Pragma Securities, a provider of quantitative trading solutions, has launched ONECROSS, a multi-benchmark dark crossing network for the US equities market.
ONECROSS will offer its users a customisable suite of crossing capabilities that will allow traders to match orders without publicly displaying them.
ONECROSS Mid-Point will offer access to liquidity by employing continuous mid-point crossing throughout the day and ONECROSS VWAP enables traders to continuously match orders on full or partial day VWAP orders. Continuous market-on-open and market-on-close crosses will help traders maximise the volume they execute at the opening and closing prices, while maintaining anonymity and minimising market impact and information leakage.
ONECROSS can be accessed from most standard execution and order management systems or through a direct FIX connection. Both buy- and sell-side companies will be able to interact with the crosses. Buy-side houses will be able to send orders to ONECROSS directly or via an algorithm from Pragma’s executing partner Weeden & Co.
“The introduction of ONECROSS represents an evolution in efficient execution allowing clients to access unique liquidity at their desired benchmark,” said Doug Rivelli, CEO of Pragma Securities, in a statement.
“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, minimise opportunity costs, and increase the depth of liquidity that they can efficiently tap into,” added Brendan Cummins, director, Pragma Securities. “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.”