New solution enables rapid deployment of customized eCommerce solutions
for FX and other asset classes
BOSTON--(BUSINESS WIRE)--
Progress
Software Corporation (NASDAQ: PRGS), a leading independent
enterprise software provider that enables companies to be operationally
responsive, today announced its new Progress® Apama® FX eCommerce
solution. This new solution enables FX dealing banks and brokers to
rapidly deploy FX eCommerce functions that respond to shifts in
liquidity in real-time to increase client order flow and revenues. The
new offering will help banks and broker/dealers manage the complexities
inherent in building end-to-end eCommerce solutions, including those of
dealing, pricing and hedging, while gaining a bird's eye view of the
whole market in real-time, and perform cross-venue smart order routing
and algorithmic trading.
The FX market today is fragmented across multiple entities including
ECNs and Single-Bank Platforms. Each offers its own cost models, trading
mechanisms, access protocols, order types, trading rules, and most
importantly its own instantaneous view of liquidity. This level of
fragmentation presents a number of challenges for dealers and market
makers alike. The Progress FX eCommerce solution minimizes these
challenges by providing functionality, out-of- the-box, that delivers a
bird's eye view of this fragmented market in real-time, coupled with smart
order routing, which enables pricing, auto-hedging and order
internalization strategies to automatically pinpoint and respond to the
best prices in the market.
The Progress Software FX eCommerce solution is unique in the market
because it massively accelerates firms' time-to-value, whilst preserves
flexibility with customizable templates for critical, cross-asset
e-commerce capabilities. Besides venue aggregation and smart order
routing, these capabilities include:
-
Real-time price formation, tiering and distribution
-
Pre-trade credit limit checking and enforcement
-
Position management and exposure analytics
-
Flow Internalization to increase margin/reduce risk
The FX eCommerce solution is the only solution that is powered by the
market-leading Progress Apama Complex Event Processing platform and
offers unrivalled low-latency, performance and scalability.
Richard Bentley, industry vice president, Capital Markets, Progress
Software, said: "The general market trend across FX and other asset
classes is an increase in deal volume with a decrease in deal size —
stretching traders and their current systems to the limit. The Progress
FX eCommerce solution enables banks and broker/dealers to capture
increasing volumes of client business, whilst minimizing slippage
through smart execution and leveraging internalization to improve
spreads. This creates a virtuous circle — price improvement from reduced
slippage risk attracts more customers and flow, and more flow improves
internalization effects and leads to better prices from providers."
The FX eCommerce solution leverages existing and new components of
Progress Software's Apama Capital Markets Foundation (CMF) product.
Among the recent additions to the Progress Apama CMF product are support
for market data management through aggregation, synthetic cross-rate
calculation and forward-to-spot conversion, as well as enhanced order
management support through smart order router and auto-hedger strategy
frameworks.
To learn more about the Progress FX eCommerce solution accelerator,
please visit: http://web.progress.com/en/capital-markets/fx-ecommerce.html.
About Progress Software Corporation
Progress Software Corporation (NASDAQ: PRGS) is an enterprise software
company that enables businesses to be operationally responsive to
changing conditions and customer interactions as they occur — to
capitalize on new opportunities, drive greater efficiencies and reduce
risk. The company offers a comprehensive portfolio of best-in-class
enterprise software spanning event-driven visibility and real-time
response, open integration, data access and integration, and application
development and deployment — all supporting on-premises and SaaS/Cloud
deployments. Progress maximizes the benefits of operational
responsiveness while minimizing IT complexity and total cost of
ownership. Progress can be reached at www.progress.com
or +1-781-280-4000.
Follow Progress Software on Twitter: @ProgressSW.
Progress and Apama are trademarks or registered trademarks of Progress
Software Corporation or one of its subsidiaries or affiliates in the
U.S. and other countries. Any other marks contained herein may be
trademarks of their respective owners.
Progress Software Corporation
Kim Karelis, 617-226-8840
kkarelis@progress.com
or
LEWIS
PR
Dan Walsh, 617-226-8840
progresssoftware@lewispr.com
Source: Progress Software Corporation
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