Progress Software, a supplier of application infrastructure software used to develop, deploy, integrate and manage business applications, and Korean financial IT vendor, Koscom, yesterday launched PowerAlgo, a Korean-language version of the Progress Apama Algorithmic Trading Platform.
PowerAlgo, the first commercially-available algorithmic trading platform in Korea, is seamlessly integrated with Koscom’s existing order management system to enable customers to algorithmically and automatically trade equities, futures and options on the Korean Exchange (KRX).
The Apama algorithmic trading platform enables financial institutions to analyse, evaluate and respond to complex market events in real-time for algorithmic trading, risk management, market aggregation and pricing.
PowerAlgo, which incorporates Korean characters in the Apama graphical development tools and business activity monitoring (BAM) dashboards, enables Koscom’s buy- and sell-side customers to compose, deploy and manage algorithmic trading strategies ‘on the fly’ in their own language, according to Progress Software.
Firms are able to trade multiple assets within the same strategy and significantly reduce development and deployment time.
Apama products have been tailored to meet local requirements. A direct market data feed adapter provides access to the Korean Stock Exchange (KRX)’s real-time, market data. An adapter has been included to ensure smooth integration with Koscom’s third-party order management system, Progress Software says.
“We have seen increasing demand in the Korean market to automate the entire process of algorithmic trading, from strategy build and testing, through to order management and execution,” comments Lee Jong Kyu, chief executive officer, Koscom. “In partnership with Progress Software, we can now ensure traders are able to handle all of their customers’ requests with efficiency, accuracy and speed – a single step that is already revolutionising the Korean trading market.”
“Banks around the world are serious about adapting their strategies to gain real benefits from algorithmic trading,” adds Dr John Bates, founder and vice president, Apama Products, Progress Software. “By adapting to local customs, we are able to deliver a powerful solution for a real market need.”