Finabank Offers Tailor-Made Trading Strategies with Progress Apama Algorithmic Trading Accelerator
BEDFORD, Mass.--(BUSINESS WIRE)--May. 12, 2009--
Progress
Software Corporation (NASDAQ: PRGS), a global provider of
application infrastructure software used to develop, deploy, integrate
and manage business applications, today announced that Finabank
Corretora de Títulos e Valores Mobiliários (Finabank) has deployed the
Progress®
Apama® Algorithmic Trading Accelerator to supply its buy-side
clients with a new platform for alpha-seeking, statistical arbitrage
trading strategies and low latency trading execution. Finabank clients
will use the Progress Apama platform to trade on Brazil’s BM&F Bovespa,
the São
Paulo Equities and Futures Exchange.
The Progress Apama Accelerator platform, which is a critical component
within Finabank’s automation strategy, enables the firm to create
customized algorithms that are unique to each client, using market data
from Reuters and Activ Financial together with FIX connectivity for
trade execution. Finabank offers the support of mathematicians, traders,
and business analysts who can aid clients in the design of their
electronic trading models. Additionally, Finabank will make the Apama
Event Modeler™, a business-oriented graphical development
environment, available to clients so that they can create and run their
own trading strategies. In both situations, Finabank clients can quickly
get ahead of their competition through the use of personalized trading
algorithms.
Before adopting the Apama platform, Finabank generated approximately
fifty thousand orders a day. The ability to increase current trading
capacity was an important factor in Finabank’s decision-making process
as it evaluated different technology platforms. Using the Progress Apama
Accelerator platform, the firm now has the capacity to place more than
five million orders a day – a hundred-fold increase in trading capacity.
Wagner Marcelo Monteiro Borges, director of Finabank, said, “The ability
to trade in such magnitudes and monitor all transactions in real-time
will substantially increase a trader’s competitive edge, while
increasing the ability to manage the risks inherent in electronic
trading.”
Borges noted, “The availability of the Apama electronic trading platform
at a very affordable cost, and the results that are intrinsic to this
type of tool, is another competitive differentiator that we offer our
clients. It frees them from having to invest in software, development
and system maintenance.”
According to Borges, Finabank’s choice of the Apama platform was based
on its outstanding sophistication and speed, combined with its ease of
use and customization features that were not found in other platforms.
Dr. John Bates, co-founder and general manager of the Apama Division of
Progress Software, said, “Adoption of the Apama platform places Finabank
among the leaders in Latin America. We see growing interest in
algorithmic trading and other high frequency applications in this
region. Firms like Finabank illustrate the value of the combination of
performance and highly customizable algorithmic models of the Apama
platform. We are excited to partner with Finabank in the support of the
company’s automated trading initiatives.”
As the leading platform for high velocity Capital Markets applications,
the Progress Apama platform is a comprehensive system for building
sophisticated multi-asset applications for low latency trading, risk and
compliance. With its combination of development ease and deployment
power, Apama is unmatched in the industry. It is deployed by
international firms like JP Morgan, Deutsche Bank, ING and Bank of
China, as well as regulators like the UK Financial Services Authority
(FSA) and trading platforms like Turquoise.
About Finabank
Finabank began its activities in February of 1993 as a brokerage firm on
the Commodities and Futures Exchange BM&F. In May of 1994, it expanded
its sphere of action, commencing operations in the financial market as
well, having been authorized by the Central Bank of Brazil to establish
itself as a financial institution engaged in securities trading. In
1996, its corporate name was once again altered when it became a foreign
exchange and securities broker (in Portuguese, a “Corretora de Câmbio,
Títulos e Valores Mobiliários”).
Since then, Finabank has been consolidating its participation in the
Variable Income, Open Market, Futures, Derivatives and Privatization
Currencies markets, devoting itself exclusively to what it does best:
intermediating trades for its clients.
About Progress Software Corporation
Progress Software Corporation (NASDAQ: PRGS) provides application
infrastructure software for the development, deployment, integration and
management of business applications. Our goal is to maximize the
benefits of information technology while minimizing its complexity and
total cost of ownership. Progress can be reached at www.progress.com
or +1-781-280-4000.
Progress and Apama are trademarks or registered trademarks of Progress
Software Corporation or one of its affiliates or subsidiaries in the
U.S. and other countries. Any other trademarks contained herein are the
property of their respective owners.
Source: Progress Software Corporation
Progress Software
Lisa Coulouris, +1 781-280-4995
lcoulour@progress.com
or
LEWIS
PR
Dan Gaffney, +1 617-226-8844
progresssoftware@lewispr.com
