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Progress Apama To Deliver Co-Located Algorithmic Execution on BGC’s Fixed Income and Futures Markets

Hosted Apama® CEP Platform offers off-the-shelf low latency, alpha seeking trading

BEDFORD, MA - March 11, 2009

Progress Software Corporation (NASDAQ: PRGS), a global provider of application infrastructure software used to develop, deploy, integrate and manage business applications, and BGC Partners, Inc. (NASDAQ: BGCP), a leading global inter-dealer broker of financial instruments today announced Progress® Apama® intends to offer automated trade execution to BGC’s fixed income and futures markets. A hosted version of the Apama Algorithmic Trading Platform, to be co-located in New Jersey with the eSpeed® Fixed Income trading platform offered by BGC Partners, Inc., will provide cost-effective algorithmic trading capabilities to fixed income and futures traders. Traders will now be able to automate their trading strategies quickly, with minimal up-front investment of time and resources.

The hosted Apama solution will deliver a number of advantages for traders, including:
1. The creation of algorithmic applications enabling traders to quickly build alpha-seeking algorithms and help them maximize their return on investment.

2. The inclusion of sample spread trading algorithms for statistical arbitrage enabling traders to rapidly automate trade executions and customize the core-trading platform so that they create their own unique strategies.

The Apama Algorithmic Trading Accelerator solution can grow to support a firm’s evolving trading strategies as it differentiates its algorithmic execution styles for competitive advantage.

The Progress Apama Algorithmic Trading Accelerator enables firms to quickly develop and deploy proprietary algorithmic techniques, achieving a dramatic advantage over commoditized “black box” offerings. With the Apama “white box” platform, buy-side and sell-side firms can rapidly develop and execute differentiated strategies leveraging their own intellectual property. The collocated Apama Algorithmic Trading Accelerator leverages BGC’s eSpeed technology and exploits the key strengths in the underlying Apama platform.
The Apama platform is the Capital Markets’ leading CEP platform, supporting a range of applications that include algorithmic trading, market aggregation, smart order routing, pricing and market surveillance. It is deployed by major firms like JP Morgan, Deutsche Bank, ING and Bank of China, as well as regulators like the British Financial Services Authority and exchanges like Turquoise.

Executive quote

Dr. John Bates, founder and general manager, Apama division of Progress Software, commented: “We are seeing the world of algorithmic trading expand before our very eyes. Hosted platforms, such as the one we’ve developed for BGC markets, mean that automated trade execution is available to a wider audience. With this solution, we are empowering firms of all sizes to make their mark with customized algorithmic trading strategies.”

Customer quote

Philip Norton, executive managing director, e-Commerce at BGC Partners. Inc., said: “In light of the increasing complexity of the fixed income and futures markets, we have seen a spike in demand for automated trading from new and different types of market participants. By co-locating the Apama product’s sophisticated complex event processing technology with BGC’s leading electronic trading platform, we can help fixed income and futures traders access multiple pools of global liquidity for the execution of their algorithmic trading strategies. The range of products available on BGC’s platform continues to grow, allowing customers to trade Treasuries, which today sit at the center of many trading strategies, alongside other highly liquid products.”

About the company

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.

About BGC Partners, Inc.
BGC Partners, Inc. (NASDAQ: BGCP) is a leading, fast growing, and global inter-dealer broker, specializing in the brokering of financial instruments and related derivatives products. BGC Partners provides integrated voice, hybrid, and fully electronic execution and other brokerage services to the world’s largest and most creditworthy banks, broker-dealers, investment banks, trading firms, and investment firms for a broad range of global financial products, including fixed income securities, interest rate swaps, foreign exchange, equity derivatives, credit derivatives, futures, commodities, structured products, and other instruments.

Through its eSpeed and BGC Trader brands, BGC Partners uses its proprietary, built, and paid for technology to operate multiple buyer, multiple seller real-time electronic marketplaces for the world’s most liquid capital markets. The Company’s pioneering suite of tools provides end-to-end transaction solutions for the purchase and sale of financial products over its global private network or via the Internet. BGC Partners’ neutral platform, reliable network, straight-through processing and superior products make it the trusted source for electronic trading for the world's largest financial firms. Through its BGCantor Market Data brand, the Company also offers globally distributed and innovative market data and analysis products for numerous financial instruments and markets. All hosting to be provided by Kleos Managed Services, Inc., an affiliate of BGC Partners, Inc.

BGC’s unique partnership structure and extensive employee ownership create a distinctive competitive advantage among its peers. Named after fixed income trading innovator B. Gerald Cantor, BGC Partners has 16 offices in New York and London, as well as in Beijing (representative office), Chicago, Copenhagen, Hong Kong, Istanbul, Johannesburg, Mexico City, Nyon, Paris, Seoul, Singapore, Sydney, Tokyo and Toronto. For more information, visit http://www.bgcpartners.com.

Contact details

John Stewart                            Florencia Panizza                    Dan Gaffney
Progress Software Corporation    BGC Partners, Inc.                 LEWIS PR
(781) 280-4101             (212) 294-7938                     (617) 226-8844
jstewart@progress.com             fpanizza@bgcpartners.com       progresssoftware@lewispr.com

Technorati tags: Progress Apama | complex event processing | algorithmic trading |

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