All Credit Suisse Advanced Execution Services (AES) algorithms take advantage of displayed and non-displayed liquidity on many venues. The firm's Crossfinder Plus smart order router, which lies beneath the entire AES suite of algorithms, sources liquidity from more than 10 dark liquidity venues including Credit Suisse's own crossing system - Crossfinder.
The algos can access Crossfinder, BATS Europe’s dark book, Chi-Delta, Xetra MidPoint, Instinet BlockMatch, Liquidnet H2O, NEURO Dark, Nomura NX, SmartPool, Swiss Block and Turquoise’s dark book, among others.
Clients can fully customise which venues their orders interact with.
Credit Suisse seeks to connect to all viable venues. Once connected, the firm’s smart order router dynamically adjusts to distribute orders most appropriately to the venues with the most liquidity.
AES algorithms are available on over 75 vendor and proprietary order management and execution management systems worldwide.
All strategies employ the AES Fair Value pricing model to protect against adverse price movements. This is coupled with a sophisticated order placement methodology help protect against pinging and other gaming techniques.
The entire suite of AES algorithms is fully customisable. Credit Suisse says it has implemented hundreds of customised execution strategies worldwide
Service and reporting
AES provides a suite of posttrade performance and order routing analytics which can be run on an automatic or ad-hoc basis. The system is also capable of providing real-time venue details on every execution report for those clients that can accept it via the FIX protocol.