The Tradetech Daily

Deutsche Bank SuperX

Deutsche Bank SuperX

SuperX is operated as a broker crossing system and allows orders to be matched within the prevailing best bid–offer spread. The SuperX pool can be accessed via the Autobahn Equity platform by means of execution algorithms or direct connections. The Autobahn execution algos are calibrated specifically to source dark liquidity in “larger-than-lit” slices and are successfully used by many institutional investor participants seeking to trade dark in size.

Functionality and order types

A wide variety of order types are supported within
SuperX. Orders from across eligible participant groups are matched on price and
time priority against those that fulfill minimum execution size constraints.

Access and participation

Participants must give MiFID consent to allow
orders to be internalised. In addition, Deutsche Bank ensures that participants
provide high quality liquidity that meets the needs and expectations of
buy-side clients.

Instruments traded

The pool offers trading in equities, including
exchange-traded funds across the major European markets.

Order protection

SuperX and the Autobahn algorithms maximise
crossing opportunities between participants that have compatible trading
strategies and objectives. Buy-side participants can elect only to interact
with other buy-side participants, and by means of limit prices and minimum
execution size. This enables participants to interact with dark liquidity on
terms that suit them. The Dynamic Return Model (DRM) affords algos additional
protection against adverse price moves on the reference market.

Future developments

Deutsche Bank is looking into additional markets enhanced order types and continued growth of superior natural liquidity.