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Progress Apama Partners with Microsoft to Deliver MiFID Solution

Progress Software Corporation (Nasdaq: PRGS), a global supplier of application infrastructure software used to develop, deploy, integrate and manage business applications, today announced that it has partnered with Microsoft to provide its Progress® Apama® Event Processing Platform as a key component of Microsoft’s MiFID (Markets in Financial Instruments Directive) solution suite. The solution will enable financial institutions worldwide to meet European MiFID requirements that go into effect on 1 November, 2007. The Apama platform will provide Complex Event Processing (CEP) and Business Activity Monitoring (BAM) capabilities enabling firms to monitor and analyze their MiFID best execution compliance, as well as to meet the reporting, reference data and trade history requirements.

The Apama Event Processing platform enables organizations to monitor rapidly moving event streams, identify sophisticated patterns, and take action – all within milliseconds. Furthermore, with the Apama Event Modeller™ graphical CEP development tool, compliance business analysts can rapidly develop, evolve, test and deploy elements of their MiFID infrastructure within minutes. These capabilities allow financial institutions to respond to the changing demands of the Directive immediately, as opposed to the days, weeks, or months required by other approaches.

Ian Warford, industry director for Securities and Capital Markets at Microsoft EMEA, Financial Services Industry, comments: “Microsoft has been focusing on MiFID for over 18 months and in collaboration with our partners we are now offering eight ‘mix and match’ solutions to what we see as the main problem areas of the EU Directive. We have partnered with Progress Apama because the CEP and BAM capabilities of its platform, which runs on Microsoft® Windows Server™ 2003, Microsoft SQL Server™ and Microsoft BizTalk® Server, are field-proven to satisfy the requirements of MiFID. Together, we are providing a flexible and cost effective solution that can help financial firms not only meet the Directive’s requirements, but also benefit from being able to compete with the US and the growing influence of the Asian markets.”

In a recent industry report, Philip Howard, Bloor Research Director, wrote: ‘The Progress Apama platform has several major advantages over nearly all of its rivals: it has the longevity and customer base that can prove its capabilities, and it is a global player. No other supplier can offer all of these qualities together with the performance and breadth of capability that the Apama platform offers.’

Moreover, the Apama BAM capabilities will give business users immediate visibility into their entire trading operations and market activity through real-time graphical dashboards to monitor, analyze and act on a firm’s compliance with, or potential deviation from, MiFID’s best execution guidelines. Additionally, the Apama EventStore™ functionality will enable users to comply with the reporting, reference data and trade history elements of the MiFID Directive, which requires the capture and storage of more than five years of relevant market and trade data.

Mark Palmer, vice president and general manager of the Apama Division of Progress Software, says: “Microsoft’s selection of Progress Apama as one of its MiFID partners reinforces our position as the market leader in CEP and BAM. The combined solution will not only enable firms to meet their regulatory requirements, but also to streamline their business processes to ensure they remain competitive in the global marketplace. We look forward to working with Microsoft to provide a trusted infrastructure for fair trading and competitive execution.”