Korean Exchange Taps Progress Apama for Algo Trading

Ivy Schmerken, Wall Street & Technology

Algorithmic trading is soon coming to Korea. The Korean financial software IT vendor Koscom has picked the Progress Apama Algorithmic Trading Platform to facilitate algorithmic trading on the Korea Exchange (KRX). In addition, Progress and Koscom have entered into a strategy partnership whereby Koscom will develop a localized version of the Apama platform for distribution in Asia.This makes the Apama platform the first commercial algorithmic trading system available in Korea, stated the release.

Koscom will capitalize on new internationalization features that are part of the recently announced 3.0 release, which supports the incorporation of Asian characters in the Apama product's graphical development tools and Business Activity Monitoring (BAM) dashboards.

Firms will be able to trade multiple asset classes within the same strategy, the release said. Koscom will provide a localized version of the Apama platform to its Korean customers so they can algorithmically trade equities, future and options on the Korean Exchange (KRX).

"Algorithmic trading has raised great interest within the Korean financial community recently," stated Lee Jong Kyu, CEO, Koscom, in the release. "The Apama platform's high-performance and best-of-breed technology will provide our customers with the tools they need to enter the algorithmic trading space quickly, gain greater control over their trading strategies and identify new channels for revenue," Koscom's CEO further added in the release. The project is expected to increase daily transaction volumes on the KRX, he added.

Progress executives said the vendor would continue to work with Koscom to expand the adoption of electronic trading practices in Asia. Ivy is Editor-at-Large for Advanced Trading and Wall Street & Technology. Ivy is responsible for writing in-depth feature articles, daily blogs and news articles with a focus on automated trading in the capital markets. As an industry expert, Ivy has reported on a myriad ... View Full Bio