17 December 2017
visit http://response.ncr.com

Instinet and Credit Suisse forge liquidity pool pact

26 October 2006  |  9268 views  |  0 keyboard

Electronic broker Instinet and Credit Suisse's Advanced Execution Services (AES) unit have agreed to provide their institutional clients with access to each other's "dark" liquidity pools.

Instinet says the reciprocal deal links institutional order flow from Credit Suisse's CrossFinder system to its Continuous Block Cross (CBX) platform to increasing institutions' chances of executing larger trades with minimal market impact.

Under the terms of the deal, Credit Suisse's CrossFinder will become an additional liquidity pool that Instinet's Nighthawk algorithm sweeps, while Instinet's CBX will be added as a liquidity source to Credit Suisse's Guerrilla algorithm.

The agreement also calls for each firm's suite of algorithms to be available through the other's trading front ends.

Michael Plunkett, president, North America at Instinet, says the recent evolution of the equity markets has produced exponential growth in 'dark' liquidity pools, and this has fragmented markets and created "a logistical nightmare" for our institutional clients.

"We are addressing this issue by opening up our CBX to Credit Suisse's institutional order flow and, simultaneously, offering Instinet's institutional clients access to CrossFinder," says Plunkett. "Our goal is to solve the buy side's new frustration by creating partnerships that enhance access to liquidity while continuing to provide anonymity."

Dan Mathisson, MD and head of AES at Credit Suisse, says: "Being able to access the combined liquidity will enhance performance and increase fill rates throughout the entire suite of AES algorithms."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Credit Suisse cuts Nyse floor staff as e-trading increases

Credit Suisse cuts Nyse floor staff as e-trading increases

20 October 2006  |  9797 views  |  0 comments
Credit Suisse acquires minority stake in Bats Trading

Credit Suisse acquires minority stake in Bats Trading

12 October 2006  |  11550 views  |  0 comments
Instinet launches 'Wizard' algorithm

Instinet launches 'Wizard' algorithm

10 October 2006  |  5495 views  |  0 comments
Instinet vows to undercut European exchanges with new Chi-X platform

Instinet vows to undercut European exchanges with new Chi-X platform

02 October 2006  |  12114 views  |  0 comments
Instinet launches liquidity aggregation algorithm

Instinet launches liquidity aggregation algorithm

28 June 2006  |  7324 views  |  0 comments
Instinet launches Cobra 'stealth' algorithm

Instinet launches Cobra 'stealth' algorithm

24 January 2006  |  7046 views  |  0 comments

Related company news

 

Related company information

Credit Suisse

Related blogs

Create a blog about this story (membership required)
visit www.ebaday.comvisit www.aciworldwide.comvisit www.response.ncr.com

Top topics

Most viewed Most shared
satelliteRipple completes XRP Lockup
10577 views comments | 3 tweets | 2 linkedin
PSD2: Laying the regulatory foundation for a new age in paymentsPSD2: Laying the regulatory foundation for...
10168 views comments | 18 tweets | 36 linkedin
Banks tap Ethereum smart contracts for MiFID II complianceBanks tap Ethereum smart contracts for MiF...
7325 views comments | 9 tweets | 10 linkedin
Banks and fintech startups join forces on blockchain-based supply chain pilotBanks and fintech startups join forces on...
7264 views comments | 19 tweets | 22 linkedin
hands typing furiouslyReshaping Customer Engagement & Da...
6671 views 0 | 4 tweets | 2 linkedin

Featured job

Competitive base, double ote, benefits
London, UK

Find your next job