Capabilities for Emerging Markets Using Progress Apama
LONDON--(Business Wire)--
ING Wholesale Banking and Progress Software Corporation (NASDAQ:
PRGS) announced today at TradeTech 2008 the availability to ING's
customers of a combination of algorithmic trading capabilities and
direct access to emerging European markets. The technology behind the
service uses proprietary algorithms built using the Progress(R)
Apama(R) algorithmic trading platform.
ING Wholesale Banking has gained significant experience in
developing and executing algorithms through its coverage of Benelux
Small and Mid-Caps. These algorithms have been re-engineered to focus
on European markets, in particular Hungary and Poland, and incorporate
a number of innovative features into the execution strategies,
including hybrid cross asset algorithms. These strategies offer
clients competitive advantage for alpha generation through execution
on a rapidly increasing number of developed and emerging markets.
The Progress Apama algorithmic trading platform comprises a suite
of tools for modeling and executing sophisticated trading algorithms.
The Apama platform is powered by a complex event processing (CEP)
engine, enabling trading strategies to detect, analyze, and act on
event patterns in both market and order flow data with extremely low
latency.
As a development tool, ING uses the Apama 'Event Modeler', a
graphical environment for laying out the logic of algorithmic
execution. ING Wholesale Banking also uses the Apama 'Dashboard
Studio' to build a graphically rich front-end to monitor and control
the execution of its algorithms.
Andrew Powell, Head of International Execution & Connectivity at
ING, said: "ING Wholesale Banking is one of very few institutions
currently able to offer clients the combination of highly innovative
algorithm execution and direct access to developed and emerging
markets via our own memberships - yielding them a real competitive
advantage, particularly from our flagship pairs trading system which
hedges FX automatically."
Dr John Bates, founder and general manager, Apama Division,
Progress Software, said: "No matter which market you're looking at,
competitive advantage can be gained by being able to rapidly model,
back test and deploy unique algorithms to capitalize on previously
untapped trading opportunities. Through deployment of its emerging
markets algorithms, ING is offering its clients exciting new trading
opportunities."
For more information about ING Wholesale Banking, please visit
www.ingwholesalebanking.com
For more information about Progress Software and its Apama
algorithmic trading platform, please contact Eb Adeyeri at OCTANE PR
on 020 7802 2662
About ING Wholesale Banking
ING is a global financial institution of Dutch origin offering
banking, insurance and asset management to over 60 million private,
corporate and institutional clients in more than 50 countries. With a
diverse workforce of over 120,000 people, ING comprises a broad
spectrum of prominent companies that increasingly serve their clients
under the ING brand.
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.
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.
Progress Software Corporation
John Stewart, 781-280-4101
jstewart@progress.com
or
LEWIS PR
Claire Rowberry/Dan Gaffney, 617-226-8840
progresssoftware@lewispr.com
or
Progress Software
Rachel Harnden, +44 (0) 1753 216387
rharnden@progress.com
or
OCTANE PR
Matt Humphries / Eb Adeyeri, +44 (0) 207 802 2662
apama@octanepr.com
Copyright Business Wire 2008
