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Korea・s Leading Investment & Securities Becomes First to Offer Algorithmic Trading Through Progress(R) Apama(R)
Wed 16 Jul 2008 04:43 am filed by XPRN - Business
SINGAPORE, July 16 /Xinhua-PRNewswire/ -- Progress Software Corporation (Nasdaq: PRGS), a provider of application infrastructure software to develop, deploy, integrate and manage business applications, today announced that Korea・s Leading Investment & Securities (Leading) has become the country・s first Korean-based securities firm to provide algorithmic trading capability to its international clients through its adoption of Progress(R) Apama(R).
Progress(R) Apama(R), the leading platform for algorithmic trading and other event-driven applications in capital markets, puts control in the hands of traders who can create, deploy, and monitor differentiated trading strategies that offer real advantage in today・s financial markets.
"We are delighted that Leading has selected Apama as a platform to offer algorithmic trading to its international clients. This demonstrates that sell-side securities firms are serious about meeting their customers・ complicated and diverse needs in a rapidly changing financial market," said Eric Lim, managing director, Asia, of Progress Software.
Leading・s sell-side brokers will now leverage Apama・s flexibility to empower proprietary desks to deploy new trading scenarios, ensure that its algorithms offer competitive advantage over others in the market, and meet the fluctuating needs of it・s clients.
"In line with the evolution of trading execution globally, the responsibility of manual trade execution previously performed by our traders will wane and be replaced by continuous monitoring of our clients・ orders, maintenance and updating of the algorithmic trading platform to meet their demands," said Daniel D Kim, head of foreign institutional sales at Leading.
"We always strive to provide the best execution solutions for our clients by looking at things from their perspectives and anticipating their needs. With the rapid growth of algorithmic trading, we simply wouldn・t be able to best serve our clients without keeping abreast of IT developments and ensuring buy-side needs," added Kim. "We feel that best price execution with minimal market impact, anonymity, low latency, low maintenance, and low commission are in line with our clients・ priorities and our investment in Progress Apama will help ensure we meet those expectations," continued Kim.
Leading purchased the Apama Algorithmic Trading Platform with Reuters and QFIX Adapters through Koscom, a professional financial IT solutions firm, which since its establishment in 1977, has led the development of the Korea securities and futures market through providing IT infrastructure.
With Koscom providing all the necessary connectivity for the Korean market, and Progress Apama providing the technology platform, Leading will now develop proprietary algorithmic trading and offer it to its institutional clients to trade in the Korean market.
"We compared eight different platforms over a three month period but finally selected Progress Apama because it surpassed all the others in many aspects," said Kim. "For example, it offers the ability to customize basic algorithms like VWAP, TWAP, and Iceberg. Also, our clients have the flexibility to write their proprietary algorithms in either GUI or standard code-both these factors were crucial to our decision," explained Kim.
Another advantage, according to Kim, is that the other platforms considered are "black box" solutions, whereas Apama is a "white box" solution, allowing the client almost full control of his strategy from creation, testing, to implementation.
"We are also able to provide complete anonymity of algorithm strategy and segregation between clients. This is a must, considering ever increasing market efficiency is compelling clients to demand greater secrecy to maintain their competitive edge," concluded Kim.
Established by the Ministry of Finance and the Korea Stock Exchange in 1977 to computerize the securities markets and related industries systems, Koscom has led the development of the Korea securities and futures market through providing IT infrastructure. Its selection of the Progress(R) Apama(R) Algorithmic Trading Platform has enabled algorithmic trading on the Korea Exchange (KRX). In addition, Progress and Koscom have entered into a strategic partnership where Koscom will develop a localized version of the Apama platform for distribution in Asia. This partnership makes the Apama platform the first commercial algorithmic trading system available in Korea.
About Progress Software
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. More than 1,000 customers and partners in Asia depend on Progress Software for their technology and the provision of top-quality business solutions. Progress can be reached at http://www.progress.com/asia .
About Leading Investment & Securities
Leading Investment & Securities (Leading) is a pioneer in Korean Securities. Leading, a sell-side brokerage firm, was established in March 2000 to meet the evolution of capital market globalization. Since May 2002, Leading has been providing brokerage services for equities of the China, HK, US, Japan, Indonesia, Vietnam and London markets in Korea, and is continuously expanding to other markets.
Leading focuses on online solutions in place of high cost branch offices to deliver exceptional value to its customers. Through Leading・s Global Trading System, Home Trading System and Online Fund Mall, customers will find overseas equities, Korean equities and derivatives very accessible anytime, anywhere. For more information, please visit: http://www.leading.co.kr .
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.