Progress Apama, the algorithmic trading and complex event processing division of Progress Software, has unveiled plans to expand into central and eastern Europe (CIS), the Commonwealth of Independent States (CIS) and the Middle East with dedicated sales teams for the regions.
The firm said the plans are a response to its clients’ growing activities in the regions and the new opportunities for electronic trading, risk management and surveillance that will arise as the markets develop.
Apama will focus on Russia and Poland in the first phase of its expansion in the CEE and CIS regions because of the size of the markets and the interest in using complex event processing in capital markets. Apama cited the continuing upgrades at the Warsaw Stock Exchange and Russia’s RTS equities exchange in response to the increased volumes caused by the use of electronic trading as examples of the countries’ development.
The firm will concentrate on Dubai, Abu Dhabi Bahrain and Saudi Arabia during the first stage of its push into the Middle East because of the recent growth of these markets within the region. The company plans to build on its base of exiting customers in the region who already use global deployments of Apama products.
“Having established the footprint of Apama products successfully in Latin America and Asia-Pacific in recent years, it is now an opportune time to engage with new markets,” said Dr John Bates, general manager and founder of Apama, in a statement. “Empowering traders to build their own unique trading strategies has always been our philosophy. With our complex event processing platform, traders have the ability to do just this and have a tremendous affect in these rapidly developing markets.”
Alexander Sirotin, director, CIS and CEE region at Apama, who will head the division’s eastern Europe operation, added, “We are seeing a great deal of interest from brokerages, asset managers, FX traders, trading desks, bank treasury departments, regulators, exchanges, MTFs and the consulting community. In addition, we will be building a partner network with the aim of providing traders with the full suite of tools they need to gain a competitive edge.”