Transaction Network Services (NYSE:TNS) has been appointed as the first ever extranet provider to support the Budapest Stock Exchange (BSE) with client connectivity services, following its recent connection to TNS' Secure Trading Extranet.
TNS will provide low latency, cost effective and resilient connectivity to both new and existing BSE clients. The deal also provides the BSE with opportunities to connect quickly and easily to other members of TNS' global community - a capability that will support the growth aspirations of the Hungarian exchange.
Before its connection to the TNS Secure Trading Extranet, the BSE used managed leased lines to connect to remote traders around the world - a complicated, expensive and time consuming process.
Ferenc Pittner, Deputy CEO at the Budapest Stock Exchange, said: "Our main goal at the Budapest Stock Exchange is to become the financial centre and primary trading venue of Hungarian securities. We pride ourselves on being a client-oriented operation, committed to continuously improving services for our clients.
"Through our connection to TNS' global Secure Trading Extranet, we are now able to offer the most flexible and cost efficient connectivity to our new and existing clients - a vital factor for the continued success of both the Exchange and our clients."
As part of its continuing growth strategy, the BSE is looking to expand into the Polish market. They have already set up a link to their first member in Poland and by reducing the cost to clients through the connection to TNS' Secure Trading Extranet, it is hoped that the BSE will attract more Polish liquidity in the future.
John Owens, Vice President of Exchanges and ECNs, for TNS' Financial Services Division, said: "It is particularly important for developing exchanges, such as the BSE, to be able to offer clients fast, reliable and cost efficient connectivity.
"As a result of their connection to the TNS Secure Trading Extranet, the BSE will be a more attractive proposition to new remote members and data vendors, looking for a resilient connection and access to the global TNS community of interest."