Pragma Securities, a trading solutions provider, has launched ONEPIPE 2.0, a new version of its liquidity aggregation and market access solution.
ONEPIPE 2.0 links over 40 dark pools, crossing networks, streaming liquidity venues and open market destinations into a single, integrated liquidity source. According to Pragma, the new version offers greater flexibility and control than its predecessor, allowing traders to customise ONEPIPE’s level of urgency and modify it on the fly to implement trading strategies and adapt to changing market conditions.
ONEPIPE users are now able to choose among five levels of urgency, each providing a distinct trade-off between liquidity capture and information protection. Depending on the level chosen, ONEPIPE will access either only dark liquidity, dark and ‘grey’ liquidity, or a full complement of liquidity destinations including lit venues, each with varying degrees of urgency. Traders can then move between levels based on changing market conditions without having to cancel and re-send their orders.
“ONEPIPE allows traders to trade exactly the way they want, ranging from a conservative approach that focuses on keeping information hidden while working sensitive orders to an extremely aggressive posture that attempts to capture all available liquidity as quickly as possible,” said Douglas Rivelli, CEO of Pragma Securities, in a statement.
A key component of the new functionality, said Pragma, is a major upgrade to Lifeguard, ONEPIPE’s gaming and information leakage protection logic. ONEPIPE now uses a wide array of techniques such as randomisation to protect execution quality and make order placement dynamics appropriate for the user’s trading objectives.
ONEPIPE 2.0 integrates and upgrades all previous versions of ONEPIPE and ONEPIPE+ into a single solution. It is available through all major order and execution management system providers as well as Pragma’s own front-end application. The company provides each client with an end-of-day report showing how many shares were executed at each venue, both in aggregate and by name.