Source: Progress Apama
ING Wholesale Banking and Progress Software Corporation (NASDAQ: PRGS) announced today at TradeTech 2008 the availability to ING's customers of a combination of algorithmic trading capabilities and direct access to emerging European markets.
The technology behind the service uses proprietary algorithms built using the Progress Apama algorithmic trading platform.
ING Wholesale Banking has gained significant experience in developing and executing algorithms through its coverage of Benelux Small and Mid-Caps. These algorithms have been re-engineered to focus on European markets, in particular Hungary and Poland, and incorporate a number of innovative features into the execution strategies, including hybrid cross asset algorithms. These strategies offer clients competitive advantage for alpha generation through execution on a rapidly increasing number of developed and emerging markets.
The Progress Apama algorithmic trading platform comprises a suite of tools for modelling and executing sophisticated trading algorithms. The Apama platform is powered by a complex event processing (CEP) engine, enabling trading strategies to detect, analyze, and act on event patterns in both market and order flow data with extremely low latency.
As a development tool, ING uses the Apama 'Event Modeler', a graphical environment for laying out the logic of algorithmic execution. ING Wholesale Banking also uses the Apama 'Dashboard Studio' to build a graphically rich front-end to monitor and control the execution of its algorithms.
Andrew Powell, Head of International Execution & Connectivity at ING, said: "ING Wholesale Banking is one of very few institutions currently able to offer clients the combination of highly innovative algorithm execution and direct access to developed and emerging markets via our own memberships - yielding them a real competitive advantage, particularly from our flagship pairs trading system which hedges FX automatically."
Dr John Bates, founder and general manager, Apama Division, Progress Software, said: "No matter which market you're looking at, competitive advantage can be gained by being able to rapidly model, back test and deploy unique algorithms to capitalise on previously u untapped trading opportunities. Through deployment of its emerging markets algorithms, ING is offering its clients exciting new trading opportunities."
Separately, Progress Software Corporation (NASDAQ: PRGS), a global supplier of application infrastructure software used to develop, deploy, integrate and manage business applications, announced today at TradeTech 2008 that SEB (Skandinaviska Enskilda Banken AB (publ)), a leading North European financial group, will expand its use of the Progress Apama Algorithmic Trading Platform for advanced order flow monitoring services within its compliance application.
Last year, SEB successfully deployed the Apama platform to support client trading in Exchange-traded equities and futures. Integrated with SEB's high performance electronic trading infrastructure, algorithms developed in Apama are available via FIX, as well as through SEB Trading Station Equities, the third generation electronic trading platform that offers buy-side clients improved performance together with new functionality for algorithmic trading and smart order-routing.
Christer Wennerberg, responsible for Equity Trading Technology at SEB, said: "Because SEB offers the fastest connectivity and broadest liquidity available in the Nordic region, we really needed the power and flexibility that Apama delivers. In addition to the richness of its CEP architecture, Apama tools enable trading solutions to be built for different asset classes - thus providing our clients with a greater degree of control over the way they trade, whilst ensuring they're compliant."
Johan Lycke, Compliance Officer at SEB, said: "Enhanced and more flexible trading solutions with algorithmic trading and smart order routing functionalities require enhanced and more flexible monitoring. And in order to achieve compliance, without preventing or disturbing our own or our clients business, we will need more advanced order flow monitoring."
Leveraging the power of the Apama complex event processing (CEP) infrastructure and its rich set of tools for building algorithms, SEB can empower its buy-side clients to achieve significant competitive advantage with algorithms that are unique to their requirements. SEB clients can create algorithms, back-test them to measure their effectiveness, and update them even when they are 'live' in the market. Apama dramatically reduces the development lifecycle of algorithms, allowing SEB clients to be more responsive to market conditions, while improving risk management and optimizing pricing benefits.
Dr John Bates, founder and general manager, Apamaama Division, Progress Software, added: "Sell-side institutions around the globe are recognizing that they need to extend the services they offer their buy-side clients. SEB is a true leader and continues to drive the market with new and innovative applications of our Apama technology."
The Market Surveillance Accelerator is the latest in a series of Apama Accelerators - and the first in conjunction with a strategic partner - that are designed to jumpstart delivery of applications that leverage the power of CEP within Capital Markets. Progress Software has recently introduced the Apama Smart Order Routing Accelerator and also offers a Market Aggregation Accelerator for trading in increasingly fragmented FX markets. In each instance, the Accelerator leverages the core Apama platform and "accelerates" the creation and deployment of unique CEP applications. The rapid application development tools within the Apama platform can quickly deploy highly customized strategies that monitor market activities in real-time.