Brazilian Broker Taps Apama

February 16, 2009

Progress Software Corp. said last week that Banco Bradesco's brokerage arm is using its Apama complex event processing (CEP) technology for algorithmic equities and futures trading. The proprietary trading desk of Agora Corretora de Titulos e Valores Mobiliarios, acquired by the Brazilian bank in March, is using customized strategies for executions on BM&F Bovespa and the firm will allow buy-side clients to build and monitor their own strategies via the Apama platform.

Agora initially intended to use the CEP technology for futures trading, noted John Bates, general manager of Bedford, Mass.-based Progress' Apama division. That it expanded that plan to include equities "speaks to the flexibility that the Apama CEP platform offers," he said.

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