Credit Suisse's Advanced Execution Services (AES) unit today launched a block crossing service for clients trading Australian equities. This enhancement to Credit Suisse's internal crossing network, Crossfinder, will enable clients to place orders for large blocks of Australian stocks with complete anonymity and zero information leakage, helping to achieve better execution.
Crossfinder now allows clients to match orders worth a minimum of A$1m on the Australian Securities Exchange (ASX). This enhancement of Crossfinder enables potential price improvement for institutional investors trading in large quantities, according to a company release.
"The introduction of a block crossing service within Crossfinder offers substantial benefits to Credit Suisse's clients," said Steve Davis, Head of Alternative Execution Products, Australia, Credit Suisse, in the release. "Institutions will now have an increased ability to reduce signaling their intentions to the market and have greater flexibility to move in and out of large positions. We are always looking for ways to use technology to deliver best execution to our clients and we believe this enhancement takes us closer to realizing that ambition in Australia."
Crossfinder provides automatic matching of orders within Credit Suisse's client flow that can be crossed to the benefit of both sides and therefore create opportunities for price improvement, lower market impact and reduced exposure to the market.
While originally developed for equities, Credit Suisse AES now provides a full-service, multi asset global offering. AES is now available across equities, options, foreign exchange and futures on more than 60 exchanges and liquidity pools globally.