Liquidity aggregation, pricing and pre-trade risk checks respond to
changes in market conditions in real-time
BEDFORD, Mass.--(BUSINESS WIRE)--
Progress
Software Corporation (NASDAQ: PRGS) announced today that Jefferies
Bache Financial Services, Inc. has
selected and implemented the Progress®
Apama® FX eCommerce solution. Jefferies Bache Financial Services,
Inc., part of global investment bank Jefferies Group, Inc. (NYSE: JEF),
is a leading foreign exchange (FX) dealer. Deployed in three major
financial centers globally, the Apama FX eCommerce solution for
end-to-end FX dealing and pricing enables Jefferies Bache Financial
Services, Inc. to respond instantly to shifts in liquidity and changes
in market conditions across multiple FX spot and forward markets.
Joe Ziccarelli, chief operating officer, Global Foreign Exchange,
Jefferies Bache Financial Services, Inc., noted: "The Progress Apama FX
eCommerce solution gives us the flexibility to operate based on our
specific FX needs. The openness of the Apama solution enables us to
customize our aggregation and eCommerce offerings and easily integrate
them with our internal settlement and reporting systems. Additionally,
we can respond in real-time to market fluctuations, and provide unique,
competitive prices to our clients across multiple products."
By aggregating liquidity from multiple sources, including electronic
communication networks (ECNs), Jefferies Bache Financial Services
traders can automatically derive base prices, stream tailored quotes to
clients, manage positions, handle client order flow, check client
credit, automatically hedge positions and route orders to counterparties.
Dr.
John Bates, chief technology officer,
Progress Software, said: "For both spot FX and FX derivatives, Jefferies
Bache Financial Services, Inc. required the ability to customize
pricing, configure and change spreads as well as skew prices in
real-time; moreover, they needed to integrate comprehensive real-time
client credit and net position limit controls. The Apama FX eCommerce
solution includes an open, customizable architecture, and is delivered
with pre-built components with full source code, a development toolkit,
complete documentation, and comprehensive test coverage via our bundled
regression test framework. Progress Software was the only vendor capable
of delivering these critical elements for Jefferies Bache Financial
Services, Inc."
The Apama solution's aggregation and smart order routing capabilities
support real-time, intelligent hedging and risk management, which scales
to high volumes of customer order flow. Other key features of the
Jefferies Bache Financial Services, Inc. implementation include:
-
Configuration tools: Customize order priority and clip sizes per
product and per execution venue, dynamically enforced by the
smart-order router;
-
Monitoring tools: Stale market data and order rejection venue
monitoring, with automatic venue removal from the order book based on
data quality and timeliness;
-
Automated hedging: Last-look auto-hedging with support for multiple
client order types including spot and FX forwards; and
-
Post-trade tools: Full audit for customer order flow and venue
execution analysis.
As a market-leading platform for high velocity Capital
Markets applications, the Progress Apama platform is a comprehensive
complex event processing (CEP)-based system for building sophisticated
multi-asset applications for low latency trading, risk and compliance.
With its combination of development ease and deployment power, the Apama
platform is unmatched in the industry and is deployed by leading
international firms including JP Morgan, Deutsche Bank, Bank of China
International and ANZ bank.
About Progress Software Corporation
Progress Software Corporation (NASDAQ: PRGS) 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 names contained herein may be
trademarks of their respective owners.
Progress Software
John Stewart, +1 781-280-4101
jstewart@progress.com
@ProgressSW
on Twitter
or
Jefferies & Company, Inc.
Richard
Khaleel, +1 212-284-2556
rkhaleel@Jefferies.com
Source: Progress Software Corporation
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