Credit Suisse has introduced a new algorithmic trading platform, Onyx, for fixed income dealing direct with the bank's US Treasuries trading desk.
The initial Onyx offering is a suite of algorithmic execution for pair strategies between fixed income futures and cash US Treasuries.
While previously clients had to chose between using an algorithmic execution strategy or trading directly with an actual market marker, Onyx serves both purposes, says Ryan Sheftel, global head of electronic market making for rates at the bank.
"Onyx is the gateway into the electronic future of fixed income trading," he says. "It brings all the liquidity we have to bear and delivers it in an electronic fashion to clients, helping them achieve their execution goals with greater speed and efficiency."
The service is currently available on PrimeTrade, Credit Suisse's premier execution program. The bank anticipates offering Onyx on a wider variety of platforms in the near future.