The Tradetech Daily

Deutsche Bank

Deutsche Bank

All of Deutsche Bank's autobahn Equity algorithms can source liquidity from nondisplayed equity trading venues through the firm's smart order router, including DBA, the bank's own internal crossing platform.
Deutsche Bank's new flagship dark-only algorithm, SuperX, utilises proprietary quantitative models to intelligently aggregate access to multiple dark pools.


Deutsche Bank currently has
connections to Chi-Delta,
Turquoise’s dark book,
Europe’s dark book.
Additional destinations and
venues are continually being
evaluated. Connections to
new venues (whether light or
dark) are prioritised in
accordance with a robust
internal selection process.

When using SuperX,
clients can opt out of DBA or
any external venue. SuperX
will automatically route to
DBA where it meets the
quality criteria for the
specific order (and internal
crossing has not been excluded by the client).
SuperX will evaluate the
quality of DBA using the
same criteria as any external
dark venue.

The algorithms can be
accessed via any FIX-enabled
order management, execution
management or proprietary
trading systems.

Liquidity interaction

Deutsche Bank’s pool ranking
model ranks pools based on
fill quality and will only
choose those relevant to an
order’s characteristics and the
client’s level of urgency. The
firm’s smart allocation model
balances the fill probability
against the expected cost of
information leakage, impact
and risk, controlled by the
urgency parameter.

SuperX does not source
liquidity from lit venues.

Anti-gaming logic

SuperX incorporates
sophisticated features to
protect against negative
selection. Feedback from all of
the non-displayed venues,
including DBA, is incorporated
into the dark pool aggregator’s
logic to objectively rank venues and allocate orders. Venue
ranking is based on multiple
proprietary metrics that
mitigate the risk of negative
selection, while the smart
allocation model optimises the
order size versus impact tradeoff
on each venue.

Once allocated, a
sophisticated dynamic return
model evaluates pricing. The
dynamic minimum
acceptable quantity is
designed to protect against
pinging and order discovery.


SuperX is a highly
customisable dark algorithm
which can be finely tuned to
the individual trader’s

Service and reporting

As for all autobahn Equity
strategies, SuperX is
supported by the dedicated
team of sales traders, utilising
real-time monitoring tools.
Detailed post-trade analysis is
available featuring fills and
average trade size achieved
per venue, as well as
performance analysis.