Commerzbank

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NIckolas Congdon
Commerzbank
30 Gresham St,
London
EC2V 7PG

Algorithms Offered & Their Execution Styles
Names of key fx algo strategies:
Hunter: An aggressive liquidity seeking algorithm which simultaneously uses a combination of a sweep and a smart resting iceberg at the limit price or better.
TWAP Advanced: Combination of passive order placement while progressively searching for the best bid/offer to aggress. Enabling “IntelliVOL” turns the algo into a VWAP.
Tracer: A passive order designed to capture spread while simultaneously aggressing other pockets of liquidity in a fast moving market.

Also available:
Customisation available
NDF algos
Supported currency pairs:
Commerzbank’s highly curated global liquidity allows us to significantly reduce your signaling risk and information leakage via two liquidity options; “All Liquidity” or “Internal”. “All Liquidity” provides access for G10 + CNH, CZK, DKK, HUF, INR, KRW, NOK, PLN, RON, SEK, SGD, ILS, MXN, RUB, TRY, TWD, & ZAR
Features & Functionality
Use of adaptive execution technology
Use of smart order routing SOR logic
Inflight execution modification possible
Algo flow permitted to cross with other clients algo flow
Algo safety controls offered
Other associated services:
For over two decades Commerzbank has continued to enhance its industry leading in-house technology for liquidity aggregation & SOR (Qube) and data analytics (Hubble), both key components of our FX trading and client algos infrastructure. Client are now better equipped with proven tools to manage risk through leveraging our extensive experience, proprietary technology and investment in innovation. All client execution algorithmic parameters are amendable in real-time while controlled in multi-layered intervals at placement, activation and execution. Clients receive real-time execution updates and notifications in the event an order is rejected.
TCA / Analytics Offered
Pre trade analytics
Post trade transaction performance
Real time TCA
Breakdown of child executions
Independent third party TCA
Other associated services:
Every vanilla resting order and algo execution receives a detailed TCA report. Each report contains an interactive chart of all fills referenced against primary market data, percentage execution by venue, implementation shortfall, risk transfer benchmarks and market impact analysis at 10, 30 and 60 seconds. For mutual clients Commerzbank also sends execution data to BestX.
Distribution Channels Available
Proprietary platform
Direct FIX/API
Via third party platforms
Liquidity Access
Access to external sources
Access to internal sources
Liquidity source customisation available
Service Offering
247 technical support
Bespoke apps
Quantitative research
Trade execution consultancy
Facilitation of buy-side reporting
Benchmarks and investment product support
Other associated services:
Our award winning high touch client service, quantitative research and market insights continue to strengthen our competitive advantage. This has recently been extended out to executing algos on behalf of clients under our “At Best” service. Our FX orders are now accessible via mobile phones and tablets making it is easier to access our suite of eTrading services.

ASSOCIATED ARTICLES & AUDIO/VISUAL RESOURCES