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Pragma Securities named Best Algorithmic Trading Technology Provider of the Year at FX Week’s e-FX Awards 2019

Pragma Securities has been named ‘Best Algorithmic Trading Technology Provider of the year’ at FX Week’s e-FX awards, which took place on 11th July in New York.

Hosted by FX Week, these awards recognise excellence in electronic Foreign Exchange.

Pragma’s multi-asset broker-neutral algorithmic (algo) execution platform, Pragma360, is leveraged by large banks and brokers to handle their enterprise trading needs. It is deployed as a hosted and managed technology service and enables a sell-side institution to create its own unique algorithmic trading suite under its own corporate brand.

In 2018, Pragma incorporated 1600+ software changes on behalf of its clients, while giving clients the control to adapt algorithms directly where necessary. In addition, Pragma handled over $1.3 trillion of algorithmic flow in multiple asset classes on behalf of our clients across over 50 venues.

David Mechner, CEO of Pragma Securities, commented: “We are delighted to receive this award as recognition of the teams hard work over the past year. We are always trying to improve our service by onboarding our clients and making necessary changes as swiftly as possible. Ensuring our clients are satisfied with our service is the main priority for us, and winning this award shows that we are continuing to do this.”

“Looking to the future, we aim to continue on this path and remain fully committed to enhancing our offerings and providing our clients with a high-quality product.”

FXCM Adds ForexBaskets to its Retail Offering

FXCM announced today the introduction of foreign exchange baskets to its retail customers.

A foreign exchange or forex basket is comprised of a mix of several currencies, each initially starting with the same equivalent value. It allows traders to buy or sell a base currency, e.g. USD, against a basket of multiple currencies. The value of the basket will be determined by how the base currency performs vs the other currencies in the basket, since the time of the basket’s inception.

FXCM customers in all global regions, including the UK, Australia and South Africa, will initially be able to trade three different baskets: The Dollar Index Basket, The Yen Index Basket and The Emerging Markets Index Basket.

The Dollar Index basket reflects the change in value of the US dollar and is measured against a basket of major, highly-liquid currencies: the British pound (GBP), Euro (EUR), Japanese yen (JPY) and Australian dollar (AUD).

The Yen Index acts a Japanese benchmark and is designed to reflect the change in value of the Japanese yen against the Australian dollar (AUD) British pound (GBP), Euro (EUR) and Canadian dollar (CAD).

The Emerging Markets Index is designed to reflect the value of the USD against the Chinese Renminbi (CNY), Mexican Peso (MXN), Turkish Lira (TRY) and South African Rand (ZAR).

Brendan Callan, CEO of FXCM, commented: “Our customers typically trade different currencies at the same time to broaden their portfolio, diversify risk or hedge an existing position. Trading a basket of currencies offers them an efficient way to trade against multiple currencies. This reduces the risk of exposure or adverse movements in a single currency and lowers trade costs.”

FXCM Group Adds Ripple and Bitcoin Cash To Expand Crypto CFD Offering

FXCM announced today  that it has expanded its cryptocurrency offering with the addition of Bitcoin Cash and Ripple.

Since launching crypto CFDs in 2018, FXCM has seen rising demand from retail clients seeking to expand and add new cryptocurrencies to their portfolios.

Bitcoin Cash is borne from Bitcoin but has the capacity to process more transactions due to a larger block size. Ripple tokens, known as XRP, have also become increasingly popular with retail investors.

By trading these cryptocurrencies as CFDs, FXCM traders have the incentive potential opportunity to go both long and short. Micronized CFD contracts allow clients to place trades in fractions, which lowers the minimum margin required to enter a position. In addition, profits are credited to a trader’s account instantly, rather than held in a crypto wallet or cold storage.

Brendan Callan, CEO of FXCM Group, comments: “Having successfully launched three different cryptocurrencies in the past 12 months, our clients are asking us to improve the range of crypto CFDs they can access. The addition of Bitcoin Cash and Ripple marks the latest stage of growth for FXCM’s burgeoning cryptocurrency offering and is in direct response to increased demand from our clients.”