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SEB First Customer to Benefit from Strategic Partnership between ULLINK and Progress Software

Progress Software Corporation (NASDAQ: PRGS), a global supplier of application infrastructure software used to develop, deploy, integrate and manage business applications, today announced that SEB (Skandinaviska Enskilda Banken SA), a leading North European financial group, has selected the Progress® Apama® Algorithmic Trading Platform to provide its buy-side customers with advanced algorithmic trading capabilities. The SEB adoption of the Apama product is a direct result of Progress Software’s recently announced partnership with ULLINK, a leading provider of electronic trading technology solutions. Under the partnership, ULLINK has fully incorporated the customisable Apama algorithmic trading capabilities into its product portfolio.

The Apama platform enables financial institutions to instantly and continuously analyse, evaluate and respond to complex market events. SEB will deliver the Apama capabilities to its buy-side client base to enable their roll out of algorithmic trading strategies, improved risk management measures and optimised pricing benefits. SEB will integrate the Apama platform with its existing Odisys Order Management System provided by ULLINK.

The integrated solution will enable SEB’s customers to develop their own unique algorithmic trading strategies, backtest these strategies to gauge their effectiveness and alter them once live in the market. In addition, SEB will offer its proven trading algorithms built in the Apama Event Modeler™ complex event processing (CEP) development environment directly to clients, who will access them via the Apama Dashboard Studio™. SEB will use the Apama platform across asset classes, with the initial roll out concentrating on the European exchange-traded equity and derivative markets.

Christer Wennerberg, business development E-TCM, SEB, comments: “This is an exciting deal for SEB. The linking of the Progress Apama capabilities into our existing ULLINK order routing technology provides exceptional trading capabilities to our clients. With this Apama solution, we are able to provide our clients with access to next-generation algorithmic trading technology that will give them an edge over their competitors. Our offices in Stockholm and London will be the first to use the Apama product, however we have plans to roll out the solution globally.”

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 customised services to their buy-side clients. SEB’s selection of the integrated solution underlines Progress Software’s position as a leader within the algorithmic trading space. Sell-side firms are seeing the increased need to provide customised and localised algorithmic capabilities to their clients – with the Apama product; SEB will provide its clients with one more tool they need to remain competitive.”