Pragma, a multi-asset quantitative trading technology provider, today announces it has committed to adopting the principles of the foreign exchange (FX) Global Code as a Market Participant.
The FX Global Code was launched in partnership with policymakers and market participants, and provides a common set of guidelines to promote the integrity and effective functioning of the market. By signing a statement of commitment, Pragma affirms that the principles outlined in the Code1 represent a series of best practices to promote a robust, fair, liquid and transparent FX market.
David Mechner, CEO and co-founder of Pragma, said: Our philosophy of giving our customers transparency and control is well aligned with the Code. The FX Global Codes focus on creating a more transparent and fairer market is very welcome, and we wholeheartedly support its aims. It acts as a critical reference point for FX market participants and provides standardized guidance on the practices necessary to set the highest standards in financial markets.
As a vendor providing sophisticated trade execution and transaction cost analysis (TCA) tools to banks, brokers and hedge funds in the FX market, Pragmas product suite can play an important role in helping market participants meet their best execution, transparency and ethics obligations.
Mechner adds: In todays fragmented and fast moving FX market, algorithmic trading and trade analytics are indispensable tools for achieving and demonstrating best execution. As an independent vendor, Pragma will continue to help our customers achieve their business objectives under the FX Global Code.