Business
MarketAxess to Acquire Algorithmic Trading Provider Pragma
Acquisition to accelerate development of quantitative execution algorithms and data-driven analytics for fixed-income NEW YORK--(BUSINESS WIRE)-- MarketAxess
About this update from Marketaxess Holdings, Inc.
[{"type":"text","content":"\nAcquisition to accelerate development of quantitative execution algorithms and data-driven analytics for fixed-income\n\n\n NEW YORK--(BUSINESS WIRE)--\nMarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed-income securities, has entered into a definitive agreement to acquire Pragma, a quantitative trading technology provider specializing in algorithmic and analytical services in equities, FX and fixed-income.\n\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230807824869/en/\nPragma’s independent, broker-neutral, multi-asset trading solutions have powered asset managers, hedge funds, broker-dealers, banks, and exchanges around the world. The company's 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.\n\n\nEarlier this year, MarketAxess announced the first client algorithmic trade executed across multiple protocols in US credit using Adaptive Auto-X™, the Company’s 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.\n\n\nChris 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.”\n\n\nDavid Mechner, Pragma’s founder and Chief Executive Officer, said, “Pragma and MarketAxess share a common mission of using techno...