Brazilian bank Finabank Corretora de Títulos e Valores Mobiliários has implemented Progress Software’s Apama Algorithmic Trading Accelarator, allowing the bank to supply its buy-side clients with customised algorithms.
Through the Apama platform, Finabank’s clients will be able to employ alpha-seeking, statistical arbitrage trading strategies to trade on Brazilian equities and futures exchange BM&F Bovespa.
The Progress Apama Accelerator platform allows Finabank to create customised algorithms for each client using market data from Reuters and Activ Financial together with FIX connectivity for trade execution. The bank will also use the Apama Event Modeler, a business-oriented graphical development environment, which will enable clients to create and run their own trading strategies.
By implementing the Apama Accelerator platform, Finabank also has the capacity to handle over five million orders a day, a hundred-fold increase from its previous trading capacity of 50,000 orders a day.
“The ability to trade in such magnitudes and monitor all transactions in real-time will substantially increase a trader’s competitive edge, while increasing the ability to manage the risks inherent in electronic trading,” said Wagner Marcelo Monteiro Borges, director of Finabank, in a statement. “The availability of the Apama electronic trading platform at a very affordable cost, and the results that are intrinsic to this type of tool, is another competitive differentiator that we offer our clients. It frees them from having to invest in software, development and system maintenance.”
“We see growing interest in algorithmic trading and other high frequency applications in Latin America,” added Dr. John Bates, co-founder and general manager of the Apama Division of Progress Software. “Firms like Finabank illustrate the value of the combination of performance and highly customisable algorithmic models of the Apama platform.”