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February 11, 2010

Pragma Securities Launches Onecross Multi-Benchmark Dark Crossing Network

Pragma Securities, a provider of quantitative trading solutions, has 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.

By CBR Staff Writer

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.

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.

Doug Rivelli, CEO of Pragma Securities, said: “The introduction of ONECROSS represents an evolution in efficient execution allowing clients to access unique liquidity at their desired benchmark. 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.”

Brendan Cummins, director of Pragma Securities, said: “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. 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.”

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Pragma’s suite of products includes the Onecross dark crossing network, Onepipe, the Lifeguard suite of order protection and advanced anti-gaming logic, Peak and single stock and portfolio execution strategies.

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