Software vendor Progress Software says Mexican broker-dealer Casa de Bolsa Finamex (Finamex) has bought its trading platform to provide algorithmic trading capabilities to its buy-side customers. Progress says the Apama algorithmic trading platform aims to help firms analyse, evaluate and respond to complex market events in real time.
Finamex will build trading algorithms by using what Progress calls “the Apama event modeler complex event processing (CEP) development environment for the rapid creation and customisation of unique algorithmic strategies.” The firm will then provide these algorithms to its buy-side customer base, which will access them via a “dashboard” also supplied by Progress Apama.
“As the Mexican market begins to take up algorithmic trading, buy- side clients are looking for flexible, customised services that will bring them an advantage,” says Carlos Ramirez Cervera, head of ETS at Finamex. “The comprehensive Apama platform and Event Modeler and Dashboard Studio rapid application development tools allow us to rapidly deploy innovative algorithms that meet our customers’ individual needs in hours or days, rather than months or years that would be required with alternative approaches.
“High-speed innovation is everything in the competitive field of algorithmic trading – it provides a competitive edge and the Apama technology makes this possible. For Finamex, the expertise and proven track record of the Apama team in the algorithmic trading space was also an important factor. The team will work with us on an ongoing basis in the development and deployment of innovative algorithmic trading strategies,” continues Cervera.
Dr John Bates, founder and vice president, Apama Products, Progress Software, says the growth in algorithmic trading in Mexico is not unusual. “As interest in algorithmic trading continues to grow, sell- side institutions across the globe are seeing the need to provide customised services to their buy-side clients,” he says. “Today’s hedge funds and alternative investment firms are looking for more than the pre-packaged ‘black box’algorithms, which do not cater to individual requirements. Firms such as Finamex are taking a visionary approach to meet the changing needs of their clients. In doing so, they achieve competitive advantage,” he adds.