Pragma has completed the upgrade and migration of its New York trading and connectivity infrastructure to Equinix’s NY5 data centre.
The data centre move concludes what Pragma says has been a multi-million-dollar upgrade of its technology infrastructure. Over the last year, it has migrated to a new server and network equipment in a bid to provide its algorithmic trading clients with greater performance, capacity and operational resiliency.
David Mechner, CEO, comments: “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 specialised algorithmic trading technology and infrastructure to us.”
Eran Fishler, CTO, adds: “Equinix’s NY4/NY5 data centre has become a de facto hub for equities and foreign exchange trading in North America, and our new space will provide our growing customer base with the benefits of lower cost, lower latency connectivity.
“While we, like much of the industry, are 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 data centres globally can provide. This upgrade of our technology stack and data centre move are just part of meeting the ever-increasing demands of our institutional client base.”