Progress Software and BIt Systems to offer new hosted trading services
Published:24-November-2008
By Louise Turner
The service enables BIt Systems ASP community to develop algorithms
Progress Software, a provider of application infrastructure software services, and BIt Systems, a part of the London Stock Exchange Group, have announced that they will join forces to offer customers a range of hosted complex event processing, or CEP, capabilities, such as algorithmic trading and smart order routing, provided by the Progress Apama CEP platform.
Co-operation between Progress Software and BIt Systems - Borsa Italiana's IT company - will allow BIt Systems ASP community to enter remote access to Apama CEP services and develop algorithms with low latency connectivity to Borsa Italiana and other global venues, without the additional cost of developing a platform from scratch, said Progress Software.
Claudio Modenesi, head of ASP services of BIt Systems, said: "Current market conditions and the latest directions introduced by MiFID designate CEP-powered applications, including algorithmic trading and smart order routing, as a core element of our customers' business strategies. The availability of Apama's platform in our ASP hosted environment adds value to our community as a whole."
John Bates, founder and general manager of the Apama division of Progress Software, said: "With the current landscape within capital markets, the ability to customize algorithms effectively can be the difference between the success and failure of a trading strategy. This collaboration will help traders to get the full benefits of the latest tools needed to continuously seek out the right liquidity and develop and execute trading strategies more rapidly than their competitors. The agreement with BIt Systems and access to the ASP community further reaffirms Apama's leadership in delivering mission critical CEP-powered capital markets applications."
