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Pragma launches algo trading for NDF products

First Published 15th May 2017

Algorithmic trading expected to improve liquidity and best execution in emerging market currencies.

David Mechner, Pragma Securities

David Mechner, Pragma Securities

New York and London - Pragma, a multi-asset quantitative trading technology provider, has expanded its algorithmic (algo) trading platform, Pragma360, to include non-deliverable forwards (NDFs).

NDFs are a key instrument for traders looking to access emerging market currencies.

Clients can utilize several algos to trade the three most actively-traded NDFs - the Brazilian Real (BRL), Korean Kon (KRW) and Indian Rupee (INR), which account for almost half (49%) of global NDF turnover - in addition to the Philippine Peso (PHP), Indonesian Rupiah (IDR), Malaysian Ringgit (MYR), Taiwan Dollar (TWD), Colombian Peso (COP), and Chilean Peso (CLP), which are also frequently traded.

David Mechner, CEO of Pragma Securities, comments: "Our clients want the same powerful best execution benefits that they get from Pragma360 across as wide a range of currencies as possible. The ability for traders to have the same high level control and transparency that they enjoy with a G10, brings significant benefits when trading an NDF. This will be increasingly important in light of the upcoming FX Global Code, which demands greater transparency and best practices in foreign exchange."