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Pragma launches dark crossing network

10 February 2010  |  3955 views  |  0 globe

US trading systems supplier Pragma Securities is to launch a dark crossing network designed to capture liquidity before the open and close of US markets.

The Onecross ATS 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.

Brendan Cummins, director, Pragma Securities, says: "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."

Onecross joins approximately 40 other dark trading venues jostling for liquidity in the crowded US trading arena.

Pragma claims to have 300 traders already connected to the system, which 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 broker partner, Weeden & Co.

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