Credit Suisse Launches the Industry's First Fixed Income Algorithmic Trading Platform Enabling Clients to Trade Directly with a Dealer

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Jun 11, 2010, 11:55 ET

NEW YORK, June 11 /PRNewswire/ -- Credit Suisse today announced the launch of Onyx™, a groundbreaking algorithmic trading platform designed specifically for fixed income. This new platform 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 US Treasuries. These are the very same algorithms that were designed by and have been used by the Credit Suisse trading desk for several years.

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For the first time, clients have electronic access straight from their desktops to trade cash US Treasuries directly with Credit Suisse, a leading market maker in fixed income. While previously clients had to chose between using an algorithmic execution strategy or trading directly with an actual market marker, Onyx™ serves both purposes. Onyx™ provides advanced execution and direct access to the liquidity only a dealer like Credit Suisse can provide through our extensive voice and electronic market making capabilities and vast customer franchise. All of these are pooled together to facilitate the efficient execution of our clients trades.

"The addition of Onyx™ to Credit Suisse's growing suite of algorithmic trading platforms underscores our commitment to fixed income electronic trading," said Tim Blake, Head of US Rates. "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."

"Onyx™ is the gateway into the electronic future of fixed income trading. It brings all the liquidity we have to bear and delivers it in an electronic fashion to clients, helping them achieve their execution goals with greater speed and efficiency," said Ryan Sheftel, Global Head of Electronic Market Making for Rates.

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

Credit Suisse AG

Credit Suisse AG is one of the world's leading financial services providers and is part of the Credit Suisse group of companies (referred to here as 'Credit Suisse'). As an integrated bank, Credit Suisse offers clients its combined expertise in the areas of private banking, investment banking and asset management. Credit Suisse provides advisory services, comprehensive solutions and innovative products to companies, institutional clients and high-net-worth private clients globally, as well as to retail clients in Switzerland. Credit Suisse is headquartered in Zurich and operates in over 50 countries worldwide. The group employs approximately 48,300 people. The registered shares (CSGN) of Credit Suisse's parent company, Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com.

Investment Banking

In its Investment Banking business, Credit Suisse offers securities products and financial advisory services to users and suppliers of capital around the world. Operating in 57 locations across 30 countries, Credit Suisse is active across the full spectrum of financial services products including debt and equity underwriting, sales and trading, mergers and acquisitions, investment research, and correspondent and prime brokerage services.

SOURCE Credit Suisse AG