UBS GETS IT. The bank outsourced most of its patchwork of multiple platforms (mostly fixed income) and appointed disruptors Murex and Ion. This is supposed to save UBS hundreds of millions and shed thousands of jobs. This is further evidence to show how smaller firms are able to go head to head with banks and erode the foundations.

THAT UBS IS SURRENDERING TO THIS IS A GOOD THING. Other banks don’t get it.