Crossfinder is the biggest crossing network
in Asia Pacific and aims to deliver consistent price improvement to Credit
Suisse clients trading in Japan, Hong Kong, Singapore and Australia.
Crossfinder measures the impact of
potential gaming using a proprietary algorithm called the Alpha Scorecard. All
participants receive a score based on the alpha they typically generate from their
trades, and clients have the option not to trade with counterparties who
achieve high levels of profitability on their trades.
All Credit Suisse clients can participate.
Order types and matching logic
Crosses are prioritised price and time.
Crossfinder broke through US$800m per day in Australia, Hong Kong, Japan, and
Singapore. Crossfinder executions tend to be considerably skewed towards difficult
names with high bid offer spreads and long queues. For example, 90% of all
executions in Australia are for ASX 100 Index constituents whereas in Crossfinder
Australia, 60% of executions are on smaller names.
The platform supports Market, Limit, Pegged
orders, Immediate or Cancel orders and Fill or Kill orders.
Through the Credit Suisse’s smart order
router, AES Pathfinder, Crossfinder is connected with more than 20 venues in
Asia Pacific. Crossfinder crosses an average of US$500m a day across Asia