Bank of China International Selects Progress Apama to Strengthen Its Algorithmic Trading Platform Capabilities

First Published 9th July 2009

size: 10pt; font-family: 'Arial'">Progress Software Corporation (NASDAQ: PRGS), has announced that BOC International Holdings Limited (BOCI), the wholly owned investment bank of Bank of China, has selected the Progress Apama Algorithmic Trading Platform to strengthen its investment banking infrastructure.

Progress Apama is the market-leading platform for algorithmic trading, enabling financial institutions to instantly and continuously analyse, evaluate and respond to complex market events in real-time for algorithmic trading, risk management, market aggregation and pricing. BOCI, already well-positioned to offer its clients with a wide range of investment banking products and services, will now be able to use their own sophisticated trading algorithms to automatically trade across multiple exchanges.

Stephen Chan, Managing Director, Head of Planning Division, of BOCI said, "We are constantly looking for ways to add value to the products and services we offer our clients and to increase our competitive advantages. By using the Progress Apama algorithmic trading platform, we will be able to further refine our existing trading strategies, optimize market execution, better manage risk and ultimately increase our profitability."

BOCI chose to join the Progress Apama platform with its own trading platform connectivity, to connect to the Stock Exchange of Hong Kong (SEHK) and the Hong Kong Futures Exchange (HKFE). Asset classes traded using Apama include equities, futures, futures indices, warrants and bonds.As a result, BOCI is now able to receive market data concurrently from both SEHK and HKFE and place orders into different sub-markets on these exchanges with low latency, under the control of trading algorithms.

Chan continued, "One of the major attractions of Progress Apama for BOCI is the ease in building custom algorithms quickly using the Progress Apama platform's 'white box' approach. Also, Progress Apama will be used to perform a variety of functions in the front-office, such as back-testing strategies with market data, reporting the performance of these strategies and then applying these strategies in a live market."

John Bates Progress Software
Dr. John Bates,Founder and General Manager of the Apama division of Progress Software: "We are delighted that Bank of China International has selected Progress Apama to strengthen its mission critical CEP-powered algorithmic trading capabilities"

Dr. John Bates, founder and general manager of the Apama division of Progress Software adds: "We are delighted that Bank of China International has selected Progress Apama to strengthen its mission critical CEP-powered algorithmic trading capabilities. The richness of the Apama platform will provide traders with the algorithmic trading tools needed to continuously seek out the right liquidity, develop and execute trading strategies more rapidly than their competitors. This further affirms the market leadership of Apama and strengthens Progress Software's position as a leading provider of advanced software in Asia."

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