MarketAxess to acquire Pragma for algo trading in equities, bonds, and FX

Rick Steves

“In addition to accelerating our leadership in the fixed-income automation and algo space, Pragma’s years of expertise with FX algos provides a unique opportunity for FX hedging solutions for our Emerging Market clients.”

MarketAxess has agreed to acquire Pragma, a quantitative trading technology provider specializing in algorithmic and analytical services in equities, FX and fixed-income.

Pragma offers independent, broker-neutral, multi-asset trading solutions to power asset managers, hedge funds, broker-dealers, banks, and exchanges around the world.

Its algorithmic trading platform and quantitative execution solutions provide equities and FX clients with automated, AI driven, multi-asset and multi market execution solutions.

Last year, Pragma handled over $2 trillion of algorithmic order flow in multiple asset classes on behalf of clients across over 50 venues.

“Unique opportunity for FX hedging solutions for our Emerging Market clients”

Chris Concannon, Chief Executive Officer of MarketAxess, commented, “Our acquisition of Pragma underscores MarketAxess’ commitment to innovating, integrating, and providing our clients with quantitative, AI-powered technology solutions powered by proprietary data designed to simplify and enhance their workflows. In addition to accelerating our leadership in the fixed-income automation and algo space, Pragma’s years of expertise with FX algos provides a unique opportunity for FX hedging solutions for our Emerging Market clients.”

David Mechner, Pragma’s founder and Chief Executive Officer, said “Pragma and MarketAxess share a common mission of using technology and automation to improve trader efficiency and generate superior trading outcomes for investors. MarketAxess’ scale and resources will amplify the results we can deliver for clients with the cutting edge technologies we’ve built – both for our existing clients in equities and FX, and for MarketAxess’ large client network as we continue developing new solutions in fixed-income.”

Nash Panchal, Chief Information Officer of MarketAxess, added, “This acquisition represents a major milestone in our tech story. The Pragma team brings invaluable technology assets and deep expertise in execution algorithms and automation – from high performance workflow solutions to artificial intelligence in trading equities and FX. We look forward to building upon those capabilities to enhance the services we provide our clients in fixed-income.”

Earlier this year, MarketAxess announced the first client algorithmic trade executed across multiple protocols in US credit using Adaptive Auto-X, its multi-protocol automated execution solution currently in pilot.

In 2020, Pragma introduced a deep neural network-based execution engine that controls the routing, sizing, pricing, and timing of orders, and has shown a robust improvement in execution quality.

Pragma’s algorithmic platform and technology team will help MarketAxess accelerate development of execution algorithms and data-driven analytics across all fixed-income products.

Read this next

Digital Assets

MicroStrategy buys more bitcoins as crypto bet loses +$600M

MicroStrategy has purchased another 5,445 bitcoins for approximately $147.3 million in cash, adding to its massive cryptocurrency holdings during a sharp drop in the price.

Digital Assets

TYRION Set To Decentralize The $377B Digital Advertising Industry

TYRION, a groundbreaking player in decentralized digital advertising, has launched its innovative blockchain-based platform aimed at disrupting an industry long dominated by centralized tech giants, by addressing issues like lack of transparency, data privacy, and declining ROI, while also offering features like social platform integration, robust analytics, and a deflationary mechanism for its native $TYRION token.

Institutional FX

TD Bank sells TD Cowen’s $1.3B business to Marex

London-headquartered commodities broker Marex has agreed to acquire TD Cowen’s prime brokerage and outsourced trading business, which will be integrated into Marex’s capital market division. This division was established following the acquisition of ED&F Man Capital Markets in 2022.

Retail FX

ThinkMarkets reports flat revenues, lower profit for FY2022

The UK business of Melbourne-based broker, ThinkMarkets, today reported its financial results for the fiscal year ending December 31, 2022. The multi-asset platform, trading in the UK as TF Global Markets UK, had seen mixed results in a couple of key areas over a yearly basis.

Institutional FX

Finalto named ‘Best CFD Liquidity Provider’ at Ultimate Fintech Awards Global 2023

“This recognition is a testament to our commitment to providing exceptional liquidity services, innovative solutions, and outstanding customer support. We would like to express our sincere gratitude to our clients and partners for their trust and support. We will continue our efforts and look forward to delivering even greater value to our clients in the future.”

Digital Assets

New Cryptocurrency Meme Kombat ($MK) Launches Public Token Presale, Staking Platform

Meme Kombat, a new gaming platform blending the allure of internet memes with competitive battle arenas, has announced that the presale for its native $MK token is now live, offering a high APY of 112% and creating significant buzz in the crypto and Web3 communities.

Digital Assets

Hydranet Launches Layer 3 DEX: A Game Changer for Trustless Cross-Chain Trading

Hydranet has unveiled its groundbreaking Layer 3 trading platform, Hydranet DEX, that allows for near-instant, low-fee, and trustless cross-chain trading between Bitcoin and Ethereum ecosystems, marking a significant milestone in the project’s development journey.

Digital Assets

Coinbase gets nod to launch crypto services in Spain

Coinbase has scored Anti-Money Laundering (AML) compliance registration with Spain’s central bank as part of its continued expansion efforts in Europe.

Retail FX

Traders Union Experts Discuss London Session Forex Time In Nigeria

A recent report from Traders Union (TU) suggests that Nigerian Forex traders have a golden opportunity during the London Forex Session, highlighting the importance of time synchronization and strategic trading hours to optimize effectiveness in the rapidly growing Nigerian Forex market.