Pragma Introduces ONECROSS Multi-Benchmark Dark Crossing Network

NEW YORK--(BUSINESS WIRE)--Pragma Securities, an established provider of sophisticated and innovative quantitative trading solutions, today introduced ONECROSS™, a patent pending, multi-benchmark ATS. The new dark crossing network offers traders multiple crossing strategies in a single venue designed to consolidate and maximize liquidity while minimizing information leakage, market impact and opportunity cost. The dark venue allows traders to pair off on market-on-open (MOO) and market-on-close (MOC) orders without displaying their orders in the open-market or being constrained by exchange order windows. Traders can also pair off on full and partial day VWAPs or in the continuous mid-point crossing venue.

“The ability for both the buy and sell side to access the crosses directly or indirectly by incorporating the crosses into their own algorithms, helps to consolidate a very fragmented market.”

ONECROSS offers a flexible, customizable suite of crosses that allows clients to choose whatever execution method is best for them. ONECROSS Mid-Point offers access to unique liquidity by employing continuous mid-point crossing throughout the day. ONECROSS VWAP provides traders the ability to continuously pair off on full or partial day VWAP orders. Continuous Market-on-Open and Market-on-Close crosses allow traders to maximize the volume they execute at the opening and closing prices while maintaining anonymity and minimizing market impact and information leakage.

“The introduction of ONECROSS represents an evolution in efficient execution allowing clients to access unique liquidity at their desired benchmark,” explained Doug Rivelli, CEO of Pragma Securities. “With ONECROSS, we are really setting the standard in crossing, providing market participants more control and protection than ever before over their price-sensitive orders.”

“The flexibility of ONECROSS to execute using multiple benchmarks allows both buy-side and sell-side traders to easily integrate the crosses into their work flow, minimize opportunity costs, and increase the depth of liquidity that they can efficiently tap into,” added Brendan Cummins, Director, Pragma Securities. “The ability for both the buy and sell side to access the crosses directly or indirectly by incorporating the crosses into their own algorithms, helps to consolidate a very fragmented market.”

ONECROSS is accessible via most standard EMS and OMS systems, proprietary systems or via direct FIX connections. The crosses provide open access and are available to both the buy and sell side. Buy-side users can send orders directly to the cross or through an algorithm via Pragma’s executing partner, Weeden & Co. L.P.

About Pragma Securities

Founded in 2003, Pragma is a New York-based provider of sophisticated and innovative trading solutions to the financial services industry. Pragma’s suite of products includes the ONECROSS dark crossing network, the award-winning ONEPIPE, the LIFEGUARD suite of order protection and advanced anti-gaming logic, PEAK™, and sophisticated single stock and portfolio execution strategies. Pragma provides unique trading solutions, transparency and un-conflicted service, engaging in no proprietary or risk trading. Pragma is dedicated to consistently meeting the goals of its diverse client base by providing top quality execution, proven technology and exceptional support and service. For additional information, please visit: www.pragmatrading.com or email: [e-mail]