The US Securities Industry Association (SIA) is to recommend Verizon to its member institutions as a preferred provider of long-distance voice and data communications services.
Under the deal, SIA members will receive competitive pricing, terms, and conditions on Verizon's domestic and international long-distance voice and data and business continuity and disaster recovery services.
Donald Kittell, executive vice president, SIA, says: "Verizon's entry and commitment to the long distance market, combined with its long standing and successful offering to SIA member firms of local communications services provides a remarkable opportunity for securities firms."
The SIA estimates that the market for telecommunications services to the securities industry is in excess of $2 billion annually. "The cost benefits to SIA members are projected to approach $100 million annually by 2006," adds Kittell.