Bedford, MA | Mumbai, India, June 28, 2011 (MARKETWIRE): Tata Consultancy Services (TCS), (BSE: 523540, NSE: TCS) a leading IT services, consulting and business solutions organization, and the Progress Software Corporation (NASDAQ: PRGS), a leading software provider, announced the integration of TCS BaNCS with Progress Apama® Complex Event Processing Platform to offer a customizable algorithmic trading solution to the market.
TCS BaNCS is a comprehensive portfolio of financial solutions for banks, capital markets and insurance companies. TCS BaNCS Securities Trading, a flagship product of TCS BaNCS is a multi-asset, multi-market trading solution, which offers low-latency, high-performance trading to sell-side firms. With the addition of the capabilities of the Apama® platform, TCS BaNCS customers will gain access to customizable algorithmic strategies more popularly known as white box algorithms.
Bharat Shah, Global Product Head, TCS BaNCS Securities Trading, said, “The TCS BaNCS Algorithmic Trading solution leverages the Apama® Complex Event Processing platform to help our clients create custom trading strategies and execute their trades quickly and easily. Our clients can now achieve significant competitive advantage by monitoring markets in real time, developing algorithmic trading strategies and calibrating them to exploit new business opportunities.”
According to Paul Henaghan, Vice President and Managing Director, Progress Software (Asia Pacific), “We are witnessing massive growth in Asian capital markets and our partnership with Tata Consultancy Services will help us exploit new opportunities. The Apama® Complex Event Processing product enables TCS to expedite the deployment of unique capital markets trading strategies, giving customer organizations rapid time-to-market and return on investment.”
Progress Software is recognized as a market leader with more than 150 deployments of the Apama® platform at top sell-side firms, buy-side firms, hedge funds and regulators, with companies such as ANZ, RBC, JP Morgan, Deutsche Bank and the UK FSA (Financial Services Authority).
About Progress Software Corporation
Progress Software Corporation (NASDAQ: PRGS) is a global software company that enables enterprises to be operationally responsive to changing conditions and customer interactions as they occur - to capitalize on new opportunities, drive greater efficiencies and reduce risk. The company offers a comprehensive portfolio of best-in-class infrastructure software spanning event-driven visibility and real-time response, open integration, data access and integration, and application development and deployment - all supporting on-premises and SaaS / Cloud deployments. Progress maximizes the benefits of operational responsiveness while minimizing IT complexity and total cost of ownership. Progress can be reached at www.progress.com.
About TCS Financial Solutions
TCS Financial Solutions is a strategic business unit of Tata Consultancy Services. Dedicated to providing business application solutions to financial institutions globally, TCS Financial Solutions has compiled a comprehensive product portfolio under the brand name of TCS BaNCS. Our mission is to provide best–of-breed solutions that will drive growth, reduce costs, mitigate risk and offer a faster speed-to-market for our clients. With a global customer base of more than 240 institutions operating in over 80 countries, TCS Financial Solutions deliver state-of-the-art software solutions for the banking, insurance and capital markets industries worldwide. For more information, visit us at www.tcs.com/bancs.
About Tata Consultancy Services Ltd. (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions organization that delivers real results to global business, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT, BPS, infrastructure, engineering and assurance services. This is delivered through its unique Global Network Delivery Model™,recognized as the benchmark of excellence in software development. A part of the Tata group, India’s largest industrial conglomerate, TCS has over 198,500 of the world’s best-trained consultants in 42 countries. The company generated consolidated revenues of US $8.2 billion for year ended March 31, 2011 and is listed on the National Stock Exchange and Bombay Stock Exchange in India. For more information, visit us at www.tcs.com.
TCS Financial Solutions Media Contacts
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Phone: +1732 331 3084
Phone: +61 (2) 9318 1088
India / Middle East and Africa
Phone: +91 80 6725 6963
+91 22 6778 9999
+91 22 6778 9077
+32 2282 1927