Imported from previous forum
London, 1 December 2005 – Transaction Network Services (TNS) and Blue System Inc. have entered into a marketing collaboration agreement to help bring a revolutionary electronic dealing room application, Blue, to market.
Blue System, which is headquartered in London, has appointed TNS in a three-year arrangement as its preferred connectivity provider. Via TNS’ proprietary IP network, the Secure Trading Extranet, customers using the Blue System application will be able to connect to trading counterparts for fast, reliable and secure transport of market data and trades.
Conceived in 2000 by Sulim Malook, a former London futures and options trader, Blue System will support Straight Through Processing from conception to completion of trading in multiple asset classes.
The application will give institutional brokers and their customers the ability to directly access and analyse more than 40 exchanges and ECNs, as well as global spot currency markets. Real-time and historic data is provided within the system, and order routing and execution facilities are in FIX message format, using an embedded CameronFIX engine.
Via TNS’ Secure Trading Extranet, Blue System customers will be able to route orders, execute trades and access market data and establish a new connection with an on-net trading partner within three days.
Sulim Malook, Chief Executive, Blue System, said: “We conceived Blue to streamline and simplify the way in which trading is carried out and to take out most of the technology cost.”
“Since the move from open floor to electronic trading in 2000, brokerages have been compelled to create and pay to install and maintain their own systems using multiple specialist providers for access to information and markets that had been freely available.”
“Blue System has been built around best-in-class market data, technology, clearing house and connectivity services to create the ultimate marketplace for real-time trading. Traders can deal in whatever they like, wherever they like, whether that is equities in Tokyo, Spot FX in New York, or futures in Chicago.”
“Installation and software licences are free-of-charge and clients pay at the same or at lower rates for the volume of trades they carry out.”
Because the system operates in the financial information exchange (FIX) protocol, it can be integrated with clients’ and third parties’ infrastructure using a common language to standardise messages between trading partners.
Mr Malook said: “We looked at a number of financial extranet providers but opted for TNS because it is one of the world’s largest FIX-based communities of interest.”
“Connecting with TNS means we can be sure customers will have rapid access to Blue System and to international markets irrespective of where trades are generated, processed or authorised and without the need to rely on local telcos for a connection.”
“We liked the fact that TNS is hungry for growth and wants to do business everywhere, and that they were willing to think outside the box and be flexible.”
“We were also impressed at how quickly TNS can establish new connections and its willingness to put in place points-of-presence in new markets and make decisions quickly.”
Earlier this year, Blue System announced agreements with market data provider, Tenfore, giving customers access to real-time and historic data in 60 countries; FIX engine provider, Cameron Systems, linking it to thousands of sell and buy-side institutions and international broker, Instinet, providing access to over 30 equity exchanges worldwide.
Regulated by the National Futures Association in the US and the Financial Services Authority in the UK, Blue System is able to negotiate tariffs directly with providers. The company is also brokering deals with leading international sell-side institutions in each region to open up to a further 60 markets by 2007.
The joint arrangement with Blue System supports TNS’ plans for aggressive expansion outside the US and to extend the network through partnership arrangements with third party distributors including software and application providers, ECNs and exchanges.
Alex Walker, Vice President of Transaction Network Services’ international financial markets division said: “Working with Blue System will give our clients simple access to a very powerful trading and analysis application and the ability to achieve Straight Through Processing. We’re delighted to be working with Blue System and look forward to offering mutual clients a powerful combined solution.”
TNS’ Secure Trading Extranet operates 96 points-of-presence connecting over 1,000 end-points in 25 countries in the Americas, Europe and Asia Pacific. Since 2004, it has expanded its international operations from 70 to 96 points-of-presence.
TNS is also leveraging its wider value-added capabilities including access to market data, ECN books, voice and wide area network services.
Ends/…
About Transaction Network Services
Transaction Network Services is one of the leading providers of business-critical, cost-effective data communications services for transaction-oriented applications. TNS provides rapid, reliable and secure transaction delivery platforms to enable transaction authorisation and processing across several vertical markets and trading communities.
Since its inception in 1990, TNS has designed and implemented multiple data networks, each designed specifically for the transport of transaction-oriented data. TNS’ networks support a variety of widely accepted communications protocols and are designed to be scalable and accessible by multiple methods. TNS’ network technologies have been deployed in the United States and internationally, and TNS’ networks have become preferred networks servicing the trading community, wireless and wireline carriers, and the card processing and dial-up automated teller machine markets. For further information about TNS’ transaction solutions, please refer to www.tns-international.com
The statements and information contained in this press release that are not descriptions of historical fact may contain forward-looking statements. Forward-looking statements involve a number of risks, uncertainties or other factors beyond TNS’ control, which could cause actual results to differ materially from historical results or performance and from any opinions or statements expressed with respect to future periods. TNS disclaims any obligation to update or correct any forward-looking statements made herein due to the occurrence of events after the issuance of this press release.
For further information please contact either:
Jane Humphreys / Clare Cockroft
Ptarmigan Consultants
Tel: +44 (0)113 242 1155
janeh@ptarmiganpr.co.uk
clare@ptarmiganpr.co.uk
Katie Chatterton
TNS
Tel: +44 (0)114 2920156
kchatterton@tnsi.com