Progress Apama, the algorithmic trading division of Progress Software, has implemented its complex event processing (CEP) platform for equity execution at the Commonwealth Bank of Australia (CBA).
By using the CEP platform, CBA will have access to Apama’s algorithms, allowing the bank to automate select transactions. According to Apama, the installation of its platform will enable CBA to expand its coverage and process orders more efficiently in accordance with specific instructions or business rules, freeing up operators to focus on business requiring manual expertise.
“We worked with CBA and used their expertise to translate the logic they wanted to use and tweaked our algorithms specifically for the stock profiles and market characteristics of the Australian market,” Dr John Bates, Progress Apama’s founder and general manager, told theTRADEnews.com.
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