS Global Head of Rates & Credit. "Our Fixed Income clients
will benefit greatly by having access to the liquidity, regulatory compliance
and clearing connectivity benefits of trueEX, all of which will be accessible
through our liquidity aggregation service and our innovative UBS NEO

"The investor community is in need of an electronic, independent and regulated
exchange for IRS transactions. We are thrilled to have worked closely with
UBS to develop and refine both our business model as well as our technology
solutions. Global IRS market participants will benefit greatly from having
UBS and their diverse client bases directly connected to the trueEX exchange.
Imagine that up to this point, institutional investors managing hundreds of
billions in assets have been unable to remain anonymous and could not create
limit orders in the IRS market – something that is available to every single
individual investor buying or selling 100 shares of a stock," said Sunil
Hirani, CEO of trueEX.

With UBS leading the way, there are an additional six IRS market makers that
are at an advanced stage of legal on-boarding, testing and certification in
preparation to go-live with providing making markets in liquid interest rate

About trueEX
New York-based trueEX LLC operates the first swaps exchange approved by the
Commodity Futures Trading Commission (CFTC) as a Designated Contract Market
(DCM). The trueEX DCM was designed from the ground up as the first Dodd-Frank
compliant swaps exchange. The Company will initially trade interest rate
swaps, will add other liquid derivatives to its portfolio and is the first to
provide back loading, termination, rebalancing and compaction services for the
IRS (interest rate swaps) market.

trueEX was founded by its CEO,Sunil Hirani, who also founded Creditex, the
first electronic trading platform for credit default swaps (CDS). In 2008,
Mr. Hirani sold Creditex to Intercontinental Exchange, where he subsequently
led the initiative to acquire The Clearing Corporation (TCC) which allowed ICE
to clear credit derivatives globally. Mr. Hirani and members of the trueEX
management team also launched T-Zero (now ICE Link) and led the initiative to
create Credit Event Fixings and Delta Neutral Auctions (DNA). For further


Contact: For trueEX, Jill Totenberg, The Totenberg Group, (212) 704-0352/(c)
(917) 697-6900,; or for UBS, Megan Stinson, UBS
Americas, 212.713.1302,
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