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PROGRESS ANNOUNCES LAUNCH OF APAMA-BASED POWERALGO

First Commercially-Available, Localized Algorithmic Trading Platform in Korea

Progress Software Corporation (NASDAQ: PRGS), a global supplier of application infrastructure software used to develop, deploy, integrate and manage business applications, and Korean financial IT vendor, Koscom, today announced the launch of ‘PowerAlgo’, a Korean-language version of the Progress® Apama® Algorithmic Trading Platform. PowerAlgo, the first commercially-available algorithmic trading platform in Korea, is seamlessly integrated with Koscom’s existing Order Management System to enable customers to algorithmically and automatically trade equities, futures and options on the Korean Exchange (KRX).

This 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. PowerAlgo, which incorporates Korean characters in the Apama graphical development tools and Business Activity Monitoring (BAM) dashboards, enables Koscom’s buy- and sell-side customers to compose, deploy and manage algorithmic trading strategies on the fly in their own language. Firms are able to trade multiple assets within the same strategy and significantly reduce development and deployment time.

Apama products have been tailored to meet local requirements. For example, a direct market data feed adapter provides access to the Korean Stock Exchange (KRX)’s real-time, market data. Additionally, a special adapter has been included to ensure smooth integration with Koscom’s third-party Order Management System.

Lee Jong Kyu, chief executive officer, Koscom, comments: “We have seen increasing demand in the Korean market to automate the entire process of algorithmic trading, from strategy build and testing, through to order management and execution. In partnership with Progress Software, we can now ensure traders are able to handle all of their customers’ requests with efficiency, accuracy and speed – a single step that is already revolutionizing the Korean trading market.”

Dr John Bates, founder and vice president, Apama Products, Progress Software, adds:
“Banks around the world are serious about adapting their strategies to gain real benefits from algo trading. By recognising the different elements of trading behaviour in this growth market and customizing our Apama Algorithmic Trading Platform accordingly, Koscom is able to provide a solution that works extremely well and delivers the required results. By adapting to local customs, we are able to deliver a powerful solution for a real market need.”