…In the same vein, vendor Pragma Financial Systems and broker-dealer Weeden & Co. have built OnePipe, which distributes an order among 25 “passive” liquidity sources from a central position on the user’s OMS. OnePipe search dark pools, hidden liquidity and internalization engines, looking at historic fill rates within each venue to determine where among each, and without preference, the order should be sent. Subsequent routes are based on real-time fill analysis. OnePipe will soon be able to search non-displayed liquidity in public markets as well, says Doug Rivelli, a managing director in Weeden’s program trading group. Pragma and Weeden say that they routinely see crossing rates of 40 percent with OnePipe.