UniCredit Chooses Progress Apama for FX Aggregation
LONDON--(BUSINESS WIRE)--Jun. 23, 2009--
Progress
Software Corporation (NASDAQ: PRGS), a global supplier of
application infrastructure software used to develop, deploy, integrate
and manage business applications, today announced that
UniCredit is live
with the Progress® Apama® FX Aggregation Accelerator for its FX desks.
UniCredit’s FX traders are now using the Progress Apama platform along
with its customized dashboards to connect to a number of liquidity
venues and gain an aggregated view of liquidity in the FX market.
In addition to using the Apama FX Aggregator to get a single unified
view of the fragmented global FX market place, UniCredit’s FX traders
are harnessing the power of the FX Aggregation Accelerator to publish FX
prices to its eFX downstream channels.
As a key part of UniCredit’s strategy to enhance its FX offering for
both internal users and external clients, it chose the Progress Apama
product because of its experience in the FX market, out-of-the-box FX
capabilities, rich tooling to enable rapid strategy customization and
the strong reputation of its core complex event processing (CEP)
platform.
Xavier Alexandre, UniCredit’s global head of e-commerce said, “The FX
market is a strong growth area for us and one in which we plan to make
giant strides. Progress Apama technology has delivered value to
UniCredit in addition to benefits such as its ability to provide access
to broader, deeper liquidity and better fill rates; it also provided
versatile and customizable solution when it came to price publishing.”
The Apama implementation is now running across UniCredit FX desks in
London with plans to extend this to New York and Hong Kong. Traders will
be able to parameterize these algorithms in order to make rapid trading
decisions and enhance their profitability.
Dr. John Bates, founder and general manager, Apama division of Progress
Software Corporation, commented, “Over the last two years, Foreign
Exchange market fragmentation has increased with the creation of new FX
trading venues. The drive of algorithmic trading continues to influence
FX and its growing popularity created a need for greater algorithm
differentiation in the face of intensifying competition. We have seen
tremendous interest in our FX aggregator from a large number of firms
who, like UniCredit, can have a single, yet customizable view of the
entire fragmented market. With Apama technology, they can meet their
business goals of access to deeper liquidity from multiple ECNs, gain a
single market view accessible on one trading screen, achieve better fill
rates and ultimately a more profitable and efficient business.”
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 Corporation
Lisa Coulouris, 781-280-4995
lcoulour@progress.com
or
Rachel
Harnden, (44) 7785 285551
rharnden@progress.com
or
OCTANE
PR
Eb Adeyeri, (44) 2078 022626
apama@octanepr.com
