CITIC Takes Progress for Algo Trading
CITIC Securities has selected Progress Apama for its algorithmic trading offerings to clients, the software vendor has announced.
CITIC, the largest broker in China, will implement the product due to a growing demand for high-frequency and algorithmic strategies in the region among its institutional client base. It will initially integrate Apama with its order management system, before further expanding into multi-instrument platform capability.
"Progress Apama will give CITIC Securities the ability to quickly develop and deploy unique trading strategies, to achieve dramatic advantages over competitors trading with commoditized 'black box' offerings," says Richard Bentley, vice president of capital markets at Progress. "As the first investment bank in China to deploy a fully customizable algorithmic tradingplatform, CITIC Securities will be leading the way and setting the standard for the Chinese securities industry."
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