Algorithmic Trading

Borsa Italiana unit offers Apama tools to clients

BIt Systems, the technology services division of Italian stock exchange Borsa Italiana, is to offer its clients access to Progress Software’s Apama complex event processing services through its hosted application service provider (ASP) environment.

BIt’s ASP customers, which include both buy- and sell-side institutions, will be able to use Apama tools, such as algorithmic trading and smart order routing, without needing to install software or hardware, such as low-latency telecommunications systems, at their own premises. “This provides access to clients who are in early stages of considering algorithmic execution, or those for whom algorithmic trading only represents a portion of their trading activity,” Chris Martins, vice-president of marketing at Apama, told theTRADEnews.com.

Apama’s complex event processing technology will allow BIt clients to develop their own algorithms with low-latency connectivity to Borsa Italiana and other global venues, without the additional cost of developing a platform from scratch, according to Apama.

“With the current landscape within capital markets, the ability to customise algorithms effectively can be the difference between the success and failure of a trading strategy,” said Dr. John Bates, founder and general manager of Apama, in a statement. “This collaboration will help traders to get the full benefits of the latest tools needed to continuously seek out the right liquidity and develop and execute trading strategies more rapidly than their competitors.”

BIt Systems offers IT consulting and services to investment banks, brokerage houses, institutional investors and market operators. It provides its ASP services from data centres in London, Frankfurt, Milan and Rome. As well as connectivity to all major European exchanges, BIt offers links to exchanges and alternative trading platforms operating in Italy, including CME, Chi-X, interbank deposit trading platform e-MID, fixed income venue Hi-MTF and retail investor platform TLX.