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Founded in 2003, with an aim to be the algorithmic trading technology leader, Pragma provides highly customized algorithmic trading tools to its clients, which enables them to go to the market with an algorithmic trading solution in much less time, and with a high-grade, institutionally accepted service. The company’s primary offering, Pragma360 has several components associated with it. While it incorporates an execution algorithmic suite that offers different algorithms such as schedule-based along with liquidity sourcing strategies to the clients, it also provides various trade support tools. One of these tools is Panorama—a real-time algorithmic management system—which allows clients to view the algorithmic orders as they execute, including which venues the orders execute in.
We know how to support an institutional grade algorithmic trading service as well as how to provide a high performing execution experience which is difficult to replicate. We leverage this know-how to help clients establish and grow their algorithmic trading businesses
One of the most important features of Pragma’s offering is the transaction cost analysis. “We store their trading data and provide them with a web portal called Trade Reports that enables clients to look historically at the performance of the trade versus the trading benchmark,” explains Pfeiffer. They can also conduct venue analysis to compare and observe the venues where their orders were executed and the variety of characteristics that were considered. Further, Pragma also offers services for Spot FX and Non-Deliverable Forwards (NDFs) and can support futures algorithms, which makes it a multi-asset class provider of algorithmic trading technology.
According to Pfeiffer, Pragma’s institutional knowledge along with the value proposition it creates by operating as a vendor steers them ahead of the competition. They don’t trade proprietarily and never internalized order flow, which keeps Pragma aligned with their clients as they don’t have a secondary revenue stream to protect. The company’s expertise in market microstructure, trading, and using algorithms allows them to deliver a high-performing product. Having carved a unique niche in the quantitative trading technology space, Pragma aims to continue providing intelligence that connects traders to the marketplace. “We are always looking for ways to further help our clients grow their businesses, whether that is leveraging new machine learning techniques for the algorithms, expanding across different asset classes, geographies, or improving the trade support tools,” concludes Pfeiffer.