e-FX Awards: Pragma Securities – Best Independent Algorithmic Trading Technology Provider

Regulation helps Pragma’s growth; clients appreciate its value proposition around transparency and control

David Mechner, chief executive of Pragma Securities

Algorithmic execution now accounts for around one-third of flows in institutional currency markets. The rapid rise in usage has been driven by a number of dealers moving to become providers in the intermediation space, rather than on the principal trading side.

Transparency and banks’ desire for increased control over client trading have also played a part, with regulation the common denominator for the shift.

“Algorithmic trading is an increasingly important part of how the buy side wants to

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