SOURCE: Progress Software Corporation

Progress Software Corporation

July 14, 2010 11:53 ET

US Commodity Futures Trading Commission Invites Progress Software CTO Dr. John Bates to Join Technology Advisory Committee

Committee Tasked With Determining Technology Best Practices in the Derivatives Markets, Including Market Surveillance and High Frequency Trading

BEDFORD, MA--(Marketwire - July 14, 2010) -  Progress Software Corporation (NASDAQ: PRGS), a leading independent enterprise software provider that enables companies to be operationally responsive, today announced that Dr. John Bates, chief technology officer (CTO), Progress Software, was asked to be a member of the newly established Technology Advisory Committee (TAC) for the US Commodity Futures Trading Commission (CFTC). The CFTC is an independent agency with the mandate to regulate commodity futures and options markets in the United States. The Technology Advisory Committee will hold its first meeting on July 14th, 2010. The Committee's mission is to keep the CFTC informed about technologies that will help the agency better oversee the derivatives markets, including market surveillance and high frequency trading.

Dr. John Bates joins the TAC as one of the world's foremost experts on capital markets technology. Prior to becoming CTO at Progress Software, he was the co-founder and president of Apama, the pioneering Complex Event Processing (CEP) software provider, which was acquired by Progress in April 2005. 

Dr. John Bates is a respected expert, frequent author and speaker on capital markets technology, with a specific focus on CEP, cross-asset algorithmic and high frequency trading, liquidity aggregation, smart order routing, market surveillance, and distributed computing systems.

Dr. John Bates, chief technology officer (CTO), Progress Software said: "It is an honor to be invited to join the Technology Advisory Committee for the Commodity Futures Trading Commission. In capital markets, the technology landscape is constantly changing. It is critical that the CFTC is informed on how technology is impacting the derivatives markets as well as other markets, including equities, FX and fixed income. Technology impacts all aspects of the markets, from the emergence of high frequency trading to market surveillance. I look forward to contributing to this important advisory committee to help the CFTC leverage technology that can improve market performance and stability."

Dr. John Bates will join the first meeting of the CFTC TAC, which will take place today, Wednesday, July 14 in Washington, DC. Dr. Bates has authored and will submit a whitepaper on high frequency and algorithmic trading, which will be a key topic at this inaugural meeting. 

About Progress Software Corporation
Progress Software Corporation (NASDAQ: PRGS) is an independent enterprise software company that enables businesses 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 enterprise 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.

Safe Harbor Statement
Except for the historical information and discussions contained herein, statements contained in this release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially, including but not limited to the following: the receipt and shipment of new orders; the timely release of enhancements to Progress' products; the growth rates of certain market segments; the positioning of the Progress' products in those market segments; variations in the demand for professional services and technical support; pricing pressures and the competitive environment in the software industry; the continuing weakness in the U.S. and international economies, which could result in fewer sales of Progress' products and may otherwise harm Progress' business; Progress' ability to complete and integrate acquisitions; Progress' ability to realize the expected benefits and anticipated synergies from acquired businesses; Progress' ability to penetrate international markets and manage its international operations; changes in exchange rates; Progress' ability to realize the expected benefits from its previously-announced restructuring actions; and the potential disruption to Progress' business from those restructuring actions. Progress undertakes no obligation to update information contained in this release. For further information regarding risks and uncertainties associated with Progress' business, please refer to Progress' filings with the Securities and Exchange Commission.

Contact Information

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