UniCredit has gone live with Progress Apama’s FX Aggregation Accelerator for its foreign exchange desks.
The bank’s FX traders are now using the Progress Apama platform along with its customised dashboards to connect to a number of liquidity venues to gain an aggregated view of liquidity in the FX market. In addition, UniCredit traders are using the FX Aggregation Accelerator to publish FX prices to the bank’s e-FX downstream channels.
Xavier Alexandre, UniCredit’s global head of e-commerce says, “The FX market is a strong growth area for us and one in which we plan to make giant strides. Progress Apama technology has delivered value to UniCredit. In addition to benefits such as its ability to provide access to broader, deeper liquidity and better fill rates, it has provided a versatile and customisable solution when it comes to price publishing.”
The Apama implementation is now running across UniCredit FX desks in London. The bank plans to extend the service to New York and Hong Kong. Progress Apama says traders will be able to parameterise the algorithms in order to make rapid trading decisions and enhance their profitability.
John Bates, founder and general manager, Apama division of Progress Software, says, “Over the last two years foreign exchange market fragmentation has increased with the creation of new FX trading venues. The drive of algorithmic trading continues to influence FX and its growing popularity created a need for greater algorithm differentiation in the face of intensifying competition.We have seen tremendous interest in our FX aggregator from a large number of firms who, like UniCredit, can have a single, yet customisable view of the entire fragmented market.”