Pragma, a multi-asset class provider of high performance algorithmic and analytical trading tools, has established a connectivity presence in Equinix’s LD6 data center in London to better service its European client base.
The company says that the expansion to Europe enables it to meet growing demand for its Pragma360 platform, which comprises advanced algorithmic trading, order routing and transaction cost analysis (TCA) tools. For a demonstration of this they point to a report from Greenwich Associates showing that the proportion of volume-weighted FX trading executed algorithmically has increased two and a half times in the past three years.
Brexit is evidently not an issue that could hurt the City’s position with algo traders according to the firm. Pragma states that with trading institutions requiring lower latency and reliable connectivity to trading venues and counterparties, London’s position at the center of European and international financial markets was a crucial factor when selecting a data center to support its European operations.
David Mechner, CEO at Pragma, comments: “Our investment in the data center at Equinix’s LD6 site offers Pragma360 clients access to state-of-the art technology and the largest ecosystem for foreign exchange trading globally. The banks we service need state-of-the-art trading capabilities for their traders and buy-side and corporate clients, making LD6 a natural fit.”
Back in late 2016, Pragma completed a multi-million-dollar upgrade and migration of its New York trading and connectivity infrastructure to Equinix’s NY5 data center.