Korea's Leading chooses Progress Apama for algo trading

Korea's Leading chooses Progress Apama for algo trading

Korea's Leading Investment & Securities has rolled out Massachusetts-based Progress Software's Apama platform to provide its international clients with algorithmic trading capabilities.

Leading bought the Apama algorithmic trading platform, with Reuters and QFIX Adaptors, through The Korean Exchange's IT unit Koscom. Progress says its platform, combined with Koscom's provision of connectivity to the Korean market, will enable Leading to develop proprietary algorithmic trading for institutional clients in the country.

Leading says it chose Apama over seven other platforms because of its flexibility, allowing clients control over strategy from creation to testing to implementation.

Daniel D Kim, head, foreign institutional sales, Leading, says: "In line with the evolution of trading execution globally, the responsibility of manual trade execution previously performed by our traders will wane and be replaced by continuous monitoring of our clients' orders, maintenance and updating of the algorithmic trading platform to meet their demands."

"We feel that best price execution with minimal market impact, anonymity, low latency, low maintenance, and low commission are in line with our clients' priorities and our investment in Progress Apama will help ensure we meet those expectations," adds Kim.

Progress and Koscom have been working together for some time, with the Korean firm selecting Apama in 2006 to enable algorithmic trading on the KRX. Koscom is also developing a localised version of the platform for the Asian market.

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