Deutsche Bank
Markets covered
SuperX has an Asia Pacific presence in
Australia, Hong Kong and Japanese markets and plans to roll out to other APAC
centres through 2012. SuperX Plus, the firm’s dark aggregation algorithm provides
access to SuperX as well as the wider network of dark pools Deutsche Bank has
access to.
Order protection
Access to SuperX is primarily through the
SuperX Plus dark liquidity aggregation algorithm. SuperX Plus uses a combination
of real time pool ranking models for venue selection; advanced anti-gaming logic
based on the latest high-frequency trading techniques to protect against adverse
selection, small order fishing and disadvantageous market events; and the smart
allocation model to balance optimal fill probability versus the total cost of
execution.
The MEQ (minimum execution quantity) model
is designed to protect against pinging and order discovery.
Access
Only Deutsche Bank institutional clients can participate in SuperX.
Order types and matching logic
SuperX matching logic is based on
time/price priority, with support for passive, midpoint and aggressive order flow.
Management of external liquidity pools is left to the SuperX Plus algorithm to ensure
only the most appropriate liquidity is being accessed at any time.
Connectivity
SuperX Plus is connected to a number of
external broker dark pools and liquidity aggregation sources as well as any
available public pools available, including the ASX’s CentrePoint and Chi-East.