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July 16th, 2008 - Progress Software Corporation has announced that Koreas Leading Investment & Securities (Leading) has become the countrys first Korean-based securities firm to provide algorithmic trading capability to its international clients through its adoption of Progress Apama
Korea’s Leading Investment & Securities Becomes First to Offer Algorithmic Trading Through Progress Apama
Eric Lim, MD, Asia, Progress Software: "We are delighted that Leading has selected Apama as a platform to offer algorithmic trading to its international clients. This demonstrates that sell-side securities firms are serious about meeting their customers complicated and diverse needs in a rapidly changing financial market."
"We are delighted that Leading has selected Apama as a platform to offer algorithmic trading to its international clients. This demonstrates that sell-side securities firms are serious about meeting their customers complicated and diverse needs in a rapidly changing financial market." said Eric Lim, managing director, Asia, of Progress Software.
Leadings sell-side brokers will now leverage Apamas flexibility to empower proprietary desks to deploy new trading scenarios, ensure that its algorithms offer competitive advantage over others in the market, and meet the fluctuating needs of its clients. "In line with the evolution of trading execution globally, the responsibility of manual trade execution previously performed by our traders will wane and be replaced by continuous monitoring of our clients orders, maintenance and updating of the algorithmic trading platform to meet their demands." said Daniel D Kim, head of foreign institutional sales at Leading.
"We always strive to provide the best execution solutions for our clients by looking at things from their perspectives and anticipating their needs. With the rapid growth of algorithmic trading, we simply wouldnt be able to best serve our clients without keeping abreast of IT developments and ensuring buy-side needs," added Kim. "We feel that best price execution with minimal market impact, anonymity, low latency, low maintenance, and low commission are in line with our clients priorities and our investment in Progress Apama will help ensure we meet those expectations," continued Kim.
With Koscom providing all the necessary connectivity for the Korean market, and Progress Apama providing the technology platform, Leading will now develop proprietary algorithmic trading and offer it to its institutional clients to trade in the Korean market.
"We compared eight different platforms over a three month period but finally selected Progress Apama because it surpassed all the others in many aspects," said Kim. "For example, it offers the ability to customize basic algorithms like VWAP, TWAP, and Iceberg. Also, our clients have the flexibility to write their proprietary algorithms in either GUI or standard code-both these factors were crucial to our decision," explained Kim.
Another advantage, according to Kim, is that the other platforms considered are "black box" solutions, whereas Apama is a "white box" solution, allowing the client almost full control of his strategy from creation, testing, to implementation.
"We are also able to provide complete anonymity of algorithm strategy and segregation between clients. This is a must, considering ever increasing market efficiency is compelling clients to demand greater secrecy to maintain their competitive edge," concluded Kim.
