Progress Software Corporation, a global supplier of application infrastructure software used to develop, deploy, integrate and manage business applications, has announced the launch of the Progress Apama smart order router (SOR) accelerator. With the Apama SOR accelerator, traders can create proprietary order routing strategies that help them decide which execution venues to route their orders to.
The firm says its Apama SOR accelerator helps both sell-side and buy-side firms address the regulatory demands of MiFID and Reg NMS in Europe and the USA, respectively.
"Our Apama SOR accelerator is already helping firms apply the strengths of the Apama platform to the challenges of ‘best execution’," comments Dr. John Bates, founder and vice president, Apama Products, Progress Software. "Banking institutions are choosing Apama so that they can create their own approach to deliver ‘best execution’ applications that address the increasing diversity and distinct characteristics of various exchanges, multi-lateral trading facilities (MTFs), crossing networks and related venues," he adds.
Built on a complex event processing (CEP) platform, the Apama SOR accelerator comprises a set of customer-selectable integration adapters, configurable order routing logic, and trade monitoring dashboards. The combination of these components accelerates the creation and deployment of smart order routing applications that exploit the functionality of the Apama platform, according to Progress Software.
Leveraging the experience derived from several client implementations, the Apama SOR accelerator is designed to extend the Apama platform’s underlying philosophy of ‘trader empowerment’ to overcome the challenges of trading in increasingly fragmented equity markets. With the SOR accelerator, institutions can create aggregated views of market liquidity and utilise low-latency algorithms that make real-time order routing decisions.