THE DEFINITIVE SOUR CE FOR TR ADING NE WS
VOL XLVI ISSUE 7 JULY 2014
www.wallstreetletter.com
IN THIS ISSUE
News People moves04
Analysis Fee char t16
Feature Trading system failures18
MORE NEWS INSIDE
TCA not critical for
mid-sized hedge funds
Mid-sized hedge funds aren’t using
pre-trade analytics services made
available to them by their brokerage
firms, says Woodbine report
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REDI considers novel
asset class expansion
REDI Technologies is beginning to
hire staff for an acquired office in
Dallas, Texas
TURN TO PAGE 11
+
PLUS
Trading
18
system failures
cannot be norm
Lasalletech’s
Jason Nothey on
testing trading
systems
TURN TO PAGE 18
TOP STORY
Pragma to jump into
FX as algos provider
BY SEAN CREAMER
New York City-based Pragma
Securities will offer FX algorithms to market participants in
a move to compete with banks
that dominate the space, according to David Mechner, CEO
(pictured).
He noted clients of Pragma
trade in multiple asset classes
and have been yearning for
an algo provider that isn’t a
bank operating a Chinese wall
between trading and algo functionality.
“There is a clear need for this
functionality in the FX space.
We saw ourselves and heard
from clients that there is a lack
of independent providers
of advanced
trading tools
in FX,” said
Mechner. “In
FX, the only
algo providers are the big banks.
The problem is that the banks
themselves are trading as principals as well.”
The lack of agency FX algos
prompted Pragma to begin
outfitting its Pragma360 offering, which sits on a data plant
that collects data in
real-time for analytics
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and order management TO
PAGE
capabilities, to cover FX
03
markets, Mechner said.
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