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KOSCOM SELECTS PROGRESS SOFTWARE’S APAMA ALGORITHMIC TRADING PLATFORM FOR KOREAN EXCHANGE TRADING OPERATIONS

Koscom/Progress Partnership Makes Apama Platform the First Commercial Algorithmic Trading System Available in Korea; Leverage Product’s New Internationalization Features

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 Korean financial IT vendor, Koscom, has selected the Progress® Apama® Algorithmic Trading Platform to enable algorithmic trading on the Korea Exchange (KRX). In addition, Progress and Koscom have entered into a strategic partnership where Koscom will develop a localized version of the Apama platform for distribution in Asia. This partnership makes the Apama platform the first commercial algorithmic trading system available in Korea.

The next-generation Apama algorithmic trading platform enables financial institutions to instantly and continuously analyze, evaluate and respond to complex market events in real time for algorithmic trading, risk management, market aggregation and pricing. Koscom’s selection capitalizes on new internationalization capabilities that are part of the Apama product’s recently-announced 3.0 release and which support the incorporation of Asian characters in the Apama product’s graphical development tools and Business Activity Monitoring (BAM) dashboards.

Using the Apama platform, Koscom’s buy- and sell-side customers give their traders full control to compose, deploy and manage algorithmic trading strategies. Firms will be able to trade multiple assets within the same strategy and significantly reduce development and deployment time. Koscom will provide a localized version of the Apama platform to their Korean customers so they can algorithmically trade equities, futures and options on the Korea Exchange (KRX).

Lee Jong Kyu, chief executive officer, Koscom, comments: “Algorithmic trading has raised great interest within the Korean financial community recently. The Apama platform’s high-performance and best-of-breed technology will provide our customers with the tools they need to enter the algorithmic trading space quickly, gain greater control over their trading strategies and identify new channels for revenue. This project will increase the daily transaction volumes of the Korean Exchange, contributing to the growth of the local market.”

Larry DiLoreto, vice president, Asia Pacific and Japan, Progress Software, says: “This partnership represents a significant step forward for the Korean market. As a widely-respected financial technology vendor, Koscom has built and managed core infrastructure for the Korean securities markets over the past three decades. In partnership with Koscom, Progress Software will work to expand the adoption of electronic trading practices in Asia.”

Dr John Bates, founder and vice president, Apama Products, Progress Software, adds: “As interest in algorithmic trading across Asia grows, Progress will continue to partner with such visionary firms as Koscom. In the past 18 months, the Apama customer base has grown across the globe, and in asset classes beyond equities, including futures and options and foreign exchange. Koscom’s selection of the Apama platform is another example of the global growth of algorithmic trading, as well as the adoption of algorithms in multiple asset classes.”