MarketAxess to Acquire Algo Trading Provider Pragma

MarketAxess​ Holdings Inc., the operator of a leading electronic trading platform for fixed-income securities, has entered an agreement to take over Pragma, a quantitative trading technology provider specializing in algorithmic and analytical services in equities, FX and fixed-income. This deal is expected to close in the fourth quarter of the year.

Pragma delivers automated, AI driven, multi-asset and multi-market execution solutions to equities and FX clients. Last year, the company handled over $2 trillion of algorithmic order flow in multiple asset classes on behalf of clients across over 50 venues.

Chris Concannon, Chief Executive Officer of MarketAxess, commented, "Our acquisition of Pragma underscores MarketAxess’ commitment to innovating, integrating, and providing our clients with quantitative, AI-powered technology solutions powered by proprietary data designed to simplify and enhance their workflows. In addition to accelerating our leadership in the fixed-income automation and algo space, Pragma’s years of expertise with FX algos provides a unique opportunity for FX hedging solutions for our Emerging Market clients."

David Mechner, Pragma’s founder and Chief Executive Officer, said, "Pragma and MarketAxess share a common mission of using technology and automation to improve trader efficiency and generate superior trading outcomes for investors. MarketAxess' scale and resources will amplify the results we can deliver for clients with the cutting edge technologies we've built – both for our existing clients in equities and FX, and for MarketAxess' large client network as we continue developing new solutions in fixed-income."