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

The pool is open to all DB clients where local
regulation permits. Opt-out versus counterparty types functionality is
available as well as full pool opt-out if required. SuperX is accessed through
an algorithmic trading platform or via direct FIX connection.

Instruments traded

All listed equities can be traded on the platform.

Order protection

SuperX has no anti-gaming logic, but all Deutsche
Bank algorithms that access it use multiple anti-gaming mechanisms to protect
client orders.

Future developments

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