ANZ To Add New Currency Pricing, Auto-Hedging and Order
Internalization Strategies
BEDFORD, Mass.--(BUSINESS WIRE)--
Progress Software Corporation (NASDAQ: PRGS), today announced
that Australia and New Zealand Banking Group (ANZ), one of the largest
banks in Australia, has extended its use of the Progress® Apama® FX
Aggregation Solution into eCommerce. ANZ brokers can now perform both
algorithmic trading and cross-venue smart
order routing with new capabilities that include pricing,
auto-hedging and order internalization strategies, all of which
automatically serve up and respond to the best prices in the market.
According to Euromoney, ANZ, who have been using the Progress Apama FX
Aggregation solution for the past two years, recently improved its FX
market share to 26th globally in terms of volume from the 42nd
position. They also expanded from an initial 10 currency pairs to
covering 52 pairs.
Eddie Listorti, Global Head FX and Commodities, ANZ Banking Group,
commented: " We can now capture increasing volumes of new client
business with the Apama FX e-Commerce solution. It provides us with the
functionality necessary to diversify our customer base and offer new
services to firms, such as hedge funds, small to medium sized banks and
institutional firms that we have not been able to target previously. The
Apama solution also minimizes slippage through smart execution and
leverages internalization thus improving spreads. This creates a
virtuous circle for us — price improvement from reduced slippage risk
attracts more customers and flow, and more flow improves internalization
effects and leads to better prices from providers."
Using the Apama FX solution alongside ANZ's in-house pricing system, the
bank will initially stream high quality executable quotes to the FXAll
and 360T platforms, and add additional venues over time. ANZ is also
planning to aggregate precious metals prices, delivered from single bank
platforms, and provide quotes direct to customers.
Dr. Richard Bentley, vice president Capital Markets, Progress Software,
commented: "ANZ is successfully implementing an aggressive foreign
exchange growth strategy. The Apama FX solution is unique in the market
because it is massively accelerating ANZ's time-to-value, whilst
preserving its flexibility with customizable templates for critical,
cross-asset e-commerce functionality to achieve their goals. The fact
that ANZ can move effortlessly into the precious metals market is
indicative of their motivation to expand and serve their client-base and
offer cross-asset flexibility."
ANZ is in the first stage of a global deployment of the Apama FX
e-Commerce solution, which will include deployments in London and New
York over the coming months. The Progress Apama FX Aggregation solution
is currently in use by ANZ in Sydney and Melbourne, Auckland, Singapore,
London and New York.
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 marks contained herein may be
trademarks of their respective owners.
Progress Software
John A. Stewart, +1-781-280-4101
jstewart@progress.com
@ProgressSW
on Twitter
or
Progress Software Corporation
Rachel
Harnden, (0) 1344 386387
rharnden@progress.com
or
LEWIS
PR
Kimberly Karelis, +1-617-226-8844
progresssoftware@lewispr.com
or
LEWIS
PR
Jon Brigden, 0207 802 2626
jon.brigden@lewispr.com
Source: Progress Software Corporation
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