Progress Announces Launch of Apama-Based PowerAlgo
First Commercially-Available, Localized Algorithmic Trading Platform in Korea
BEDFORD, Mass., U.S.A and SEOUL, Korea, (BUSINESS WIRE)
06-Jun-2007
Progress Software Corporation (NASDAQ: PRGS), a global supplier of application infrastructure software used to develop, deploy, integrate and manage business applications, and Korean financial IT vendor, Koscom, today announced the launch of 'PowerAlgo', a Korean-language version of the Progress(R) Apama(R) Algorithmic Trading Platform. PowerAlgo, the first commercially-available algorithmic trading platform in Korea, is seamlessly integrated with Koscom's existing Order Management System to enable customers to algorithmically and automatically trade equities, futures and options on the Korean Exchange (KRX).
This next-generation Apama Algorithmic Trading platform enables financial institutions to instantly and continuously analyze, evaluate and respond to complex market events in real-time for algorithmic trading, risk management, market aggregation and pricing. PowerAlgo, which incorporates Korean characters in the Apama graphical development tools and Business Activity Monitoring (BAM) dashboards, enables Koscom's buy- and sell-side customers to compose, deploy and manage algorithmic trading strategies on the fly in their own language. Firms are able to trade multiple assets within the same strategy and significantly reduce development and deployment time.
Apama products have been tailored to meet local requirements. For example, a direct market data feed adapter provides access to the Korean Stock Exchange (KRX)'s real-time, market data. Additionally, a special adapter has been included to ensure smooth integration with Koscom's third-party Order Management System.
Lee Jong Kyu, chief executive officer, Koscom, comments: "We have seen increasing demand in the Korean market to automate the entire process of algorithmic trading, from strategy build and testing, through to order management and execution. In partnership with Progress Software, we can now ensure traders are able to handle all of their customers' requests with efficiency, accuracy and speed - a single step that is already revolutionizing the Korean trading market".
Dr John Bates, founder and vice president, Apama Products, Progress Software, adds:
"Banks around the world are serious about adapting their strategies to gain real benefits from algo trading. By recognizing the different elements of trading behavior in this growth market and customizing our Apama Algorithmic Trading Platform accordingly, Koscom is able to provide a solution that works extremely well and delivers the required results. By adapting to local customs, we are able to deliver a powerful solution for a real market need."
About Progress Software Corporation
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 can be reached at www.progress.com or +1-781-280-4000.
About Koscom
http://english.koscom.co.kr
In 1977, Koscom was established by the Ministry of Finance and the Korea Stock Exchange to computerize the securities markets and related industries systems. Since its foundation, Koscom, as a professional Financial IT solution firm, has led the development of the Korea securities and futures market through providing IT infrastructure.
With Koscom's effort to promote the efficiency and development of individual IT systems, the company played a significant role in strengthening the 'value chain' of the securities and futures markets by building the organic system linkage between the securities and futures markets and related industries. With such effort, Koscom has dedicated itself to intensifying the international competitiveness and growth of the Korea securities and futures market.
With advanced IT infrastructures and accumulated experiences, Koscom takes its role seriously as the unique IT solution provider by offering a cutting-edge technology. Koscom is proud to be the guiding model of a professional IT infrastructure provider in domestic and international market. 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
John Stewart
Progress Software
+1 781-280-4101
jstewart@progress.com
or
Claire Rowberry
LEWIS PR
+1 617-226-8841
progress@lewispr.com
