Progress Launches Smart Order Router Accelerator in India
Progress Software Corporation, a leading software provider that enables enterprises to be operationally responsive, has released its Progress Apama Smart Order Router (SOR) Accelerator to help traders quickly and effectively, create and deploy smart order routing strategies. This solution is particularly relevant to the Indian trading community, in light of the recent order issued by the Securities and Exchange Board of India (SEBI), which allows Smart Order Routing to all classes of investors. Smart Order Routing systems such as the Progress Apama Smart Order Router (SOR) Accelerator, will allow traders and other investors to automatically pick the exchange best-placed for orders at the time of execution.
With the Apama SOR Accelerator, traders can now create proprietary order routing strategies that intelligently select execution venues from among the many Exchanges, Multi-Lateral Trading Facilities (MTFs) and Dark Liquidity Pools. Importantly, the Apama SOR Accelerator helps both sell-side and buy-side firms address the stringent and complex regulatory demands within India.
The Accelerator combines the most-widely deployed Complex Event Processing (CEP) platform with tools set for both business users and IT developers that enable both buy-side and sell-side trading desks to quickly design, test, deploy and evolve strategies that incorporate unique proprietary algorithmic techniques. The Apama architecture monitors real-time market data and other sources of market information and takes action instantly. Combining development ease and deployment power, the Apama platform is unmatched in the industry. The SOR Accelerator allows traders to create proprietary order routing and select various execution venues including exchanges, multi-lateral trading facilities (MTFs) and dark pools.
“SEBI’s much needed and eagerly awaited decision on allowing Smart Order Routing for every class of investors on the stock exchanges will lead to greater efficiency in the Indian markets. Smart Order Routing will lead to the increased automation and wider adoption of sophisticated order routing technology in Indian capital markets to bring them in line with global markets. We aim to support the overall Indian capital market and the various trading entities in effectively implementing SEBI’s decision with the introduction of the Progress Apama Smart Order Router (SOR) Accelerator”, says Kaushal Mashruwala, Vice President of Progress Software.
Says Mr. Mashruwala, “Smart Order Routing helps to look at markets horizontally instead of the classic algorithmic trading view, i.e. breaking down orders into a single market to minimize impact. A value added benefit to the traders would be having access to a number of markets and visibility to deliver best execution across venues. It also expedites the delivery of trading strategies and incorporates the response to market dynamics.”
The SOR Accelerator is built on three core components:
• Ensuring that there is seamless connectivity, and that accurate information is commuted between the business user and different venues
• Providing clear visibility on market data offerings via real time notifications on the platform
• Aids in understanding and providing a routing logic that helps in ensuring the success of a trading strategy created by the business user
The Apama SOR Accelerator represents one of several Progress Apama initiatives focused on helping both sell-side and buy-side firms trade profitably in markets where liquidity is increasingly fragmented – such as our previously-announced FX Market Aggregation Accelerator (http://www.progress.com/apamafx); an offering that targets the needs of FX traders to get a comprehensive view of diverse FX liquidity and trade across it using a variety of customizable market taking and market making algorithms.