Credit Suisse Breaks New Ground with Streaming U.S. Treasury Trading

I was lucky enough to get a demo of this platform a few weeks ago. Its very impressive, and a sign of things to come in fixed income. Not just for cash markets, but for automated market making in the swaps market as well. I suspect we’ll see similiar product announcements from competing forms in the not too distant future.


NEW YORK, Jan. 31, 2012 /PRNewswire via COMTEX/ — Credit Suisse is proud to introduce Credit Suisse Onyx Streaming, a new way of trading Cash U.S. Treasury securities which offers clients the ability to icsnstantly trade on live, transparent and executable two-way streaming markets, all with a single click of a mouse. Onyx Streaming is a significant step forward in electronic trade execution for U.S. Treasuries that reflects many of the advances seen in other electronic markets such as equities, futures and foreign exchange.

Traditionally, electronic trading of U.S. Treasuries between dealers and clients has been executed using Request-For-Quote (RFQ) protocols in which clients manually request a one-sided price and wait for responses from one or more dealers. While RFQ is appropriate for many types of trades, Onyx Streaming is a dynamic new tool for traders looking for quick, decisive transactions. With Streaming, clients choose from a range of maturities, enter a size, and instantaneously see an executable two-sided market over Credit Suisse’s award-wining PrimeTrade platform.

“Onyx Streaming is another example of Credit Suisse’s commitment to giving clients access to liquidity using highly innovative technologies,” says Jon Kinol, Global Head of Rates at Credit Suisse. “The fixed income markets are accelerating their shift toward electronic trading, and we are committed to leading the way.”

“The U.S. Treasury market is one of the most liquid in the world, which leaves us to wonder why clients have for so long been without the ability to trade electronically directly with a dealer on firm, continuously streaming prices, as is common in the interdealer market. Continued volatility in the global economy has made direct access to firm prices all the more critical, and innovations in trading technology make that possible,” says Kevin McPartland, Principal and Director of Fixed Income Research at TABB Group, a financial markets research and strategic advisory firm.

Streaming U.S. Treasury trading further solidifies the position of Credit Suisse Onyx as the market’s leading fixed income trading platform for interest rate products, offering innovative algorithmic trading, outright cash Treasury trading, and access to Clearwater, the bank’s immense aggregated pool of liquidity.

“Looking at other markets such as FX has shown us that many clients prefer to trade in ways other than RFQ when they value transparency, certainty, and speed of execution,” says Ryan Sheftel, Head of Electronic Market Making for Global Rates at Credit Suisse. “We offer our clients a full spectrum of trading capabilities so that they always have access to the most advanced solutions that fit their needs.”

Credit Suisse Onyx is a key element of Credit Suisse PLUS, the bank’s innovative source of client focused electronic solutions that span research, analytics and trading.

Credit Suisse

Credit Suisse is one of the world’s leading financial services providers and is part of the Credit Suisse group of companies (referred to here as ‘Credit Suisse’). As an integrated bank, Credit Suisse offers clients its combined expertise in the areas of private banking, investment banking and asset management. Credit Suisse provides advisory services, comprehensive solutions and innovative products to companies, institutional clients and high-net-worth private clients globally, as well as to retail clients in Switzerland. Credit Suisse is headquartered in Zurich and operates in over 50 countries worldwide. The group employs approximately 50,700 people. The registered shares (CSGN) of Credit Suisse’s parent company, Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at .

SOURCE Credit Suisse AG

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