Comprehensive algorithmic trading platform with customizable execution algorithms, smart order routing, TCA, and compliance tools. Features include advanced quantitative models, broker-neutral infrastructure, and support for equities, futures, options, and FX.
Software implementing automated trading strategies based on mathematical models and predefined rules, capable of high-frequency trading and complex order execution tactics to minimize market impact.
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Pre-Built Algorithms Availability of industry-standard, out-of-the-box trading strategies (e.g., VWAP, TWAP, Iceberg). |
Described as having customizable and pre-configured execution algorithms (VWAP, TWAP, etc.) per product and marketing documentation. | |
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Custom Algorithm Development Support for users to develop, test, and deploy proprietary algorithms. |
Custom algorithm development available—'customizable execution algorithms' and broker-neutral infrastructure support user-developed algorithms. | |
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Strategy Backtesting Ability to test trading strategies against historical market data before deployment. |
Strategy backtesting supported; public documents and case studies state backtesting environment is available. | |
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Algorithm Editing Interface A graphical or script-based environment for modifying or creating trading algorithms. |
Script-based and API-based algorithm editing interfaces supported (see developer documentation). | |
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Algorithm Version Control Facilities for tracking changes and versions of algorithms. |
Version control for algorithms is typical of institutional-grade algorithmic trading platforms, as claimed by informational webinars. | |
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Multi-Asset Support Capability to run algorithms across various asset classes (equities, FX, derivatives, etc.). |
Multi-asset support for equities, futures, options, and FX explicitly listed in feature documentation. | |
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Parameter Optimization Tools to optimize strategy parameters for performance. |
Parameter optimization is part of advanced quantitative models, per solution briefs. | |
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Real-time Performance Analytics Instant analytics on algorithm performance as trades are executed. |
Real-time performance analytics is delivered via TCA tools, as advertised. | |
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Risk Control Plug-ins Integrations for embedding custom risk rules into algorithm logic. |
Risk-control plug-ins supported—compliance and custom limit/risk features available (cf. compliance tool descriptions). | |
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Low-Latency Execution Engine Execution core optimized for ultra-low latency trade processing. |
Low-latency execution engine highlighted as a differentiator in technical papers. | |
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Simulation Environment Live-like simulated trading to test execution without real risk. |
Simulation environments or 'paper trading' environment mentioned in client onboarding literature. | |
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Market Impact Estimation Estimates potential impact of trades before executing algorithms. |
Market impact estimation part of pre-trade analytics per product datasheet. | |
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Fail-Over Mechanisms Built-in continuity and error-catching mechanisms for algorithms. |
Fail-over mechanisms described in business continuity and reliability statements (see product whitepapers). | |
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Automated Parameter Tuning Automatic adjustment of algorithm parameters according to market conditions. |
Automated parameter tuning via adaptive algorithms ('advanced quantitative models'). | |
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Execution Speed Latency of algorithmic order routing and completion. |
No information available |
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Smart Order Routing (SOR) Platform intelligently chooses the optimal route for each order among multiple venues. |
Smart Order Routing (SOR) is explicitly featured across all marketing and technical material. | |
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Order Type Support Range of supported order types (market, limit, stop, hidden, etc.). |
No information available | |
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Order Modification Ability to edit or cancel live orders. |
Order modification is supported, including real-time cancellations and edits. | |
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Child Order Management Breakdown of large parent orders into multiple child orders automatically. |
Child order management part of algorithmic slicing algorithms. | |
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Order Book Depth Display Visualization of real-time depth-of-market for supported venues. |
Order book depth and market data visualization is standard; confirmed in UI screenshots. | |
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Venue Connectivity Direct access to exchanges, ATSs, or dark pools. |
No information available | |
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Execution Performance Analytics Detailed post-trade metrics on execution quality. |
Execution performance analytics via TCA platform. | |
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Real-time Order Tracking Live status updates on all active, pending, and completed orders. |
Real-time order tracking shown as a core UI feature. | |
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Bulk Order Entry Ability to upload/enter multiple orders simultaneously. |
Bulk order entry enabled for portfolio and list trading workflows. | |
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Order Execution Speed Time from order submission to execution confirmation. |
No information available | |
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Partial Fill Handling System's ability to process orders that complete incrementally. |
Partial fill handling documented as part of order management reliability. | |
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Error Handling and Recovery Automated detection and handling of failed or rejected orders. |
Robust error handling and recovery observed in technical documentation. | |
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Direct Market Access (DMA) Provision for client-controlled direct market access. |
DMA (Direct Market Access) available for certified brokers and venues. | |
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Conditional Order Triggers Ability to set complex triggering conditions for orders. |
Conditional order triggers and customized trigger logic available. |
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Real-Time Market Data Feeds Access to live price, volume, and order book data from multiple sources. |
Real-time market data feeds from multiple sources integrated. | |
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Historical Market Data Extensive historical data for backtesting and research. |
Historical market data support for backtests confirmed. | |
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Normalized Data Interface Standardized format for different market data sources. |
Normalized data interface referenced for venue neutrality. | |
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Tick Data Resolution Highest granularity of tick-level data available. |
No information available | |
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Low Latency Data Delivery Minimized delay in data reporting for speed-critical operations. |
Low latency data delivery stressed in latency benchmarks. | |
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Market Data Replay Ability to replay historical data for testing scenarios. |
Market data replay supported; cited in testing/QA literature. | |
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Third-party Data Integration Support for alternative and external data streams (e.g., sentiment, news, analytics). |
Third-party data integrations highlighted, including news/sentiment. | |
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Data Quality Monitoring Checks to detect and handle data gaps/corruptions in real time. |
Data quality monitoring via automatic data feed verification described. | |
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Reference Data Support Provision of static data (identifiers, corporate actions, etc.). |
Reference data support (Securities Master, etc.) available. | |
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Data Throughput Maximum number of messages the system can process per second. |
No information available | |
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Feed Handler Failover Redundant systems for uninterrupted data flow. |
Feed handler failover confirmed per operational resilience claims. | |
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Market Depth Levels Supported Number of price levels maintained in the order book. |
No information available |
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Pre-Trade Risk Checks Validation of trades against limits before they are sent to market. |
Pre-trade risk checks prominent feature for compliance. | |
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Post-Trade Surveillance Monitoring and analysis of executed trades for compliance and risk. |
Post-trade surveillance part of the compliance suite. | |
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Max Order Size Limits Pre-set constraints on the maximum size per order. |
No information available | |
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Intraday Limit Monitoring Oversight and alerts regarding daily exposure or loss. |
Intraday limit monitoring and real-time alerting available. | |
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Kill Switch Functionality Emergency stop tool to immediately halt all trading activity. |
Platform features kill switch functionality for crisis scenarios. | |
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Credit & Margin Controls Real-time assessment of counterparty credit and margin factored into trading decisions. |
Credit and margin controls are part of risk checks. | |
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Fat Finger Protection Prevention mechanisms for unusually large or erroneous trades. |
Fat finger protection implemented in limit controls. | |
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Limit Utilization Dashboard Live dashboard to monitor current usage of risk limits. |
Real-time limit utilization dashboard is present for risk management. | |
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Custom Risk Limit Rules User-defined rules for specific accounts, desks, or instruments. |
Rules-based configurable risk limits available for custom constraints. | |
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Order Throttling Controls the maximum number of orders per second/minute. |
No information available | |
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Regulatory Reporting Integration Automatic capture and submission of required trade data to regulators. |
Regulatory reporting integration and automation in compliance module. | |
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Alert & Exception Handling Automated notifications for violations or suspicious activities. |
Alert and exception handling covers real-time compliance notifications. |
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Customizable Dashboards Personalized views showing relevant data, metrics, and trade activity. |
UI is customizable with personalized dashboards. | |
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Real-time Position Monitoring Instant visibility of portfolio positions and exposures. |
Real-time position monitoring core to all Pragma360 UIs. | |
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Drag-and-Drop Order Entry Simplified trade entry using intuitive actions. |
Drag-and-drop order entry is mentioned as part of user ergonomic features. | |
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Multi-Window Layouts Support for concurrently monitoring different markets/instruments. |
Supports multiple layout configurations/windows. | |
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Keyboard Shortcuts Accelerate workflow and navigation through hotkeys. |
No information available | |
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Localization Support Interface available in multiple languages and regions. |
No information available | |
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Advanced Charting Tools Comprehensive charting and visual analytics capabilities. |
Advanced charting and analytics are key offering in UI modules. | |
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Alerting System Custom rule-based alerts for market, risk, or system events. |
Alerts—configurable, rule-based, including market and risk events. | |
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Trade Blotter Export Exportable trade history and blotter data in various formats. |
Trade blotter export supported; multiple file formats referenced. | |
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Workflow Automation Automated routings based on pre-defined workflow steps. |
Workflow automation available for trade routing and allocation. | |
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Mobile/Tablet Support Responsive UI for trading and monitoring on mobile devices. |
No information available | |
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Dark/Light Mode User choice of interface color themes for comfort. |
No information available |
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API Access (FIX/REST/gRPC) Available interfaces for integrating with external platforms and custom tools. |
API access (FIX, REST) included for connectivity and integration. | |
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Third-party EMS/OEMS Support Compatiblity with major Execution/Order Management Systems. |
Third-party EMS/OEMS support referenced; integration partners listed. | |
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Plug-in Architecture Ability for clients to extend functionality with custom modules. |
Supports extension and custom plug-ins (see API/SDK documentation). | |
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Trade Allocation Integrations Process for sending trades to back office, middle office, or clearing. |
Trade allocation integration for post-trade processing. | |
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External Analytics Feeds Accepts real-time metrics and models from third-party vendors. |
Accepts external analytics/feeds via integration layer. | |
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Execution Venue Adapters Easy connection and switching between multiple venues. |
Execution venue adapters documented for global reach/venue switching. | |
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Single Sign-On (SSO) Support Integrated user management across enterprise systems. |
Single sign-on support confirmed in platform IT architecture notes. | |
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Cloud and On-Premise Deployment Choices for hosting environment based on client IT policies. |
Supports on-premise and cloud deployments, per infrastructure options listed. | |
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Streaming Data APIs Real-time push of data/events to external systems. |
Supports streaming data APIs for real-time integrations. |
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Comprehensive Audit Trail Detailed logs of all user actions, orders, and trades. |
Comprehensive audit trails/domain logging as compliance foundation. | |
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Customizable Reporting Templates User-defined or scheduled periodic reports. |
Custom/scheduled reporting templates highlighted in reporting suite. | |
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Automated Compliance Checks Systematic checks for MiFID II, Reg NMS, and similar regulatory regimes. |
Automated compliance checks for major regulatory regimes. | |
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Trade Surveillance Real-time flagging of potentially manipulative or suspicious activity. |
Trade surveillance functionality present (real-time anomaly detection). | |
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Trade Reconstruction Tools Quick recreation of order, trade, and market conditions for review. |
Trade reconstruction tools part of compliance module. | |
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Regulatory Reporting Automation Automatic reporting to local, national, or international authorities (e.g., CAT, EMIR). |
Regulatory reporting automation (MIFID II, CAT, etc.) included. | |
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User Activity Monitoring Tracking individual user logins, actions, and administrative changes. |
User activity monitoring available for security and compliance. | |
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Data Retention Settings Controls for how long reports and logs are retained. |
No information available | |
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Custom Field Capture Ability to capture and report additional, user-defined data fields. |
Custom field capture functionality as part of extensible reporting. | |
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Automated Reconciliation Matches executed trades with brokerage and custodian records. |
Automated reconciliation between execution and settlement. |
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Role-Based Access Control User access and permissions organized by defined roles. |
Role-based access control (RBAC) confirmed for enterprise clients. | |
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Two-Factor Authentication Enhanced user login via secondary factor tokens. |
Two-factor authentication (2FA) available for secure login. | |
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Data Encryption At Rest/In Transit Encryption to protect trade and client data on disk and over the network. |
Encryption in transit and at rest; required for regulatory compliance. | |
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Intrusion Detection Integration Hooks for third-party security event and incident management. |
Integrates with security event and incident monitoring solutions. | |
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Session Timeout Policies Automatically logs out inactive users. |
Session timeout and auto-logout for inactivity. | |
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Penetration Testing & Audit Logs History and certification of regular security audits. |
No information available | |
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IP Whitelisting/Blacklisting Controls which locations can access the system. |
No information available | |
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Fine-grained Entitlements Customize exactly what functionality each user or group can access. |
No information available | |
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Anomaly Detection Alerts Detection and reporting of unusual user or system behavior. |
Anomaly detection and alerts for unusual activity included in risk and compliance modules. | |
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Disaster Recovery Support Capabilities for rapid restart in a remote site after failure. |
Disaster recovery planning and support included. |
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Order Throughput Scalability Maximum sustainable rate of order submission. |
No information available | |
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Concurrent User Support Number of users the platform can handle simultaneously. |
No information available | |
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Peak Load Latency System delay during maximum activity. |
No information available | |
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Horizontal Scaling Capabilities Ability to scale by adding more hardware/resources without redesign. |
Horizontal scaling is supported as part of cloud-native and broker-neutral infrastructure. | |
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Automated Scaling Policies Programmable rules for scaling up/down in cloud environments. |
Supports automated cloud scaling policies (see IT integration docs). | |
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Asynchronous Processing Support Utilization of asynchronous processes to maintain speed and responsiveness. |
Asynchronous processing is used throughout for high frequency and multi-asset support. | |
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System Uptime Guaranteed system availability. |
No information available | |
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Disaster Recovery RPO/RTO Metrics for recovery point/time objectives after major outage. |
No information available | |
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Performance Monitoring Metrics Live dashboard for memory, CPU, and throughput statistics. |
Performance monitoring integrated in dashboard and analytics suite. | |
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Load Balancing Features Automatic distribution of work across servers and instances. |
Load balancing supported across multiple nodes/venues. |
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Zero-Downtime Upgrades Perform software updates without interrupting live trading. |
Supports zero-downtime upgrades where possible, per technical roadmap. | |
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Containerization Support Compatibility with Docker/Kubernetes for streamlined deployments. |
Containerization support (Docker/Kubernetes) is available for deployment flexibility. | |
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Automated Configuration Management Tools for deployment and infrastructure as code. |
Automated configuration management supported for infrastructure as code. | |
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Real-time System Health Monitoring Dashboard and alerting for system status, errors, and performance risks. |
Real-time system health monitoring with dashboard and alerting. | |
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Comprehensive Documentation Up-to-date user, API, and integration manuals for successful setup. |
Comprehensive documentation (user & API). | |
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Scheduled Maintenance Windows Coordination tools to notify users and minimize trading disruption. |
Scheduled maintenance windows managed per SaaS or cloud integration. | |
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Self-Service Troubleshooting Tools Diagnostic and log viewing utilities for users/operators. |
Self-service troubleshooting and diagnostic tools provided. | |
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Automated Incident Reporting Automatic alerting and reporting to support teams on system errors. |
Automated incident reporting for system issues. | |
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24/7 Support Availability Round-the-clock support for client and operations teams. |
24/7 support availability is standard for institutional offerings. | |
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Patch Management Organized process to quickly address vulnerabilities and bugs. |
Patch management is included in support SLAs. |
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Proven Track Record Historical client base, references, and case studies. |
Pragma listed as having a proven track record—institutional client base. | |
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SLAs with Uptime Guarantees Formal agreements specifying service availability. |
SLAs and uptime guarantees referenced in solution and service contracts. | |
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Coverage for Regulatory Changes Commitment to updating system in line with new rules. |
Coverage for regulatory changes and ongoing compliance supported. | |
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Dedicated Account Manager Assigned personnel for relationship support. |
Dedicated account managers included for large clients. | |
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Training & Onboarding Program Structured process for educating new users and support teams. |
Training and onboarding program for all new customers/socialized via support. | |
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Public Roadmap & Update Policy Access to future plans and schedules for software enhancements. |
Product public roadmap and update policy discussed in documentation. | |
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User Community & Knowledge Base Active forums and resource libraries for self-service information. |
User community and knowledge base available. | |
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Third-party Certification External audits and certifications (e.g., SOC2, ISO 27001). |
No information available | |
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Clear Escalation Path Procedures for resolving urgent or complex issues. |
Clear escalation path provided in all client support literature. | |
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Custom Service Level Agreements Negotiable and tailored agreements for specific client needs. |
Bespoke/custom SLAs negotiable per RFPs and client documentation. |
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