China's largest investment bank selects Progress Software solution to
underpin China's first fully customizable algorithmic trading service
BOSTON--(BUSINESS WIRE)--
Progress
Software Corporation (NASDAQ: PRGS) today announced that China's
largest investment bank by market value, CITIC Securities Co., has
selected the Progress® Apama® algorithmic trading platform to enable it
to offer its institutional investor clients low-latency, algorithmic and
high-frequency trading strategies customized to their requirements.
CITIC Securities selected the Apama solution in response to the growing
demand from institutional investors in China for more algorithmic
trading services. These investors want access to low-latency algorithmic
and high-frequency trading strategies across multiple asset classes. The
Apama algorithmic trading platform will enable CITIC Securities traders
to create customized execution algorithms that operate on domestic
markets and can manage high volumes of client order flow. These unique,
customized strategies will provide CITIC Securities' institutional
clients a significant competitive advantage.
Additionally, CITIC Securities will use its new Apama algorithmic
trading platform to offer innovative, pre-packaged, customized
strategies for institutional investors. This will shorten the time to
market for new strategies that access liquidity in milliseconds, clearly
differentiating them from competitors.
CITIC Securities set out to meet the considerable market opportunity in
China by identifying options to replace its existing fixed platform with
one that would allow it to rapidly customize high-frequency algorithmic
trading strategies for its clients. Following a consultation round with
a number of local and international vendors, Progress Software's
solution-based approach, reputation and local experience led CITIC
Securities to make the decision to implement the Progress Apama
algorithmic trading platform.
A CITIC Securities spokesperson said: "When you're talking about trading
where milliseconds make a difference, it was critical that we selected
an algorithmic trading solution that would enable us to compete in a
high frequency trading market with a competitive edge. The Progress
Apama platform will initially be integrated with our order management
system. Next, we plan to extend the algorithmic trading system into a
multi-products programming trading system. Our goal is to build the best
algorithmic trading system in China's markets."
Dr.
Richard Bentley, industry vice president, capital markets at
Progress Software said: "Progress Apama will give CITIC Securities the
ability to quickly develop and deploy unique trading strategies, to
achieve dramatic advantages over competitors trading with commoditized
‘black box' offerings. As the first investment bank in China to deploy a
fully customizable algorithmic trading platform, CITIC Securities will
be leading the way and setting the standard for the Chinese securities
industry. We are honored to be selected by such a prestigious company in
this important project and look forward to working closely with CITIC
Securities."
About CITIC Securities
CITIC Securities was established in October 1995. Headquartered in
Shenzhen. CITIC Securities focuses on rendering high-quality securities
related services to our customers, including securities trading,
underwriting and sponsoring, proprietary trading, asset management,
securities investment advisory services and other businesses. CITIC
Securities is the first Chinese full-service investment bank in China
whose A shares are listed on the Shanghai Stock Exchange (SSE) and H
shares on the main board of The Stock Exchange of Hong Kong Limited
(SEHK) [SSE: 600030; SEHK:6030].
About Progress Software Corporation
Progress Software Corporation (NASDAQ: PRGS) is a global software
company that simplifies the development, deployment and management of
business applications on-premise or on any Cloud, on any platform and on
any device with minimal IT complexity and low total cost of ownership.
Progress Software 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
John Stewart, 781-280-4101
jstewart@progress.com
or
LEWIS
PR
Kim Karelis, 617-226-8844
progresssoftware@lewispr.com
or
Progress
Software Corporation
Rachel Harnden, +44 (0)1344 386 387
rharnden@progress.com
@ProgressSW
or
LEWIS
PR
Jon Brigden, +44 (0)207 802 2626
Jon.Brigden@lewispr.com
Source: Progress Software Corporation
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