Transaction Network Services (TNS) and the Kuwait and Middle East Financial Investment Company (KMEFIC) have signed a deal, which will allow traders to establish direct links with the growing financial markets in the Gulf.
KMEFIC's new FIX Gateway service offers direct market access (DMA) to exchanges in Kuwait, Dubai, Abu Dhabi, Muscat, Doha and Bahrain. Trades are conveyed via a managed, highly secure connection into TNS' Secure Trading Extranet.
AbdulMohsin Qarooni, General Manager of IT and Online trading at KMEFIC, said: "For me, TNS stands for technology, navigation and speed. The Secure Trading Extranet combines all these important elements, coupled with a high level of security, making it a robust and efficient system.
"Linking into the TNS network gives KMEFIC a great opportunity to connect to world markets and makes trading with the Middle East easier and more profitable for brokers through a single point of connection."
Established in 1984, KMEFIC offers an array of investment products and services, ranging from local financial instruments to a broad suite of international funds, portfolios and managed accounts. During 2004 it became the first company to offer online stock trading services on the Kuwait Stock Exchange.
This new deal allows TNS' customers, who are already on TNS' extranet, to access the KMEFIC FIX Gateway.
Alex Walker, TNS' Vice President, Financial Markets (International), said: "We're delighted to be helping KMEFIC capitalise on the opportunities presented by electronic connectivity and growing cross border trade. The Middle East is a vibrant market, which is attracting investment from around the globe.
"TNS is leading the charge with the provision of extranet services to geographically challenging areas, such as the Middle East. Traders will benefit by connecting to our Secure Trading Extranet, which includes the highest levels of security, with trade messages being protected using access validation and end-to-end encryption."
The TNS network connects over 1,000 financial community end-points, representing more than 450 buy and sell-side institutions, market data and software vendors, exchanges and alternative trading venues.
Financial institutions using TNS' network can exchange a variety of trade-related messages, including indications of interest, order routing and trade executions.