LONDON - (Business Wire)
Progress Software Corporation (NASDAQ: PRGS) and BIt Systems, part of the London Stock Exchange Group, today announced that they will join forces to offer customers a range of hosted
complex event processing (CEP) capabilities, such as
algorithmic trading and smart order routing, provided by the
Progress® Apama® CEP platform.
Cooperation between Progress Software and BIt Systems - Borsa Italiana’s IT company and part of the London Stock Exchange Group - will allow BIt Systems ASP community to enter remote access to Apama CEP services and give them the ability and means to develop their own algorithms with low latency connectivity to Borsa Italiana and other global venues, without the additional cost of developing a platform from scratch.
BIt Systems provides its services to customers from its data centers located in London, Frankfurt, Milan and Rome, and - besides connectivity to all of the major European exchanges - it offers links to CME, Chi-X, e-MID, Hi-MTF and TLX.
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.”
Dr. John Bates, founder and general manager of the Apama division of Progress Software, adds, “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.”
Progress Apama will be present at the “BIt Systems - ASP Community EXPO 2008”, which will be held in Milan, at Palazzo Mezzanotte, on November 25th, 2008.
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.
BIt Systems is the IT Company of Borsa Italiana, London Stock Exchange Group. The Company is responsible for the management, maintenance and development of the Group's information systems. It also provides Project Management and Systems Integration services to private and public operators, financial institutions and to the exchange industry, for the development and management of applications. More information is available on www.bitsystems.it.
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 contained herein are the property of their respective owners.
Progress Software Corporation
Lisa Coulouris, 781-280-4995
lcoulour@progress.com
or
LEWIS PR
Dan Gaffney, 617-226-8840
progresssoftware@lewispr.com
