…The algos for floor brokers, engineered over several months by Pragma Financial Systems, offer parity and pegging functionality.

The four core Pragma algos are volume-weighted-average-price, percentage-of-volume, arrival price and adaptive strategies. Floor brokers can set aggression-level and time parameters within these strategies. They can continue to peg their orders to the NYSE best bid or offer or, now, benchmark strategies to the NBBO (national best bid or offer).