New York, NY ─ Pragma Financial Systems LLC, a New York-based quantitative financial software provider, today announced the availability of its flagship algorithmic trading platform, Pragma TradeEngine® as a hosted ASP service. The service allows clients to use a private installation of TradeEngine in a broker neutral configuration, reaching the markets through DMA providers of their choice without ever revealing the master order to any third party.

“There is tremendous demand for powerful and cost-effective algorithmic trading solutions on the buyside,” said David Mechner, President and Director of Technology at Pragma Financial Systems. “Until now, clients only choices were broker-provided algorithmic execution services and do-it-yourself solutions that required costly and time-consuming investment in research and development, not to mention expensive technology infrastructure. Pragma’s hosted private installation provides the power of cutting edge algorithms plus the privacy and control of an in-house solution without the costs and overhead.”

Pragma hosts private installations in its datacenter, providing the technology infrastructure including FIX connectivity and realtime market data feeds. Clients can route trades to the system via FIX, and may optionally use Pragma’s rich graphical user interface to elaborate their orders with algorithmic parameters and monitor the executions in realtime.