New York, NY ─ Pragma Financial Systems, LLC, a New York-based quantitative financial technology provider, today announced that it has partnered with NYSE Euronext to provide algorithmic trading tools to New York Stock Exchange floor brokers. With TradeEngine®, Pragma’s industry leading high-frequency trading platform, the NYSE community will for the first time have algorithmic execution tools available on the trading floor.
This partnership is the latest in a series of moves by NYSE Euronext to provide the floor community with state-of-the-art technology to better compete in an increasingly electronic national markets system. By taking this step, NYSE Euronext ensures that its distinctive hybrid market model will continue to support a robust floor presence.
“We are happy to have the opportunity to partner with the NYSE, and to provide its floor brokers with execution algorithms,” said David Mechner, President at Pragma Financial Systems. “We worked closely with NYSE to customize our platform to meet the needs of the floor broker community, and I think we’ve succeeded in developing a unique offering that will provide tremendous value for its users.”
The new algorithmic strategies are customizable and will trade on parity, providing brokers with the ability to match on every trade. The NYSE will gradually roll out the new algorithms during the next several weeks.
“NYSE floor brokers continue to be an important resource for their customers,” said Michael Rutigliano, Vice President and Broker Liaison at the NYSE. “These new tools will enable brokers to seamlessly blend from their hand-held devices, the high-tech functionality of speed, automation and anonymity, with the high-touch benefits of discovery, price improvement and accessing block-sized liquidity.”
About Pragma Financial Systems LLC (www.pragmafs.com): New York City-based Pragma Financial Systems LLC, founded in 2002, is a leading developer of quantitative financial systems, providing optimal execution, algorithmic trading, optimal crossing, portfolio construction, and risk management to brokers, hedge funds and traditional asset managers.
About NYSE Euronext (www.nyse.com): NYSE Euronext (NYX) operates the world’s leading and most liquid exchange group, and seeks to provide the highest levels of quality, customer choice and innovation. Its family of exchanges, located in six countries, includes the New York Stock Exchange, the world’s largest cash equities market; Euronext, the Eurozone’s largest cash equities market; Liffe, Europe’s leading derivatives exchange by value of trading; and NYSE Arca Options, one of the fastest growing U.S. options trading platforms. NYSE Euronext offers a diverse array of financial products and services for issuers, investors and financial institutions in cash equities.
For additional information, contact: Marc Weinstein, Spring, O’Brien for Pragma Financial Systems (212) 620-7100, ext. 216 marcw@spring-obrien.com
Ray Pellecchia NYSE Euronext (212) 656-2001 rpellecchia@nyx.com