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Enhances Trader Access to Best Price and Market Depth from Multiple FX Liquidity Sources

BEDFORD, Mass., U.S.A – June 18, 2007 – Progress Software Corporation (NASDAQ: PRGS), a global supplier of application infrastructure software used to develop, deploy, integrate and manage business applications, today launched the Progress® Apama® FX Market Aggregation Accelerator. Combining a set of FX (foreign exchange) integration adapters with pre-built Apama trading dashboards and foundation FX algorithms, the Apama FX Market Aggregation Accelerator helps both sell- and buy-side traders develop and deploy high-frequency foreign exchange trading strategies that capitalize on proprietary trading techniques. The product will enable traders to accelerate the deployment of trading strategies that can access multiple FX liquidity sources to identify best price and market depth.

The FX Market Aggregation Accelerator is based on the Progress Apama platform, a cross-asset, market-leading algorithmic trading system that enables capital markets firms to instantly and continuously analyze, evaluate and respond to complex market events in real-time. The FX Market Aggregation Accelerator will facilitate integration with all the major FX aggregators, Electronic Crossing Networks (ECNs) and direct bank connections.

Dr John Bates, founder and vice president, Apama Products, Progress Software, comments: “The launch of our FX Market Aggregation Accelerator helps traders gain a significant competitive advantage by aggregating multiple FX pools in order to provide them with a ‘god’s eye’ view of the market. This aggregated view can be used by the trader’s own custom FX and cross asset trading algorithms. The combination of these new Apama capabilities presents traders with the potential to achieve Alpha returns significantly faster than was possible in the past.”

The Progress Apama platform incorporates the industry’s most widely deployed Complex Event Processing (CEP) engine, along with a rapid application development environment that empowers traders and quants to quickly deploy unique trading strategies. Together with its graphically-rich trader dashboards, integration framework and event database, Apama represents a comprehensive environment for building algorithmic trading solutions.

Mark Palmer, VP and general manager, Apama Products, Progress Software, said: “We continue to see increased demand for algorithmic tools to support FX-specific strategies, as well as auto-hedging and real-time risk management. The inherent fragmentation of the FX market and the different strengths of liquidity providers mean that algorithms need access to multiple liquidity venues to find the right price and depth. FX Market Aggregation Accelerator provides this access in a flexible package and enables financial institutions to accelerate the deployment of trading strategies that support both FX and cross-asset trading scenarios.”

Progress Software will demonstrate the FX Market Aggregation Accelerator at the SIFMA Technology Management Conference in New York (19-21 June). It will be commercially available in September 2007.

About Progress Software Corporation

Progress Software Corporation (NASDAQ: PRGS) provides application infrastructure software for the development, deployment, integration and management of business applications. Our goal is to maximize the benefits of information technology while minimizing its complexity and total cost of ownership. Progress can be reached at www.progress.com or +1-781-280-4000.

Progress and Apama are trademarks or registered trademarks of Progress Software Corporation or one of its affiliates or subsidiaries in the U.S. and other countries. Any other trademarks or service marks contained herein are the property of their respective owners.

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Press Contacts:

John Stewart
Progress Software
Tel: +1 781-280-4101
Email: jstewart@progress.com

Renske Law/Louisa Excell
Cre8 Results Limited
Tel: +44 (0)20 7734 9199
Email: apama@cre8results.com

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