HG TRADING DEPLOYS PROGRESS SOFTWARE’S APAMA PLATFORM FOR COMPETITIVE EDGE IN ALGORITHMIC TRADING

Bedford, Mass. - 4 October 2006

US Hedge Fund Selects Progress® Apama® Algorithmic Trading Platform to Rapidly Develop and Deploy Unique Algorithmic Strategies

Progress Software Corporation (NASDAQ: PRGS), a provider of leading application infrastructure software to develop, deploy, integrate and manage business applications, today announced that US hedge fund HG Trading has implemented the Progress® Apama® Algorithmic Trading Platform for its trading operations. HG Trading has implemented the Apama platform for equities trading and plans to extend its use into other asset classes, including futures and options.

The Apama platform allows firms to instantly analyze, evaluate and respond to market events in real time. With the Apama platform, firms can rapidly develop and test their own unique strategies for deployment in hours, rather than days or weeks.

Lou Morgan, Managing Director, HG Trading, comments: “Today’s markets are constantly changing, so the ability to quickly modify trading strategies is vital. With the Apama platform we can quickly implement changes without creating headaches for our IT department. The Apama platform really bridges the gap between the business and technology side of our organization.”

HG Trading has installed the Apama platform on its premises with connection to its Chicago-based broker for FIX-based routing of orders to the market. Its deployment of the technology followed an extensive ‘proof of concept’ evaluation. Leveraging the highly scalable Apama platform, HG Trading can execute many different trading strategies simultaneously, for optimal flexibility and performance. The Apama Correlator complex event processing engine tracks in-bound market data and seeks out trading patterns. Based on the strategy specified by the trader, the Apama event processing engine takes action automatically when an opportunity is detected. With the Apama graphically-rich dashboards, traders can monitor both market conditions and algorithmic execution in real time, to quickly identify strategies that need to be modified or replaced.

Morgan continues: “The Apama graphical environment allows changes to be made without a cumbersome process for testing. Using the Apama platform we can develop an application in days, without having to code, re-test and debug. The Apama platform allows the sophisticated trader to take control of their trading destiny, while preserving the integrity of the development process.”

Dr. John Bates, Founder and Vice President, Apama Products, Progress Software, comments: “Apama products have enjoyed significant success this year with buy-side clients, with firms such as HG Trading continuing to affirm the Apama product value proposition. As algorithmic trading enters the mainstream, forward-thinking players are seeking a platform that offers the freedom to develop unique trading strategies, rather than the ‘factory fitted’ algorithms that are increasingly commoditized. Tailored, flexible algorithmic strategies are the way of the future for the hedge fund community. We look forward to working with HG Trading as it continues to develop its algorithmic vision in this competitive market.”

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