Credit Suisse Launches Onyx Algo Trading for Fixed Income

Officials from the investment banking arm of Credit Suisse announced today the launch of Onyx, an algorithmic trading platform for fixed-income instruments.

Onyx will allow clients to trade cash US Treasuries directly with Credit Suisse for the first time. "Previously, clients had to choose between using an algorithmic execution strategy and trading directly with an actual market-maker—Onyx serves both purposes," says a bank spokesperson.

Orders submitted electronically via Onyx will interact with the liquidity of the bank's voice and electronic market-making business.

The new offering launches with a suite of algorithmic pairs trading strategies between fixed-income futures and cash US Treasuries. The suite of algorithms are the same ones that have been designed and used by the bank's trading desk for the past several years, according to the spokesperson.

Onyx is available on Credit Suisse’s PrimeTrade execution platform, but officials expect to make it available on third-party platforms in the near future.

"Onyx is the gateway into the electronic future of fixed-income trading," says Ryan Sheftel, global head of electronic market-making for rates. "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," he adds.