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Progress Software enters India's capital mkt

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CIOL Bureau
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BANGALORE, INDIA: Progress Software Corporation, a provider of application infrastructure software for the development, deployment, integration and management of business applications, announced on Tuesday its expansion into India’s capital market through a strategic partnership with Financial Technologies (India) Ltd, a provider of exchange , brokerage and messaging solutions.

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A company release said the move comes in response to the wealth of new opportunities for electronic trading, risk management and surveillance as these capital markets develop and grow.

As per the strategic partnership, Financial Technologies will market the Progress Apama Capital Markets Framework, a set of capabilities for capital markets trading, said the release.

Based on the Apama Complex Event Processing (CEP) Platform, the Apama Capital Markets Framework includes the Apama Algorithmic Trading Accelerator and the new Apama Risk FirewallTM, which offers support for real-time market risk management within trading applications.

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Dr. John Bates, co-founder and general manager of the Apama Division of Progress Software said this partnership with Financial Technologies signifies a key milestone in the company's expansion in global capital markets.

“Through this partnership, we will be able to leverage Financial Technologies’ well-established access to more than eighty percent of the Indian brokerage and institutional market,” he added.

Dewang Neralla, director, technology of Financial Technologies said technology for the financial markets is going through a rapid shift.

“With automation in exchanges and order management systems, brokerage houses are in need of automating their order flows for algorithmic trading through complex event processing engines, which can generate orders based on thousands of changing parameters with millisecond latency,” he observed.

John Bates said Progress Apama has a significant client base around the world in banks, hedge funds, trading venues and regulators – including firms such as JP Morgan, ING, Bank of China, Deutsche Bank, NYSE Euronext, Turquoise, and the FSA (Financial Services Authority).