This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

Progress Apama FX ECommerce Solution Deployed By Jefferies Bache Financial Services, Inc.

Progress Software Corporation (NASDAQ: PRGS) announced today that Jefferies Bache Financial Services, Inc. has selected and implemented the Progress® Apama® FX eCommerce solution. Jefferies Bache Financial Services, Inc., part of global investment bank Jefferies Group, Inc. (NYSE: JEF), is a leading foreign exchange (FX) dealer. Deployed in three major financial centers globally, the Apama FX eCommerce solution for end-to-end FX dealing and pricing enables Jefferies Bache Financial Services, Inc. to respond instantly to shifts in liquidity and changes in market conditions across multiple FX spot and forward markets.

Joe Ziccarelli, chief operating officer, Global Foreign Exchange, Jefferies Bache Financial Services, Inc., noted: “The Progress Apama FX eCommerce solution gives us the flexibility to operate based on our specific FX needs. The openness of the Apama solution enables us to customize our aggregation and eCommerce offerings and easily integrate them with our internal settlement and reporting systems. Additionally, we can respond in real-time to market fluctuations, and provide unique, competitive prices to our clients across multiple products.”

By aggregating liquidity from multiple sources, including electronic communication networks (ECNs), Jefferies Bache Financial Services traders can automatically derive base prices, stream tailored quotes to clients, manage positions, handle client order flow, check client credit, automatically hedge positions and route orders to counterparties.

Dr. John Bates, chief technology officer, Progress Software, said: “For both spot FX and FX derivatives, Jefferies Bache Financial Services, Inc. required the ability to customize pricing, configure and change spreads as well as skew prices in real-time; moreover, they needed to integrate comprehensive real-time client credit and net position limit controls. The Apama FX eCommerce solution includes an open, customizable architecture, and is delivered with pre-built components with full source code, a development toolkit, complete documentation, and comprehensive test coverage via our bundled regression test framework. Progress Software was the only vendor capable of delivering these critical elements for Jefferies Bache Financial Services, Inc.”

The Apama solution’s aggregation and smart order routing capabilities support real-time, intelligent hedging and risk management, which scales to high volumes of customer order flow. Other key features of the Jefferies Bache Financial Services, Inc. implementation include:

  • Configuration tools: Customize order priority and clip sizes per product and per execution venue, dynamically enforced by the smart-order router;
  • Monitoring tools: Stale market data and order rejection venue monitoring, with automatic venue removal from the order book based on data quality and timeliness;
  • Automated hedging: Last-look auto-hedging with support for multiple client order types including spot and FX forwards; and
  • Post-trade tools: Full audit for customer order flow and venue execution analysis.

As a market-leading platform for high velocity Capital Markets applications, the Progress Apama platform is a comprehensive complex event processing (CEP)-based system for building sophisticated multi-asset applications for low latency trading, risk and compliance. With its combination of development ease and deployment power, the Apama platform is unmatched in the industry and is deployed by leading international firms including JP Morgan, Deutsche Bank, Bank of China International and ANZ bank.

About Progress Software Corporation

Progress Software Corporation (NASDAQ: PRGS) simplifies the development, deployment and management of business applications on-premise or on any Cloud, on any platform and on any device with minimal IT complexity and low total cost of ownership. Progress Software can be reached at www.progress.com or 1-781-280-4000.

Follow Progress Software on Twitter: @ProgressSW

Progress and Apama are trademarks or registered trademarks of Progress Software Corporation or one of its subsidiaries or affiliates in the U.S. and other countries. Any other names contained herein may be trademarks of their respective owners.

Stock quotes in this article: JEF, PRGS 

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
DOW 16,424.85 +162.29 1.00%
S&P 500 1,862.31 +19.33 1.05%
NASDAQ 4,086.2250 +52.0640 1.29%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs