SOURCE: Progress Software

Progress Software

Progress Software

June 22, 2010 08:00 ET

Agora Brokerage House Launches New Suite of Algorithms Powered by Progress® Apama® Capital Markets Platform

BEDFORD, MA and NEW YORK, NY--(Marketwire - June 22, 2010) -  SIFMA -- Progress Software Corporation (NASDAQ: PRGS), a leading software provider that enables enterprises to be operationally responsive, today announced that Ágora Corretora de Titulos e Valores Mobiliarios S.A. (CVTM), a division of Banco Bradesco S.A. (Bradesco) and one of the largest brokers in Brazil's securities industry, has launched a new suite of proprietary algorithms for equities and options powered by the Progress® Apama® Capital Markets Platform. The new suite offers a wide variety of new alpha-seeking and execution strategies. It also enables Agora customers to access these new algorithms remotely through an intuitive web interface.

The new suite of algorithms includes custom options investment strategies including butterfly and condor spreads, delta hedging strategies and volume weighted average price (VWAP) execution algorithms. Each of these strategies was developed by Agora based on specific customer demand.

Francisco Valente, head of Agora's electronic trading desk, said, "When creating trading orders within the Agora infrastructure, our clients enjoy high performance execution and complete security. We have made a strong name for ourselves in the market as intelligence providers for the electronic market. This new suite of algorithms allows our clients to access the market directly using the robust Apama platform outfitted with new pre-programmed execution strategies."

Effective and secure trading is a key component in sustaining confidence in Agora's clients. With the continuous threat of strong competition, brokers have to offer their clients new strategies continuously to help them stay one step ahead of their competitors.

Bruno Nunes, head of algorithm development at Agora, noted, "We were the first broker to develop and deploy unique trading strategies for the Brazilian market. Indeed, Agora is taking advantage of the Apama platform, which is indisputably the only real-time platform that makes algorithmic development tools readily accessible to different types of users. Development of our Agora solution was the product of a cross-functional team comprising quantitative finance, mathematics, and software development experts. That team leveraged the power of the Apama platform's underlying complex event processing (CEP) engine and rapid application development tools to build a new set of sophisticated algorithmic strategies."

According to John Bates, chief technology officer and co-founder of Apama, Progress Software, "Agora is able to set itself apart from other brokerages by providing its clients with web access to unique strategies tailor-made for their needs. Progress Software is helping brokers like Agora put the power of algorithmic trading orders into the hands of more and more investors globally."

About Progress Software Corporation
Progress Software Corporation (NASDAQ: PRGS) is a global software company that enables enterprises to be operationally responsive to changing conditions and customer interactions as they occur -- to capitalize on new opportunities, drive greater efficiencies and reduce risk. The company offers a comprehensive portfolio of best-in-class infrastructure software spanning event-driven visibility and real-time response, open integration, data access and integration, and application development and deployment -- all supporting on-premises and SaaS/Cloud deployments. Progress maximizes the benefits of operational responsiveness while minimizing IT complexity and total cost of ownership. Progress can be reached at www.progress.com or +1-781-280-4000.

Apama and Progress 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.

Contact Information

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    Progress Software
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