Banco Bilbao Vizcaya Argentaria (BBVA) is live on Progress Software’s Apama FX Aggregation Accelerator for its foreign exchange operations.
BBVA FX traders are now using the Progress Apama platform along with its customised dashboards to view and trade across aggregated liquidity from a number of banks and FX electronic communication networks.
The FX aggregator also allows BBVA to use the Progress Apama platform to power FX algorithms and real-time FX prices for their internal and external customers.
BBVA says it chose the Progress Apama platform because of its performance and scalability, powered by the Apama complex event processing engine, and the set of adapters that provide connectivity to FX ECN and bank platforms, including support for spot and forward FX liquidity discovery and dealings.
Javier Fernandez, BBVA’s head of FX trading, says, “The FX market is a strong growth area for us and one in which we plan to make giant strides. Progress Software’s technology has delivered great value to BBVA. The platform provides benefits such as access to broader and deeper visibility of market activity. At the same time, the platform provides a solution offering flexibility, connectivity and performance, which enables us to significantly expand our foreign exchange customer base.”
The Apama implementation is now live in production across BBVA FX desks in Spain with plans to extend this to other trading centres in Europe, North America, Latin America and Asia over the ensuing 18 months. Traders are able to trade using a single screen showing liquidity from any FX venue, and launch and parameterise algorithms to make instant trading decisions.
John Bates, chief technology officer and Apama co-founder, Progress Software, says, “Over the last few years, foreign exchange market fragmentation has increased with the creation of new FX trading venues. The drive of algorithmic trading and pricing continues to influence FX, and its growing popularity created a need for greater algorithm differentiation in the face of increased competition.
“We have seen tremendous interest in our FX Aggregation Accelerator from a large number of firms who, like BBVA, require a single, yet customisable view of the entire liquidity landscape.With Progress Software’s technology, customers can meet their business needs of access to the entire market from a single trading screen, achieve greater visibility for traders, launch algorithms to take advantage of this visibility and price FX highly effectively.”