David Ogg, who pioneered the use of algorithms in the FX ECN market, announced the launch of Ogg Trading, a platform designed to help traders achieve best execution in FX.
As part of the launch, Ogg Trading entered into a strategic partnership with Pragma Securities. Ogg said his new firm will look to leverage Pragma's experience with liquidity aggregation and algorithmic trading, into enhanced execution capabilities for FX traders.
"Best execution standards in FX are not where they need to be and have consistently lagged behind other markets," Ogg said in a statement. "When traders calculate the cumulative effect of not achieving best execution they realize this has a major impact on their bottom line."
As part of the launch, Ogg Trading also announced the appointment of Michael Kahn as chief operating officer and head of sales. Kahn previously spent 13 years at State Street, managing the firm's FX trading business in the U.S. and Europe.