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PROGRESS SOFTWARE HEADS DISCUSSION ON THE RISE OF ALGORITHMIC TRADING

Dr John Bates, Vice President of Apama Products, Progress Software, Chairs Discussion at Canada’s First Algorithmic Trading Conference, February 22, 2006

BEDFORD, Mass., U.S.A.—February 17, 2006— The adoption of algorithms has arguably grown faster than any other trading tool in the past eighteen months, creating new opportunities and challenges for today’s market players.

Algorithmic trading technology has rapidly evolved beyond traditional third party ‘black box’ algorithms, to a tailored ‘white box’ approach. This enables traders to build and customize algorithmic strategy models to capture their own intellectual property to gain competitive advantage and ROI. In addition, buy- and sell-side financial institutions are now able to optimize their trade executions beyond the traditional domain of equities, across all asset classes.

To explore algorithmic trading, and whether it strengthens our market structure, Dr John Bates, Vice President of Apama Products, Progress Software, will chair the discussion “Man vs. the Rise of the Machine” at the TSX/RS Algorithmic Trading Conference, the first algorithmic trading conference of its kind in Canada, on February 22. The conference is jointly presented by TSX Markets and Market Regulations Services Inc.