Progress Software has joined forces with London-based Statistical Research Laboratory (SRL), to offer brokers and hedge funds a complete solution for high frequency algorithmic trading as well as the operational components related to monitoring P&L, risk and back-office functions. The Progress Apama Complex Event Processing Platform (CEP) will power the SRL solution, intended to be a one-stop shop solution for quantitative and algorithmic trading. The offering consists of two components: 'Broker in a box technology,' providing brokers with outsourced algorithmic trading and internalization capabilities across multiple asset classes, and 'hedge fund in a box' capabilities offering hedge funds the technology platform to trade complex, high frequency trading strategies as well as to manage and a monitor P&L, risk and back office functions such as reconciliations and corporate actions. The solution will also enable users to internalize order flow as another significant cost saving, according to the release.

According to Dr. Giles Nelson, chief technology strategist at Progress Software, "In the past brokers and hedge funds that have had little choice but to build this complex technology themselves, which can cost millions and take up to a year to implement. "We've engaged with a number of large brokers who currently do not offer algos themselves, but instead outsource this type of executions to other brokers," stated Giles. "With the SRL solution, using Progress Software's Apama technology, brokers can execute these algos themselves. This leads to increased revenues while avoiding an expensive technology spend and the need to hire a team of quants and technologists to maintain it," explained Giles in the release.

SRL was founded in 2007 as a joint venture with Man Group Plc to support financial trading desks and portfolio managers. It has offices in North America and Europe. Following a successful spin out in July 2009, it has a diverse product offering in its own right, according tol the release.