This partnership is the latest in a series of moves by NYSE Euronext to provide the floor community with state-of-the-art technology to better compete in an increasingly electronic national markets system. By taking this step, NYSE Euronext ensures that its distinctive hybrid market model will continue to support a robust floor presence.
âWe are happy to have the opportunity to partner with the NYSE, and to provide its floor brokers with execution algorithms,â said David Mechner, President at Pragma Financial Systems. âWe worked closely with NYSE to customize our platform to meet the needs of the floor broker community, and I think we've succeeded in developing a unique offering that will provide tremendous value for its users.â
The new algorithmic strategies are customizable and will trade on parity, providing brokers with the ability to match on every trade. The NYSE will gradually roll out the new algorithms during the next several weeks.
âNYSE floor brokers continue to be an important resource for their customers,â said Michael Rutigliano, Vice President and Broker Liaison at the NYSE. âThese new tools will enable brokers to seamlessly blend from their hand-held devices, the high-tech functionality of speed, automation and anonymity, with the high-touch benefits of discovery, price improvement and accessing block-sized liquidity.â