Progress Apama FX eCommerce solution deployed by Jefferies Bache
First Published 26th June 2012
Liquidity aggregation, pricing and pre-trade risk checks respond to changes in market conditions in real-time
Dr. John Bates, chief technology officer, Progress Software
"Progress Software was the only vendor capable of delivering these critical elements for Jefferies Bache Financial Services, Inc."
Bedford, MA - Progress Software Corporation has announced that FX dealer Jefferies Bache Financial Services has selected and implemented the Progress Apama FX eCommerce solution.
Joe Ziccarelli, chief operating officer, Global Foreign Exchange, Jefferies Bache Financial Services, Inc., noted: "The Progress Apama FX eCommerce solution gives us the flexibility to operate based on our specific FX needs. The openness of the Apama solution enables us to customize our aggregation and eCommerce offerings and easily integrate them with our internal settlement and reporting systems. Additionally, we can respond in real-time to market fluctuations, and provide unique, competitive prices to our clients across multiple products."
Dr. John Bates, chief technology officer, Progress Software, said: "For both spot FX and FX derivatives, Jefferies Bache Financial Services, Inc. required the ability to customize pricing, configure and change spreads as well as skew prices in real-time; moreover, they needed to integrate comprehensive real-time client credit and net position limit controls. The Apama FX eCommerce solution includes an open, customizable architecture, and is delivered with pre-built components with full source code, a development toolkit, complete documentation, and comprehensive test coverage via our bundled regression test framework. Progress Software was the only vendor capable of delivering these critical elements for Jefferies Bache Financial Services, Inc."
The Apama solution's aggregation and smart order routing capabilities support real-time, intelligent hedging and risk management, which scales to high volumes of customer order flow. Other key features of the Jefferies Bache Financial Services, Inc. implementation include:
- Configuration tools: Customize order priority and clip sizes per product and per execution venue, dynamically enforced by the smart-order router;
- Monitoring tools: Stale market data and order rejection venue monitoring, with automatic venue removal from the order book based on data quality and timeliness;
- Automated hedging: Last-look auto-hedging with support for multiple client order types including spot and FX forwards; and
- Post-trade tools: Full audit for customer order flow and venue execution analysis.