BEDFORD, MA -- (MARKET WIRE) -- 12/14/10 --
Progress Software Corporation (NASDAQ: PRGS), a leading software provider that enables enterprises to be operationally responsive, has announced that PLUS-SX (a London based stock exchange) has deployed the Progress® Apama® Market Surveillance and Monitoring solution accelerator to stay ahead of ever-changing financial regulations. PLUS-SX begins live operations with their Apama solution in December.
By using the Apama Market Surveillance and Monitoring solution accelerator, PLUS-SX can detect suspicious trading patterns in real-time. These suspicious trading patterns can often be a result of illegal activities such as insider trading, front running, and rogue algorithms, which helped trigger a 'Flash Crash' earlier this year.
Tony Harrop, CTO at PLUS-SX, said: "These days, with continuously changing markets and regulations, exchanges require technologies with the flexibility to rapidly adjust to new regulatory regimes. PLUS-SX is committed to differentiating itself with its compliance strategy. The Apama Progress Market Surveillance and Monitoring solution accelerator provides us with the best tools available to adapt to future changes in regulation."
To upgrade its surveillance capabilities from SMARTS, the incumbent supplier, the Exchange evaluated a number of 'off-the-shelf' market surveillance applications and complex event processing (CEP) products from several vendors before selecting the Apama solution. PLUS-SX also selected Progress Software so it could be more responsive to changing regulations, and as part of a cost reduction and efficiency program.
Harrop added: "We wanted to find a trade monitoring platform that provided us with a continuous, real-time view of client activity across the exchange and allow us to manage increased trade demands more efficiently."
Dr. John Bates, Progress Software's CTO, commented: "In these challenging times of changing regulation, both market participants and the markets themselves must demonstrate that they can keep up to speed with changing regulations."
Bates continued: "PLUS-SX has created a world-class system that meets the needs of the impending regulatory restructure of the UK's financial services sector. The FSA, and its successor organizations, will be stepping up their capacity to gather and analyze intelligence from external sources, giving the real-time visibility and upgraded insight they need to be a robust player. The Progress Apama Market Surveillance and Monitoring accelerator provides PLUS-SX with the performance and flexibility to adapt to regulatory changes and realize the efficiency savings they are looking for."
About PLUS-SX
The PLUS Stock Exchange ("PLUS-SX") is a London-based stock exchange providing cash trading and listing services. We provide UK and international companies with a range of markets through fully listed and growth markets to access capital. Our growth market offers cost-effective access to equity finance for businesses that are seeking the first step onto a public market in a global financial centre. This market is supported by a quote-driven trading platform ensuring that two-way prices are available at all times, and is the price formation venue for these traded growth securities.
PLUS-SX also supports the execution of retail flow across a wide range of UK and European securities. Retail investors trading via our retail service providers benefit from best execution and low transaction costs. The key benefits of trading on PLUS are immediacy of trading, single execution fill, price improvement on the primary best bid and offer and commitment in size for illiquid securities.
About Progress Software Corporation
Progress Software Corporation (NASDAQ: PRGS) is a global software company that enables enterprises to be operationally responsive to changing conditions and customer interactions as they occur -- to capitalize on new opportunities, drive greater efficiencies and reduce risk. The company offers a comprehensive portfolio of best-in-class infrastructure software spanning event-driven visibility and real-time response, open integration, data access and integration, and application development and deployment -- all supporting on-premises and SaaS/Cloud deployments. Progress maximizes the benefits of operational responsiveness while minimizing IT complexity and total cost of ownership. Progress can be reached at
www.progress.com or +1-781-280-4000.
Progress is a trademark or registered trademark of Progress Software Corporation or one of its subsidiaries or affiliates in the U.S. and other countries. Any other trademarks contained herein are the property of their respective owners.
Lisa Coulouris
Progress Software Corporation
+1(781) 280-4995
lcoulour@progress.com
Erica Orthmann
LEWIS PR
+1(617) 226-8840
progress@lewispr.com
Source: Progress Software
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