Progress Apama Algorithmic Platform Deployed by Brazil's Agora CorretoraSAO PAULO--(BUSINESS WIRE)--Feb. 9, 2009--
Progress
Software Corporation (NASDAQ: PRGS), a global supplier of
application infrastructure software used to develop, deploy, integrate
and manage business applications, today announced that Ágora Corretora
de Titulos e
Valores Mobiliarios S.A., a division of
Banco Bradesco S.A.
(
Bradesco) and the largest broker in Brazil’s securities industry, has
selected the
Progress® Apama®
CEP
Platform to support
algorithmic
trading within the firm’s equities trading operation. Traders can
now use the Apama platform’s sophisticated tools to create unique,
proprietary strategies that execute on Brazil’s BM&FBovespa, the leading
exchange in
Latin America and the world’s third largest in terms of
market value.
In a two-phased implementation, Ágora Corretora has deployed the Apama
platform in support of its proprietary trading desk, where traders have
developed unique strategies that can take advantage of a range of custom
trading algorithms that offer low latency execution. In the second phase
of the project, Ágora will provide access to its buy-side clients, who
will access the Apama trading strategies via graphical dashboards that
allow those clients to create, execute, and monitor customized
strategies that are unique to their specific trading goals. Ágora
represents the first broker in Brazil to offer custom algorithmic
trading strategies to its clients.
Development of the Apama solution was the product of a cross-functional
team comprised of the firm’s experts in quantitative finance,
mathematics, and software development. That team leveraged the power of
the Apama platform’s underlying complex
event processing (CEP) engine and rapid application development
tools to build a set of sophisticated strategies. The Apama development
tools are optimized to allow firms to quickly create, test, implement,
and evolve highly sophisticated trading strategies. The Apama platform
empowers both developers and business users with the capabilities to
develop algorithmic trading applications that deliver low latency
execution.
As the first broker to develop and deploy unique trading strategies
within the Brazilian market, Ágora is leveraging the only real-time
platform that makes algorithmic development tools accessible to
different types of users. The Apama CEP platform offers a higher level
development capability that is appropriate for business users and is
highly flexible and customizable. If one of Ágora’s institutional
clients wishes to customize algorithms, Ágora can either create a
solution based on their needs or enable them to take control of the
strategies themselves.
Dr. John Bates, co-founder and general manager of the Apama Division of
Progress Software, explains: “We are proud to be partnering with Ágora
to empower their advanced trading initiatives. Ágora realized that
high-performance trading strategies, rapid strategy customization, and
empowerment of their institutional clients are key to winning market
share. The fact that Ágora initially chose the Apama platform for
futures trading and is expanding its usage to include equities speaks to
the flexibility that the Apama CEP platform offers. We look forward to a
long and fruitful working relationship. ”
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 contained herein are the
property of their respective owners.
Source: Progress Software
