Progress Software Corporation (NASDAQ: PRGS), has announced its expansion into India’s Capital Market through a strategic partnership with Financial Technologies (India) Ltd.
Financial Technologies will market the Progress® Apama® Capital Markets Framework, a set of capabilities for capital markets trading. Based on the Apama Complex Event Processing (CEP) Platform, the Apama Capital Markets Framework includes the Apama Algorithmic Trading Accelerator and the new Apama Risk FirewallTM, which offers support for real-time market risk management within trading applications.
Dr. John Bates, co-founder and general manager of the Apama Division of Progress Software said, “Our partnership with Financial Technologies signifies a key milestone in our expansion in global Capital Markets. In India, the Capital Markets segment is very dynamic and, with the introduction of direct market access almost 12 months ago, an exciting market where new demand is high for sophisticated and advanced trading technologies. Through this partnership, we will be able to leverage Financial Technologies’ well-established access to more than eighty percent of the Indian brokerage and institutional market. We look forward to a long and fruitful relationship with Financial Technologies.”
Dewang Neralla, director, technology of Financial Technologies said, “Technology for the financial markets is going through a rapid shift. With automation in exchanges and order management systems, brokerage houses are in need of automating their order flows for algorithmic trading through complex event processing engines, which can generate orders based on thousands of changing parameters with millisecond latency. We are delighted to partner with Progress® Apama®, a world leader in Complex Event Processing technology. This will complement our portfolio of solutions to brokerage houses, which includes our flagship order management system, ODIN, as well as back-office tools.”
Dr. John Bates continued: “Progress Apama has a significant client base around the world in banks, hedge funds, trading venues and regulators – including firms such as JP Morgan, ING, Bank of China, Deutsche Bank, NYSE Euronext, Turquoise, and the FSA (Financial Services Authority). Apama has demonstrated the power of its CEP platform to empower multi solutions in Algorithmic Trading, Market Aggregation, Market Surveillance, Pricing, and Smart Order Routing through its ‘Solution Accelerators’ model. Our growing customer base is evidence of how our approach is serving the market, and we very much look forward to working with Financial Technologies to take our solutions into the Indian market.”
