Progress Software Corporation (NASDAQ: PRGS), a global provider of application infrastructure software used to develop, deploy, integrate and manage business applications, and BGC Partners (NASDAQ: BGCP), a leading global inter-dealer broker of financial instruments today announced Progress Apama intends to offer automated trade execution to BGC's fixed income and futures markets.
A hosted version of the Apama Algorithmic Trading Platform, to be co-located in New Jersey with the eSpeed Fixed Income trading platform offered by BGC Partners, Inc., will provide cost-effective algorithmic trading capabilities to fixed income and futures traders. Traders will now be able to automate their trading strategies quickly, with minimal up-front investment of time and resources.
The hosted Apama solution will deliver a number of advantages for traders, including:
1. The creation of algorithmic applications enabling traders to quickly build alpha-seeking algorithms and help them maximize their return on investment.
2. The inclusion of sample spread trading algorithms for statistical arbitrage enabling traders to rapidly automate trade executions and customize the core-trading platform so that they create their own unique strategies.
Philip Norton, executive managing director, e-Commerce at BGC Partners, Inc., said: "In light of the increasing complexity of the fixed income and futures markets, we have seen a spike in demand for automated trading from new and different types of market participants. By co-locating the Apama product's sophisticated complex event processing technology with BGC's leading electronic trading platform, we can help fixed income and futures traders access multiple pools of global liquidity for the execution of their algorithmic trading strategies. The range of products available on BGC's platform continues to grow, allowing customers to trade Treasuries, which today sit at the center of many trading strategies, alongside other highly liquid products."
The Apama Algorithmic Trading Accelerator solution can grow to support a firm's evolving trading strategies as it differentiates its algorithmic execution styles for competitive advantage.
Dr. John Bates, founder and general manager, Apama division of Progress Software, commented: "We are seeing the world of algorithmic trading expand before our very eyes. Hosted platforms, such as the one we've developed for BGC markets, mean that automated trade execution is available to a wider audience. With this solution, we are empowering firms of all sizes to make their mark with customized algorithmic trading strategies."
The Progress Apama Algorithmic Trading Accelerator enables firms to quickly develop and deploy proprietary algorithmic techniques, achieving a dramatic advantage over commoditized "black box" offerings. With the Apama "white box" platform, buy-side and sell-side firms can rapidly develop and execute differentiated strategies leveraging their own intellectual property. The co-located Apama Algorithmic Trading Accelerator leverages BGC's eSpeed technology and exploits the key strengths in the underlying Apama platform.
The Apama platform is the Capital Markets' leading CEP platform, supporting a range of applications that include algorithmic trading, market aggregation, smart order routing, pricing and market surveillance. It is deployed by major firms like JP Morgan, Deutsche Bank, ING and Bank of China, as well as regulators like the British Financial Services Authority and exchanges like Turquoise.