Pragma has announcesd it has committed to adopting the principles of the FX Global Code as a market participant.
The FX Global Code was launched in partnership with policymakers and market participants, and provides a common set of guidelines to promote the integrity and effective functioning of the market. By signing a statement of commitment, Pragma affirms that the principles outlined in the Code represent a series of best practices to promote a robust, fair, liquid and transparent FX market.
“Our philosophy of giving our customers transparency and control is well aligned with the Code,” says David Mechner, CEO and co-founder of Pragma. “The FX Global Code’s focus on creating a more transparent and fairer market is very welcome, and we wholeheartedly support its aims. It acts as a critical reference point for FX market participants and provides standardised guidance on the practices necessary to set the highest standards in financial markets.”
As a vendor providing trade execution and transaction cost analysis (TCA) tools to banks, brokers and hedge funds in the FX market, Pragma says its product suite can play an important role in helping market participants meet their best execution, transparency and ethics obligations.
“In today’s fragmented and fast moving FX market, algorithmic trading and trade analytics are indispensable tools for achieving and demonstrating best execution,” Mechner adds. “As an independent vendor, Pragma will continue to help our customers achieve their business objectives under the FX Global Code.”