Weeden & Co, a full-service institutional broker, and Pragma Financial Systems, a quantitative financial technology provider, have launched OnePipe Plus, a liquidity aggregator for displayed and non-displayed US trading venues.
OnePipe Plus provides access to 40 lit and dark US trading venues from a single desktop application. According to David Margulies, director of algorithmic sales at Weeden & Co, OnePipe Plus will provide higher fill rates for clients than other liquidity aggregators. “The differentiator is the logic behind OnePipe Plus,” Margulies told theTRADEnews.com. “A lot of firms have liquidity aggregators, but ours doesn't judge venues on price, just liquidity.”
OnePipe Plus also allows traders to customise their level of interaction with the market. “You can vary your level of aggressiveness in the displayed markets depending on your level of urgency to complete the trade,” said Margulies.
The product uses the same anti-gaming logic, Lifeguard, as the existing OnePipe product. Lifeguard estimates a fair, manipulation-free price and sets trading limits to prevent adverse crosses.
Both OnePipe Plus and OnePipe, the firms’ dark-only liquidity aggregator, are part of the OnePipe Optimal Liquidity Management System, available through any order management system or execution management system via a FIX connection.
“Whether a trader has urgency due to short-term alpha, or is trying to lock in a favorable price, OnePipe Plus is designed to capture all the available liquidity in an optimal way,” added David Mechner, president at Pragma Financial Systems.