Credit Suisse Expands Credit Algorithmic Trading Platform
Credit Suisse announced today the expansion of its credit algorithmic trading platform, CSLiveEx, into high yield corporate bonds. In addition to offering clients access to 6,500 USD investment grade corporate bonds, CSLiveEx now makes markets in over 1,000 USD high yield corporate bonds, providing clients with fully automated, firm pricing.
As part of this expansion, Julian Pomfret-Pudelsky has been appointed Global Head of Credit Algo Trading in the Global Credit Products group at Credit Suisse. Julian started at Credit Suisse in 2013 in the bank’s London office and relocated to the New York office in 2015, where he has been instrumental in developing the bank’s credit algorithmic trading platform.
Mr. Pomfret-Pudelsky said, “We are pleased to provide our clients with this enhanced fixed-income electronic trading offering, allowing us to offer faster execution and fully-executable pricing in another segment of the credit spectrum, helping to create more liquidity in the high yield market.”
Daniel McCarthy, Head of US Credit Trading at Credit Suisse, added, “The expansion of CSLiveEx into high yield plays to Credit Suisse’s strength and expertise in leveraged finance and is a natural extension of our investment grade electronic trading platform. Since we launched CSLiveEx in the US, the number of electronic inquiries we have responded to for investment grade corporate bonds and the number of trades we’ve executed have risen substantially. We look forward to offering this same execution ability to clients in high yield.”
Credit Suisse launched its CSLiveEx algorithmic trading platform in the US in 2017. It automatically prices trades under USD 1 million notional value in investment grade corporate bonds and under USD 500,000 notional value in high yield corporate bonds. CSLiveEx provides firm, executable pricing to MarketAxess, Tradeweb, and Bloomberg.
Source: Credit Suisse
Partnership goes beyond aggregating market data and liquidity, to trade execution.
Frontier and emerging markets investors will have electronic access to US bond markets.
The new Open Trading protocol is another step in automating fixed income.
The BARX platform harnesses the bank's data science capabilities for better trade analytics.
TradingScreen notes that for hedge funds, equities 'electronification' is only one piece of the puzzle.