MarketAxess Holdings has completed the acquisition of AI trading tech provider Pragma as it continues to develop its algorithmic trading capabilities. MarketAxess said it was “excited” to integrate the Pragma team into its infrastructure and take its AI-powered solutions “to the next level”.
The move is likely to strengthen MKTX’s position as one of the leading platforms for fixed-income securities trading. The US-based company already has a client base of 2,000+ firms who rely on the OpenTrading marketplace to conduct secure trades and drive cost-savings.
MarketAxess CEO Chris Concannon said he was delighted to close the deal for Pragma finally. He noted:
We see immense potential in extending Pragma’s algorithmic trading platform and quantitative execution solutions to our clients across all fixed-income products.”
Pragma’s credentials are impressive. The company handled more than $2 trillion worth of algorithm order flows covering a range of asset classes last year. Before the takeover, Pragma cited its strengths in delivering “great algorithmic solutions”.
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MarketAxess will now be able to leverage those cutting-edge algorithmic and analytical services to serve its customers better. MarketAxess (MKTX) traded in positive territory prior to the announcement last week. On Thursday, MKTX closed 3.79% higher on the Nasdaq at $190.35. However, that price is short of its 52-week high of $399.78. Experts believe MKTX is currently worth buying into for investors due to its robust trading volume and growing market share. It has also beaten Wall Street expectations for earnings during the last four quarters.
