Software provider Progress Apama has predicted strengthening Brazilian demand for algorithmic trading solutions after unveiling its first client in the country, broker Ágora Corretora de Titulos e Valores Mobiliaro.
Giles Nelson, senior director of strategy at Apama, Progress Software’s complex event processing and algorithmic trading tools division, said both buy- and sell-side firms in Brazil are increasingly interested in using trading algorithms to facilitate their strategies.
“Algorithmic trading in Brazil is getting a lot of interest at the moment,” Nelson told theTRADEnews.com. “Brazil’s economy has been growing quite quickly, the market is quite liberal in nature and there is an increased amount of electronic trading generally. Because there is not much history of using technology for trading, it is easy for firms to adopt algorithmic trading technology without interfering with legacy systems. That combination of circumstances means it is a fairly hot market for us at the moment.”
This week, Apama announced that Ágora Corretora, a subsidiary of Banco Bradesco, had chosen Apama’s complex event processing (CEP) platform to support algorithmic trading in its equities operation.
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