David Mechner: "Competitive forces require [trading institutions] to continually invest in hardware and software"
Algorithm technology provider Pragma Securities has completed the upgrade and migration of its New York trading and connectivity infrastructure to Equinix's NY5 data centre. Today's announcement signals the end of a multi-million-dollar upgrade of the firm's technology infrastructure, which began a year ago. Since then, Pragma has migrated to a new generation of server and network equipment to provid a quantitative trading technology specialising in algorithmic and analytical services.
The firm, which selected smartTrade Technologies in September to tap into its foreign exchange liquidity aggregation platform, has over the last year migrated to a new generation of server and network equipment in order to provide its algorithmic trading clients with greater performance, capacity, and operational resiliency.
Equinix’s NY4/NY5 data center has become a de-facto hub for equities and foreign exchange trading in North America.
David Mechner, CEO of Pragma, commented: “Pragma provides enterprise outsourced algorithmic trading solutions to banks, brokers, and asset managers. Trading institutions operate in a cost-conscious environment, yet competitive forces require them to continually invest in hardware as well as software and algorithms. Our business model allows our customers to realise significant cost savings by outsourcing highly specialized algorithmic trading technology and infrastructure to us.”
Eran Fishler, CTO of Pragma, explained how Equinix’s NY4/NY5 data center has become a de-facto hub for equities and foreign exchange trading in North America and that the new space will provide its growing customer base with the benefits of lower cost, lower latency connectivity.
While the industry is increasingly using the cloud for less sensitive functions, trading applications continue to require reliable low-latency connectivity to trading venues and counterparties, which only a few datacenters globally can provide.
The upgrade of Pragma’s technology stack and datacenter move are part of meeting the ever-increasing demands of its institutional client base.