Progress Software, a supplier of application infrastructure software used to develop, deploy, integrate and manage business applications, has announced that it has partnered with Microsoft to provide its Progress Apama Event Processing Platform as a key component of Microsoft’s MiFID solution suite. The solution will enable financial institutions worldwide to meet European MiFID requirements that go into effect on 1 Novembver 2007, the firm says. The Apama platform will provide Complex Event Processing (CEP) and Business Activity Monitoring (BAM) capabilities, enabling firms to monitor and analyse their MiFID best execution compliance, as well as meet the reporting, reference data and trade history requirements.
The Apama Event Processing Platform enables organisations to monitor rapidly moving event streams, identify patterns and take action. With the Apama Event Modeller graphical CEP development tool, compliance business analysts can develop, evolve, test and deploy elements of their MiFID infrastructure within minutes, says Apama.
“Microsoft has been focusing on MiFID for over 18 months and in collaboration with our partners we are now offering eight ‘mix and match’ solutions to what we see as the main problem areas of the EU directive,” comments Ian Warford, industry director for Securities and Capital Markets, Microsoft EMEA, Financial Services Industry. “We have partnered with Progress Apama because the CEP and BAM capabilities of its platform, which runs on Microsoft Windows Server 2003, Microsoft SQL Server and Microsoft BizTalk Server, are field-proven to satisfy the requirements of MiFID. Together we are providing a solution that can help financial firms not only meet the directive’s requirements but also benefit from being able to compete with the US and the growing influence of the Asian markets,” he adds.