Progress extends Apama algorithmic trading to FX market

Progress extends Apama algorithmic trading to FX market

US-based Progress Software is extending its Apama algorithmic trading platform into the foreign exchange market with the addition of real-time adapters to the EBS and Hotspot FXi marketplaces.

The firm says the new capability extends the Apama platform for algorithmic trading beyond the exchange-based equities and futures markets and will provide buy and sell-side financial institutions with direct access to a growing number of electronic FX trading networks.

Progress says the move into the FX market allows traders to compose, deploy and manage their own advanced trading strategies, such as routing orders based on best price or looking for arbitrage opportunities between multiple currency crosses.

Peter Beard, VP of worldwide operations at Progress's real time division, adds: "Apama's connectivity to Hotspot FXi and EBS enables transparent, instantaneous trade executions, as well as client bidding and offering, which are essential to successful algorithmic trading."

The vendor says its Apama FX adaptors are already in use by a number of leading investment bank clients and a major hedge fund. In addition, the Apama Integration Adapter Framework includes tools to develop adapters to any in-house FX system.

Massachusetts-based Progress Software acquired the algorithmic trading platform when it bought out Apama earlier this year in an all-cash transaction worth $25.4 million.

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