Progress Software Corporation (Nasdaq: PRGS), a global supplier of application infrastructure software used to develop, deploy, integrate and manage business applications, today announced strong growth in the Asia Pacific region, as its âwhite boxâ algorithmic trading solution meets the demands of the regionâs diverse markets for customized, localized algorithmic trading capabilities.
Progress offices in Japan, Korea, Hong Kong, Singapore and Australia are experiencing strong demand for the ProgressÂ® ApamaÂ® Algorithmic Trading Platform, with the Asia Pacific market now representing 20 per cent of the ProgressÂ® worldwide Apama business. The critical importance of supporting local market dynamics, local connectivity, local language and local regulatory requirements of each country are uniquely enabled with the Apama âwhite boxâ solution. The Apama platform allows financial institutions to instantly and continuously analyze, evaluate and act on complex market events in real time for algorithmic trading, risk management, market aggregation and pricing.
Sang Lee, Managing Partner, Aite Group comments: âAlgorithmic trading in Asia Pacific began its development in a similar vein to Europe and North America with an initial focus on equities. Today, however, firms are rapidly adopting techniques that have taken longer to develop in the more established markets. These include the use of algorithms for foreign exchange and cross-asset class trading. As algorithmic trading in Asia continues to evolve, flexible, customizable technology that accounts for the unique characteristics of local markets is essential.â
The Apama white box architecture is ideally suited to the Asia Pacific regionâs diverse markets. In contrast to a âblack boxâ architecture, which requires firms to use pre-built algorithms and market connectivity, the Apama white box approach allows users to customize the behavior of the system based on their knowledge of the market, their different trading techniques, and their desire to differentiate themselves competitively. For example, the Apama Integration Adaptor Framework enables the adjustment of connectivity options to suit individual client needs and the Apama SmartBlocks (flexible components that come with source code and can be plugged into trading strategies) give firms control to alter existing North American or European trading techniques for their local region. In addition, the Apama platform supports the use of Asian characters in the productâs graphical development tools and Business Activity Monitoring (BAM) dashboards, enabling full localization to take place.
Progress has added a number of new Apama clients throughout the region during the past twelve months. Last November Progress announced that leading Korean financial IT vendor, Koscom, had selected the Apama platform for algorithmic trading on the Korea Exchange (KRX). Progress and Koscom also entered into a strategic partnership whereby Koscom is developing a localized version of the Apama platform for distribution, making Apama the first commercial algorithmic trading system available in Korea.
Mark Palmer, Vice President and General Manager, Apama Products, Progress Software, comments: âIn a market where regulation, connectivity, technology and language vary so vastly from one country to the next, the ability to localize trading technology is essential. The only way to truly localize algorithmic trading in Asia is by using a white box approach, which allows firms to capitalize on their knowledge of local markets to create and evolve unique algorithmic trading techniques.â