Progress Software wins first Chinese algo trading client

Progress Software wins first Chinese algo trading client

Bank of China International (BOCI) has signed for Massachusetts-based Progress Software's algorithmic trading platform, Apama.

The Chinese investment bank says it will use Apama to connect to the Stock Exchange of Hong Kong (SEHK) and the Hong Kong Futures Exchange (HKFE) and to trade equities, futures, futures indices, warrants and bonds.

BOCI will receive market data concurrently from SEHK and HKFE and place orders into different sub-markets on these exchanges under the control of trading algorithms.

Stephen Chan, MD, head of planning division, BOCI, says: "One of the major attractions of Progress Apama for BOCI is the ease in building custom algorithms quickly using the Progress Apama platform's 'white box' approach. Also, Progress Apama will be used to perform a variety of functions in the front-office, such as back-testing strategies with market data, reporting the performance of these strategies and then applying these strategies in a live market."

Comments: (0)