Credit Suisse operates the biggest dark pool, Crossfinder. The same technology powers newly launched Light Pool, the first electronic communications network for U.S. equities in more than five years, structured to benefit long-term investors and put speculators at a disadvantage. Those are just two ways Dan Mathisson has made a mark on institutional trading in the dozen years since he left D.E. Shaw Group for a job on Credit Suisse's New York proprietary trading desk. In 2001 he put the firm ahead of its Wall Street competition by starting the algorithmic trading shop that became Credit Suisse Advanced Execution Services. The 41-year-old still runs AES, but in February he became head of U.S. cash execution and trading, which includes responsibility for traditional, high-touch methods as well. Soon after his promotion came the introduction of Blast, an algorithm designed to fill institutional orders by distributing them to multiple exchanges simultaneously and preventing high frequency traders from getting in the way of completion. "As Blast increases in popularity, the strategy of making fake bids to compensate for orders that might not get filled turns out to be a bad one," says Mathisson. "We have an algorithm that clearly makes the U.S. equity market better."
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