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Cold, snow, and crossing boundaries of all kinds turned out
to be the theme for the week of January 26th.
One such boundary crossing is cross-asset trading, where counter-party
risk can leave traders out in the cold, fast. Cross-asset trading, especially including
multi-legged trades with multiple counterparties, produces very high risk and complicated
risk calculations. Multi-legged trading requires
constant data updates to monitor each trade’s lifecycle and the firm’s
corresponding risk exposure.
Technology landed on subscriber’s desks on January 26th, with a
special report on “Laying
the Cornerstone for Cross-Asset Trading.”
In the report, business leaders including John Bates,
founder and general manager of Progress Apama, discussed the common hurdles in
deploying cross-asset trading platforms.
I thought about those deployments as I crossed a number of boundaries
I attended the annual Progress Software Analyst Day event in
cold, snowy, Boston on the 29th. A global
representation of customers spoke to industry analysts
about their use of Progress products like Apama to solve business problems. We were far away from the World
Economic Forum in Davos, Switzerland, also running the same week, where
news coverage featured the cold, the snow, global economic crisis, and an
admission price of over USD 50,000 per person.
interviewed Thomas L. Friedman, who talked about investment in technology
and business innovating its way out of crisis.
The DWT special
report participants spoke more accessibly about how close capital markets firms
are to deploying truly cross-asset trading platforms with advanced capabilities
such as multi-leg trades. But the Apama consultants operate where the rubber really
meets the road. Some of them had come to
the cold, snowy, greater Boston area from around the world for a week’s work too.
I visited some of their meetings for a detailed discussion of how Apama is
used in the field. Here are some real
world experiences that they have had, helping customers create cross-asset
trading applications with Apama:
Friedman’s comments in the CNBC/Davos interview were more
around broad notions of innovation - like new energy technologies - than
cross-asset trading, but taken generally I have to agree. There’s innovation happening in our industry
every day, and this activity will be an essential part of economic recovery. I just hope the jet-set attendees found Davos
worth the price.
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