Buy-Side Technology Names OnePipe™ ‘Best Buy-Side Newcomer’

11 November 2008

Buy-Side Technology Awards 2008 has named OnePipe™ Optimal Liquidity Management System as this year’s “Best Buy-Side Newcomer.” OnePipe is offered by Pragma@Weeden, the leading algorithmic trading service from Weeden & Co., LP, a full-service institutional broker, and Pragma Financial Systems, LLC, a quantitative financial technology provider.

Pragma@Weeden introduced OnePipe in January to maximize efficiency and access to non-displayed liquidity. Within six months, OnePipe achieved the industry’s highest fill rates and launched Lifeguard™, OnePipe’s advanced anti-gaming logic, to detect and deter price manipulation strategies across all liquidity pools.

“It was hardly surprising that Pragma@Weeden’s OnePipe offering was judged this year’s ‘Best Buy-Side Newcomer,’ considering the impressive number of clients already using the system to access a range of dark pools, streaming liquidity providers, and crossing networks,” said Victor Anderson, editor of Buy-Side Technology. “Clearly, buy-side firms have been looking for a service that combines all their execution venues into a single interface, which the panelists felt gave OnePipe a significant edge over the other 10 products comprising this year’s largest category.”

Pragma@Weeden officials were honored to receive the prestigious award for OnePipe, which has over 200 clients.

“OnePipe was created to meet the needs of our buy-side clients who were having a difficult time accessing dark liquidity in an efficient and intelligent manner,” said Douglas Rivelli, Managing Director at Weeden & Co. “Being chosen by Buy-Side Technology’s independent panel of judges as the industry’s best new technology for buy-side firms this year validates our continued effort to identify and provide solutions to the buy-side’s most pressing needs.”

David Mechner, President at Pragma Financial Systems, added, “The Buy-Side Technology award for OnePipe attests to our commitment to focus our resources and expertise on providing innovative products and services for institutional clients. While dark pools serve an important function for the investment community, we saw fragmentation increase to the point that the buy-side wasn’t able to make use of them optimally, efficiently and safely. With OnePipe, we have created a robust solution that provides our clients with dependable results that offer a clear advantage for trading in dark pools.”

More than just a single point of entry to 30-plus passive liquidity sources, OnePipe provides optimal order allocation logic among the pools based on historical and real-time liquidity, while using Lifeguard anti-gaming logic to protect orders in every pool. The result of extensive quantitative research and development, OnePipe has effectively defragmented non-displayed liquidity for the buy-side.

OnePipe further eases the buy-side’s work-load by managing the rules of each liquidity source, including minimum share size, resting orders versus pinging, and cross times. Clients receive a daily summary report detailing execution rates at the various venues and providing additional execution performance statistics. OnePipe is available through any OMS or EMS system via a FIX connection.

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