Pragma Securities, a provider of sophisticated and innovative quantitative trading solutions, introduced ONECROSS, a patent pending, multibenchmark ATS. The new dark crossing network offers traders multiple crossing strategies in a single venue designed to consolidate and maximize liquidity while minimizing information leakage, market impact and opportunity cost, according to a release.
The dark venue 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.
ONECROSS offers a flexible, customizable suite of crosses that allows clients to choose whatever execution method is best for them: ONECROSS Mid-Point offers access to unique liquidity by employing continuous mid-point crossing throughout the day. ONECROSS VWAP provides traders the ability to continuously pair off on full or partial day VWAP orders, and Continuous Market-on-Open and Market-on-Close crosses allow traders to maximize the volume they execute at the opening and closing prices while maintaining anonymity and minimizing market impact and information leakage.
"The introduction of ONECROSS represents an evolution in efficient execution allowing clients to access unique liquidity at their desired benchmark," explained Doug Rivelli, CEO of Pragma Securities. "With ONECROSS, we are really setting the standard in crossing, providing market participants more control and protection than ever before over their price-sensitive orders."
Brendan Cummins, Director, Pragma Securities, added: "The flexibility of ONECROSS to execute using multiple benchmarks allows both buy-side and sell-side traders to easily integrate the crosses into their work flow, minimize opportunity costs, and increase the depth of liquidity that they can efficiently tap into. 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 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 executing partner, Weeden & Co. L.P.