Progress(R) Apama(R) Expands Capital Markets Footprint in IndiaBEDFORD, Mass.--(BUSINESS WIRE)--Jun. 15, 2009--
Progress
Software Corporation (NASDAQ: PRGS), a global provider of
application infrastructure software used to develop, deploy, integrate
and manage business, today announced its expansion into India’s
Capital
Markets through a strategic partnership with
Financial Technologies
(India) Ltd., a global leader in new generation tech-centric financial
markets. The move comes in response to the wealth of new opportunities
for electronic trading, risk management and surveillance as these
capital markets develop and grow.
Financial Technologies is the pioneer in introducing end-to-end
straight-through-processing (STP) solution that supports high-density
transactions for the equity, forex, commodity and derivatives markets.
It covers all stages of a trade life cycle – pre-trade, trade, and
post-trade – to deliver single-point transaction fulfillment.
Financial Technologies will market the Progress®
Apama®
Capital Markets Framework, a powerful set of capabilities for
capital markets trading, in India. Based on the Apama
Complex Event Processing (CEP) Platform, the Apama Capital Markets
Framework includes the Apama Algorithmic Trading Accelerator and the new
Apama Risk FirewallTM, which offers support for real-time
market risk management within trading applications.
Dr. John Bates, co-founder and general manager of the Apama Division of
Progress Software said, “Our partnership with Financial Technologies
signifies a key milestone in our expansion in global Capital Markets. In
India, the Capital Markets segment is very dynamic and, with the
introduction of direct market access almost 12 months ago, an exciting
market where new demand is high for sophisticated and advanced trading
technologies. Through this partnership, we will be able to leverage
Financial Technologies’ well-established access to more than 80 percent
of the Indian brokerage and institutional market. We look forward to a
long and fruitful relationship with Financial Technologies.”
Dewang Neralla, director, technology of Financial Technologies said,
“Technology for the financial markets is going through a rapid shift.
With automation in exchanges and order management systems, brokerage
houses are in need of automating their order flows for algorithmic
trading through complex event processing engines, which can generate
orders based on thousands of changing parameters with millisecond
latency. We are delighted to partner with Progress, a world leader in
Complex Event Processing technology. This will complement our portfolio
of solutions to brokerage houses, which includes our flagship order
management system, ODIN, as well as back-office tools.”
Dr. John Bates continued: “Progress Apama has a significant client base
around the world in banks, hedge funds, trading venues and regulators –
including firms such as JP Morgan, ING, Bank of China, Deutsche Bank,
NYSE Euronext, Turquoise, and the FSA (Financial Services Authority).
Apama has demonstrated the power of its CEP platform to empower multi
solutions in Algorithmic Trading, Market Aggregation, Market
Surveillance, Pricing, and Smart Order Routing through its ‘Solution
Accelerators’ model. Our growing customer base is evidence of how our
approach is serving the market, and we very much look forward to working
with Financial Technologies to take our solutions into the Indian
market.”
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 sub-millisecond latency
trading, risk and compliance. In a recent analysis by IDC, (within a
report titled ‘Complex Event Processing (CEP) – Opportunity
Analysis and Assessment of Key Products’), the Apama platform achieved
the highest cumulative scores in a comparison that included CEP products
from several other vendors. The Apama platform was the only product to
receive IDC’s highest ranking in three of the five categories. The
report confirms the Apama product position as a CEP market leader and
highlights superior overall performance, functionality, and market
penetration.
About Progress Software
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 in Asia can be reached at www.progress.com/asia.
About Financial Technologies (India) Ltd (www.ftindia.com)
(NSE: FINANTECH, BSE: FlNTECH, Bloomberg: FTECH IN)
Financial Technologies India Ltd (FTIL), www.ftindia.com
the flagship company of the Financial Technologies Group, is among the
global leaders in offering technology IP and domain expertise in
creating next generation financial markets (exchanges) across all assets
class including equities, commodities, currency, and debt. FTIL Group
currently owns and operates 10 national and international exchanges
spanning markets from Africa to Middle East, India and South East Asia.
It owns and operates six ecosystem ventures to support and complement
the exchange businesses.
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 or service marks
contained herein are the property of their respective owners.
Source: Progress Software Corporation
Progress Software
Jezmynn Koh, (65) 6303 5013
jkoh@progress.com
or
Progress
Software
Lisa Coulouris, 781-280-4995
lcoulour@progress.com
or
LEWIS
PR
Dan Gaffney, 617-226-8844
progresssoftware@lewispr.com
