Imported from previous forum
[ original email was from James Parker - jparker@tnsi.com ]
FOR IMMEDIATE RELEASE on 4/12
Pipeline and TNS Announce Strategic Alliance
NEW YORK CITY and RESTON, VA, April 12, 2004 – Transaction Network Services, Inc., a subsidiary of TNS, Inc. (NYSE: TNS), and Pipeline Trading Systems today announced that Pipeline’s innovative new alternative trading system (ATS) is now available to users of TNS’ Secure Trading Extranet, one of the premier networks for the transportation of information and data using the Financial Information eXchange (FIX/FIXML) protocol.
The Pipeline ATS is built around a hidden order book designed to enable institutions to anonymously negotiate large block trades of NYSE-listed companies, Nasdaq stocks, and exchange traded funds (ETFs). Pipeline’s book operates without revealing bids or offers, which results in complete anonymity and protects against information leaking to the marketplace, which can result in front-running, penny jumping or backing away.
“We are pleased to be working with Pipeline to provide our proven and trusted FIX connectivity to institutions and brokers executing large block trades,” said Alan Schwartz, Senior Vice President and General Manager of TNS’ Financial Services Division. “Pipeline is addressing a real marketplace need by creating an innovative platform that enables traders to successfully make very large trades of the most liquid equities quickly and anonymously without tipping their hands.”
TNS’ Secure Trading Extranet is a premier network for the transportation of information and data using the Financial Information eXchange (FIX/FIXML) protocol. FIX-based trades are transported over a secure, private, fault tolerant IP network. End-to-end encryption implemented at the router ensures privacy and security within trading sessions. In addition, TNS utilizes Network Address Translation (NAT), allowing customers to maintain their own previously established internal IP addresses. Trading partner connectivity using Logical Virtual Connections (LVC) is completed within days of request.
“Pipeline is committed to working with the most respected and successful companies to build the best system for trading large blocks of equities,” said Pipeline Trading President Fred Federspiel. “Teaming up with TNS helps us deploy a powerful solution.”
About Pipeline Trading Systems
New York City-based Pipeline Trading Systems, a subsidiary of e-Xchange Advantage Corporation, is deploying Pipeline, an alternative trading system (ATS). Built around a “hidden” order book, Pipeline enables traders at institutions and brokerage firms to anonymously negotiate large blocks of NYSE-listed companies, Nasdaq stocks, and exchange traded funds (ETFs) in an environment free from the problems of backing away and front running. Fred Federspiel, president of Pipeline Trading Systems, founded parent company e-Xchange Advantage (eXA) in 1999 to develop electronic solutions for institutional block trading. For more information, visit www.pipelinetrading.com.
About Transaction Network Services, Inc.
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 authorization 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.tnsi.com.
This press release may contain various remarks about the future expectations, plans and prospects of the Company that constitute forward-looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. The Company’s actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including those discussed under the heading “Risk Factors” in the Company’s prospectus dated March 16, 2004, which is on file with the U.S. Securities and Exchange Commission and may be accessed at www.sec.gov or the Company’s investor relations web page available at www.tnsi.com. The Company 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 Pipeline Trading Contact:
Arthur Montuoro
Pipeline Trading Systems LLC
212-986-0523, ext. 15
amonte@PipelineATS.com
For TNS Contact:
Marcie Cheney
Environics Communications
Tel: (202) 296-2002
mcheney@environics-usa.com