CASA DE BOLSA FINAMEX MEXICO SELECTS PROGRESS SOFTWARE’S APAMA TECHNOLOGY

Bedford, Mass., U.S.A – 20 February 2007

Leading Broker-Dealer to Use the Progress® Apama® Algorithmic Trading Platform to Meet Customer Demand for Unique Algorithmic Strategies

Progress Software Corporation (Nasdaq: PRGS), a global supplier of application infrastructure software used to develop, deploy, integrate and manage business applications, today announced that leading Mexican broker-dealer Casa de Bolsa Finamex (Finamex) has selected the Progress® Apama® Algorithmic Trading platform to provide algorithmic trading capabilities to its buy-side customers.

The Apama algorithmic trading platform enables firms to instantly and continuously analyze, evaluate and respond to complex market events in real time. Finamex will build trading algorithms in the Apama Event Modeler™ complex event processing (CEP) development environment for the rapid creation and customization of unique algorithmic strategies. The firm will provide these algorithms to its buy-side customer base, which will access them via Apama Dashboard Studio™ customized dashboards.

Carlos Ramirez Cervera, head of ETS, Finamex, comments: “As the Mexican market begins to take up algorithmic trading, buy-side clients are looking for flexible, customized services that will bring them an advantage. The comprehensive Apama platform and Event Modeler and Dashboard Studio rapid application development tools allow us to rapidly deploy innovative algorithms that meet our customers’ individual needs in hours or days, rather than months or years that would be required with alternative approaches.”

Ramirez Cervera continues: “High-speed innovation is everything in the competitive field of algorithmic trading – it provides a competitive edge and the Apama technology makes this possible. For Finamex, the expertise and proven track record of the Apama team in the algorithmic trading space was also an important factor. The team will work with us on an ongoing basis in the development and deployment of innovative algorithmic trading strategies.”

Dr John Bates, founder and vice president, Apama Products, Progress Software, adds: “As interest in algorithmic trading continues to grow, sell-side institutions across the globe are seeing the need to provide customized services to their buy-side clients. Today’s hedge funds and alternative investment firms are looking for more than the pre-packaged ‘black box’ algorithms, which do not cater to individual requirements. Firms such as Finamex are taking a visionary approach to meet the changing needs of their clients. In doing so, they achieve competitive advantage.”

Comments (0)
No one has commented on this yet. Be the first!
Add your comment - Max 1000 characters used