Overview
Pragma Financial Systems (PFS) has entered into a multi-year agreement with the New York Stock Exchange to provide NYSE Equity Floor Brokers with Polaris, a high-performance EMS customized for the unique requirements of the Floor Brokers and their clients. As NYSE migrates away from BBSS, the current Floor Broker EMS, clients must connect to Polaris in order to continue routing orders to the Floor Brokers. Please see the FAQ for more information on Client Connectivity.Deployment Details
Phase 1 of the Polaris deployment is complete. Phase 2 will begin in the third quarter of 2023. View the complete timeline below.Key Insights
- No clients are required to migrate off of BBSS during 2023. NYSE will run both BBSS and Polaris concurrently for a period of time.
- Phase 1 enabled a new optional workflow (“One-touch”). With One-touch, Floor Brokers are no longer constrained by present day handheld performance limitations.
- View the current Polaris FIX Specification.
- View the Algo Provider FIX Specification for vendors and brokers providing algorithmic trading to the Floor Broker community.
Timeline
June 2023
- Algo Provider FIX Specification is available
July 2023
- One-touch Opening dOrders is in production
- Algo Provider testing environment is available
August 2023
- High-touch testing environment is available
Frequently Asked Questions
Are any other new workflows supported?
In the second phase, Clients will be able to add an algo instruction, including VWAP, TWAP and POV, on their FIX New Order – Single message. This is not a new workflow as these orders will remain High-touch.
What do Clients need to do to trade with NYSE Floor Brokers?
Please discuss with your Floor Broker what steps you need to take to onboard with Polaris for order entry.
What is the benefit of Polaris Phase 1?
Clients can direct Closing dOrders to NYSE via a Floor Broker in an automated manner. The Floor Broker retains control over the order, including risk. For more information, please contact your Floor Broker.
Will BBSS run in parallel with Polaris for a period of time?
Yes. BBSS will run in parallel with Polaris at least through 2023. Thereafter, NYSE will determine when to turn BBSS off.
When are the NYSE Floor Brokers transitioning from BBSS to Polaris?
The initial phase is complete and has delivered a new optional workflow: One-touch dOrders. The second phase migrates the existing High-touch BBSS workflows and is targeted to begin in Q3/Q4 2023. All brokers will transition from BBSS to Polaris.
When will Client connectivity testing be available?
Pragma currently provides a FIX test environment for One-touch dOrders. Pragma will enhance this environment to support High-touch in August 2023.
Will BBSS run in parallel with Polaris for a period of time?
Yes. BBSS will run in parallel with Polaris at least through 2023. Thereafter, NYSE will determine when to turn BBSS off.
When are the NYSE Floor Brokers transitioning from BBSS to Polaris?
The initial phase is complete and has delivered a new optional workflow: One-touch dOrders. The second phase migrates the existing High-touch BBSS workflows and is targeted to begin in Q3/Q4 2023. All brokers will transition from BBSS to Polaris.
How can a network connection be established to Polaris?
Clients can set up a connection through IGN or establish cross-connects directly with Pragma. Contact IGN directly to discuss IGN connectivity. For Pragma cross-connects, complete the Cross Connect Order Form and email to PolarisSubscriber@pragmatrading.com.
Are any other new workflows supported?
In the second phase, Clients will be able to add an algo instruction, including VWAP, TWAP and POV, on their FIX New Order – Single message. This is not a new workflow as these orders will remain High-touch.
What fees are associated with connectivity to the Polaris infrastructure?
Pragma charges $550/month per FIX session. As of today, sessions are purchased by member firms or by OMS providers/Service Bureaus on behalf of their clients. Member firms and OMS’s/Service Bureaus may have more than one FIX session.
I use a Service Bureau / OMS provider to connect to my Floor Broker relationships. Will my OMS connect for me?
OMS providers are able to connect to Polaris on behalf of their Clients. The process is similar to that of a client connecting directly to Polaris.
Can both buy-side and sell-side Clients connect to the Polaris directly?
Yes — both buy- and sell-side Clients can connect to Polaris directly or via a broker OMS. Please discuss the connection with your Floor Broker to determine their connectivity preference.
Will Clients be able to use existing Pillar Gateways to send orders to Polaris?
No, Pillar Gateways cannot be used to route order to Polaris. You will need to establish connectivity to the Polaris infrastructure via the Polaris FIX specification.
What do Clients need to do to trade with NYSE Floor Brokers?
Please discuss with your Floor Broker what steps you need to take to onboard with Polaris for order entry.
What is the benefit of Polaris Phase 1?
Clients can direct Closing dOrders to NYSE via a Floor Broker in an automated manner. The Floor Broker retains control over the order, including risk. For more information, please contact your Floor Broker.
What redundancy is in place for Pragma?
Pragma has a primary site (Equinix NY5) with redundant hardware and applications. Pragma has a secondary site (Equinix CH4) for Disaster Recovery. Floor Broker Firms are connected to both; and clients may choose to connect to both as well.
How do I connect to the Polaris secondary site?
Polaris provides both a primary and a secondary site. Clients may choose to connect to the secondary site for a session; there is no additional session cost, however Clients will need a connection to the secondary site.
How do I connect to the FIX Test environment and the Client Certification environment?
The FIX Test environment is accessed via the internet. The Client Certification environment is accessed via NYSE IGN.
Must I continue to send MPID and Sub-MPID (previously Mnemonic)? Can I continue to send Badge# or Agency?
Polaris requires MPID and SubID (Mnemonic) on the New Order – Single message and passes this on to NYSE. Polaris supports Agency as an option. Badge# is not supported. Please see the Polaris FIX Specification for details.
How will I identify myself on an order?
As defined in the Polaris FIX Specification, you will put your Client identifier into FIX tag 115 for New Order – Single messages. This must be the same client identifier used for CAT reporting. Please see the Polaris FIX Specification for details.
What is the capacity of Polaris?
Polaris supports up to 5000 trading messages per second per FIX session. Please contact Pragma for more detail on capacity, including system constraints, daily constraints, and the definition of trading messages.