Progress Software, a provider of application infrastructure software used to develop, deploy, integrate and manage business applications, has announced the launch of the Progress Apama Sma
Progress Software, a provider of application infrastructure software used to develop, deploy, integrate and manage business applications, has announced the launch of the Progress Apama Smart Order Router Accelerator, designed to help traders monitor and select trade execution venues and comply with the requirements of MiFID and Reg NMS.
The product enables traders to create proprietary order-routing strategies that intelligently select execution venues from among a variety of exchanges, multilateral trading facilities and dark liquidity pools.
The Smart Order Router Accelerator aims to help both sell-side and buy-side firms address the stringent and complex regulatory demands for best execution enshrined in the European Union’s Markets in Financial Instruments Directive and Reg NMS in the US.
Built on a complex event-processing platform, the Accelerator comprises a set of customer-selectable integration adapters, configurable order-routing logic and trade monitoring dashboards. The combination of these components ‘accelerates’ the creation and deployment of unique smart-order routing applications that exploit the functionality of the Apama platform.
The rapid application development environment enables institutions to deploy unique trading strategies, Progress says. With its graphically rich, user-friendly dashboard, integration framework and event database, the platform is designed to offer a comprehensive environment for building high-frequency algorithmic solutions.
The Accelerator extends Apama’s aim to empower traders to cope with increasingly fragmented equities markets by creating aggregated views of market liquidity and low-latency trading algorithms that make real-time order-routing decisions.
‘Smart order-routing is a critical component for trading in markets that must comply with regulatory requirements such as MiFID and Reg NMS,’ says John Bates, founder and vice-president of Apama Products at Progress Software. ‘Our Accelerator is already helping numerous firms apply the strengths of the Apama platform to the challenges of best execution.
‘Banking institutions are choosing Apama to create their own unique approach to best execution applications that address the increasing diversity and the distinct characteristics (including transaction costs) of various exchanges, multilateral trading facilities, crossing networks and related venues. They now have the tools to keep pace with the changing environment and to differentiate their offerings.’
The Smart Order Router Accelerator seeks to help sell-side and buy-side firms trade profitably in markets where liquidity is becoming more and more fragmented. Progress Software previously launched the FX Market Aggregation Accelerator to help foreign exchange traders get a comprehensive view of diverse liquidity and trade using a variety of customisable market-taking and market-making algorithms.
