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Progress and BIt Systems partner on hosted trading offering

21 November 2008  |  3316 views  |  0 Source: Progress Software

Progress Software Corporation and BIt Systems, part of the London Stock Exchange Group, today announced that they will join forces to offer customers a range of hosted complex event processing (CEP) capabilities, such as algorithmic trading and smart order routing, provided by the Progress Apama CEP platform.

Cooperation between Progress Software and BIt Systems - Borsa Italiana's IT company and part of the London Stock Exchange Group - will allow BIt Systems ASP community to enter remote access to Apama CEP services and give them the ability and means to develop their own algorithms with low latency connectivity to Borsa Italiana and other global venues, without the additional cost of developing a platform from scratch.

BIt Systems provides its services to customers from its data centres located in London, Frankfurt, Milan and Rome, and - besides connectivity to all of the major European exchanges - it offers links to CME, Chi-X, e-MID, Hi-MTF and TLX.

Claudio Modenesi, Head of ASP Services of BIt Systems said, "Current market conditions and the latest directions introduced by MiFID designate CEP-powered applications, including algorithmic trading and smart order routing, as a core element of our Customers' business strategies. The availability of Apama's platform in our ASP hosted environment adds value to our community as a whole."

Dr John Bates, founder and general manager of the Apama division of Progress Software, adds, "With the current landscape within capital markets, the ability to customize algorithms effectively can be the difference between the success and failure of a trading strategy. This collaboration will help traders to get the full benefits of the latest tools needed to continuously seek out the right liquidity and develop and execute trading strategies more rapidly than their competitors. The agreement with BIt Systems and access to the ASP Community further reaffirms Apama's leadership in delivering mission critical CEP-powered capital markets applications."

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