Imported from previous forum
[ original email was from James Parker - jparker@tnsi.com ]
TRANSACTION NETWORK SERVICES INKS HOTSPOT FXi FOREIGN EXCHANGE
Deal Enables Electronic Foreign Exchange Trades on Secure IP Trading Network
New York, NY – November 16, 2004 – Transaction Network Services, Inc. (NYSE: TNS), a leading provider of business-critical data communications and network services for transaction-oriented applications, announced today that Hotspot FXi, the leading spot foreign exchange marketplace, will route electronic foreign exchange (eFX) transactions over TNS’ secure trading network. The service will enable eFX traders to complete high quality, anonymous transactions.
TNS’ Secure Trading Extranet transports trading information and data using the Financial Information eXchange (FIX/FIXML) protocol. With more than 950 endpoints directly linked to TNS’ Secure Trading Extranet, TNS is one of the most widely used IP data networks among institutional traders. The ability to now use the TNS Secure Trading Extranet for the trading of foreign exchange electronically on Hotspot FXi makes available to institutional traders an additional high-demand service on a trusted network.
Hotspot FXi brings the powerful benefits of an independent exchange/ECN market structure to institutional foreign exchange trading. These benefits include full depth-of-market view, centralized price discovery, as well as bid/offer and instantaneous trade execution capabilities on live, executable multibank prices. Hotspot FXi’s LiveLinksm API supports FIX and other protocols.
“Institutional investors already trade a wide array of financial instruments over TNS’ network,” said John H. Eley, president and CEO of Hotspot FX, Inc. “The ability to access Hotspot FXi’s anonymous, instantaneous, multibank FX marketplace will open new trading and risk management opportunities to these investors.”
“Technology is leveling the playing field like never before in the FX market – a financial segment that conducts an astounding $1.9 trillion in daily transactions,” said Alan Schwartz, senior vice president and general manager of TNS’ Financial Services Division. “eFX is a market poised for growth and we see demand for technologies like Hotspot FXi’s growing among our own customer base. TNS is pleased to enable Hotspot FXi transactions over our network.”
TNS’ Financial Service Division (FSD) provides a mission critical network that offers rapid connectivity and secure transmission of both voice and data for the institutional financial services industry. Use of the TNS Secure Trading Extranet enables traders to complete instantaneous transactions without the potential latency and security risks associated with Internet based trading applications. In addition to FIX, TNS supports a variety of IP protocols and has the ability to build connectivity in as little as three days. FSD is one of four business divisions at TNS. The other divisions are the Point-of-Service (POS) Division, International Services Division (ISD) and the Telecommunications Services Division (TSD).
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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 TNS that constitute forward-looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. TNS’ 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 TNS’ prospectus filed with the U.S. Securities and Exchange Commission on September 28, 2004, which may be accessed at www.sec.gov or TNS’ investor relations web page available at www.tnsi.com. 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.
About Hotspot FXsm
Hotspot FX, Inc. operates the two leading spot FX marketplaces for institutional and retail market participants respectively. Both marketplaces provide anonymous, instantaneous, direct access trading on live, executable, streaming prices supplied by leading foreign exchange banks and financial institutions. Trades executed on Hotspot FXi, Hotspot FX’s institutional marketplace, are cleared through a network of top-rated clearing banks and prime brokers. Trades executed on Hotspot FX, the company’s retail platform, are cleared through its FCM. Hotspot FX provides connectivity to trade and order management systems, market data vendors and other platforms via its LiveLinksm proprietary API, which supports the firm’s FIX gateway as well as other connectivity protocols. Hotspot FX is headquartered in Watchung, New Jersey, a suburb of New York City, with offices in Boston, London, and Singapore. For additional information, visit the Hotspot FX web site at www.hotspotfx.com or e-mail info@hotspotfx.com.
Hotspot FX is a registered service mark and LiveLink a service mark of Hotspot FX, Inc.
FOR IMMEDIATE RELEASE
Media contact: Mike Murphy
(703) 453-8550
mmurphy@tnsi.com
Peter Burton
For Hotspot FXi
(908) 322-2914
pburton@hotspotfx.com