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Credit Suisse Launches Onyx Algorithmic Trading Platform for Fixed Income

Clients will have electronic access to trade cash US Treasuries directly with Credit Suisse's market making desk in fixed income.

Credit Suisse announced the launch of Onyx, an electronic algorithmic trading platform specifically for fixed income, according to the firm.

The new platform, which Credit Suisse terms “groundbreaking” gives clients electronic access to trade directly with Credit Suisse.

The initial Onyx offering is a suite of algorithmic execution for pair strategies between fixed income futures and cash Treasuries. Credit Suisse’s trading desk designed and used these same algorithms for several years and is now offering them to clients for the first time.

While previously clients had to choose between using an algorithmic execution strategy, or trading directly with an actual market maker, Onyx serves both purposes. According to the release, Onyx provides advanced execution and direct access to the liquidity only a dealer like Credit Suisse can provide through extensive voice and electronic market making capabilities and its vast customer franchise, which are all pooled together.

“The addition of Onyx to Credit Suisse’s growing suite of algorithmic trading platforms underscores our commitment to fixed income electronic trading,” stated Tim Blake head of US Rates, in the release. “We are excited to be able to offer our clients an industry leading product, giving them access to liquidity in the fixed income markets when and where it is available,” added Blake.

Calling Onyx, “the gateway into the electronic future of fixed income trading,” Ryan Sheftel, global head of electronic market making for Rates, said, “It brings all the liquidity we have to bear and delivers it in an electronic fashion, enabling them to achieve their execution goals with higher speed and increased efficiency.

Onyx is currently available on PrimeTrade, Credit Suisse’s premier execution program. The firm anticipates offering Onyx on a wider variety of platforms in the near future.

Ivy is Editor-at-Large for Advanced Trading and Wall Street & Technology. Ivy is responsible for writing in-depth feature articles, daily blogs and news articles with a focus on automated trading in the capital markets. As an industry expert, Ivy has reported on a myriad ... View Full Bio

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