Progress Software And FFastFill Partner To Deliver First Low-latency Hosted FX Aggregation And Algo Trading Solution

Progress Software Corporation (NASDAQ: PRGS), a leading software provider that enables enterprises to be  operationally responsive, today announced that FFastFill, the leading provider of application services for the electronic trading and risk management community, has extended its existing partnership agreement with Progress Software to deliver the award-winning Progress® Apama® FX Aggregation Solution Accelerator product to the capital markets industry as a fully-managed, cloud-based service.

The Progress Apama FX Aggregation Solution Accelerator product combines FX integration adaptors with fully integrated trading dashboards providing a consolidated order book by price and available depth. The solution supports high-volume FX data streams from dealing banks and Electronic Crossing Networks (ECNs) without the increased latency associated with products typically available. With liquidity sources offering different strengths in terms of currency pairs (including crosses) and available liquidity, the Progress Apama FX Aggregation Solution Accelerator product captures prices and depth that span a range of liquidity pools and makes these pools accessible via a set of execution algorithms.

FFastFill plc, the leading provider of Software as a Service (SaaS) to the global financial marketplace provides both co-location and proximity-hosted solutions in major global financial centres. Through the FFastFill global SaaS platform, traders can connect to multiple trading venues using either their own market access or that of other brokers.

Marco Murgida, director, Jiffix Services Limited said, “Having looked at the incumbent's FX hosted offerings, we opted for the Progress/FFastFill solution as it is a flexible, low-latency solution that allows us the ability to add additional liquidity without any adverse effect on performance. With Progress offering the reference code to the underlying Apama trading algorithms, we can rapidly bring our unique ideas to market.”

Dr. Richard Bentley, industry vice president, capital markets, at Progress Software said, “Progress has developed a strong relationship with FFastFill, and we are extremely pleased that with the deployment of our FX Aggregation Solution Accelerator, we’ll be able to extend the relationship even further. In recent years, the FX market has undergone revolutionary change through market fragmentation. With Progress Software's FX aggregation solutions, firms can gain low-latency access to deeper liquidity from multiple ECNs and single bank platforms, achieving a single market view accessible on one trading screen. The outcome of this is achieving better fill rates and ultimately a more profitable and efficient business as a result.”

Bentley went on to say, “To optimize their trading, our customers require the ability to connect to multiple liquidity sources and respond in microseconds rather than milliseconds. The Apama CEP technology allows our clients to achieve this performance.”

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