BOC International Holdings (BOCI), the investment banking arm of Bank of China, has struck a deal with technology firm Progress Apama to strengthen its algorithmic trading platform.
By using the Progress Apama Algorithmic Trading Platform, BOCI will be able to build its own algorithms to automatically trade across multiple exchanges.
The Progress Apama platform is connected to the Hong Kong Stock Exchange (HKEX) and the Hong Kong Futures Exchange (HKFE) and can trade equities, futures, futures indices, warrants and bonds. As a result, BOCI can now receive concurrent market data from both the HKEX and HKFE, and place orders into different sub-markets on these exchanges with algorithms.
“One of the major attractions of Progress Apama for BOCI is the ease to build custom algorithms quickly using Progress Apama platform’s ‘white box’ approach, said Stephen Chan, managing director, head of planning division at BOCI, in a statement. “Also Progress Apama will be used to performing a variety of functions in the front-office, such as back-testing strategies with market data, reporting the performance of these strategies and then applying these strategies in a live market.”
Dr. John Bates, founder and general manager of the Apama division of Progress Software added, “The richness of the Apama platform will provide traders with the algorithmic trading tools needed to continuously seek out the right liquidity, develop and execute trading strategies more rapidly than their competitors.”