11:23 AM
China's Largest Bank Turns to Progress Apama For HFT Strategies
CITIC Securities Co., China's largest bank by market value, said it will offer Progress Apama's algorithmic trading platform to institutional investor clients who are looking for customizable, high-speed trading strategies.
CITIC said it was driven to strike this deal with Progress Apama by growing demand throughout the institutional investor community for access to low latency, high-frequency trading strategies across multiple asset classes. The firm added that the Apama system will let CITIC's traders build customizable algorithms for their buy-side clients, which will operate on domestic markets and manage high volumes of order flow.
"When you're talking about trading where milliseconds make a difference, it was critical that we selected an algorithmic trading solution that would enable us to compete in a high-frequency trading market with a competitive edge," a CITIC spokesman said in a statement.
As the Senior Editor of Advanced Trading, Justin Grant plays a key role in steering the magazine's coverage of the latest issues affecting the buy-side trading community. Since joining Advanced Trading in 2010, Grant's news analysis has touched on everything from the latest ... View Full Bio