Julia Royle/ Louisa Excell
Cre8 Results Limited
+44 (0)20 7734 9199
Leading Broker-Dealer to Use the Progress® Apama® Algorithmic Trading Platform to Meet Customer Demand for Unique Algorithmic Strategies
BEDFORD, Mass., U.S.A – February 19, 2007 – Progress Software Corporation (Nasdaq: PRGS), a global supplier of application infrastructure software used to develop, deploy, integrate and manage business applications, today announced that leading Mexican broker-dealer Casa de Bolsa Finamex (Finamex) has selected the Progress® Apama® Algorithmic Trading platform to provide algorithmic trading capabilities to its buy-side customers.
The Apama algorithmic trading platform enables firms to instantly and continuously analyze, evaluate and respond to complex market events in real time. Finamex will build trading algorithms in the Apama Event Modeler™ complex event processing (CEP) development environment for the rapid creation and customization of unique algorithmic strategies. The firm will provide these algorithms to its buy-side customer base, which will access them via Apama Dashboard Studio™ customized dashboards.
Carlos Ramirez Cervera, head of ETS, Finamex, comments: “As the Mexican market begins to take up algorithmic trading, buy-side clients are looking for flexible, customized services that will bring them an advantage. The comprehensive Apama platform and Event Modeler and Dashboard Studio rapid application development tools allow us to rapidly deploy innovative algorithms that meet our customers’ individual needs in hours or days, rather than months or years that would be required with alternative approaches.”
Ramirez Cervera continues: “High-speed innovation is everything in the competitive field of algorithmic trading – it provides a competitive edge and the Apama technology makes this possible. For Finamex, the expertise and proven track record of the Apama team in the algorithmic trading space was also an important factor. The team will work with us on an ongoing basis in the development and deployment of innovative algorithmic trading strategies.”
Dr John Bates, founder and vice president, Apama Products, Progress Software, adds: “As interest in algorithmic trading continues to grow, sell-side institutions across the globe are seeing the need to provide customized services to their buy-side clients. Today’s hedge funds and alternative investment firms are looking for more than the pre-packaged ‘black box’ algorithms, which do not cater to individual requirements. Firms such as Finamex are taking a visionary approach to meet the changing needs of their clients. In doing so, they achieve competitive advantage.”
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.
About Casa de Bolsa Finamex
Casa de Bolsa Finamex (Mexican Stock Exchange: GPROFIN.O) was established in 1974 as a Mexican financial markets broker and has been a United States broker dealer since 1992. The company services institutional investors around the globe in the domestic fixed income and derivatives markets. It provides Direct Market Access (DMA) to the Mexican Stock Exchange using both proprietary connections and the major FIX networks. Casa de Bolsa Finamex can be reached at www.finamex.com.mx or +52-55-5209-2100
Progress, Apama, Event Modeler, and Dashboard Studio 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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