Financial market participants can now easily connect to Europe's multi-lateral trading facility (MTF), Quote MTF, after Transaction Network Services (NYSE:TNS) signed a deal to become its main connectivity provider.
By connecting to TNS' Secure Trading Extranet, Quote MTF will be able to offer pan - European trading to its subscribers. Quote - the latest MTF to enter this rapidly growing sector will be able to provide customers with low latency, highly resilient and secure connectivity services provided by TNS to support the flow of orders and market data.
Based in Budapest, Hungary, Quote MTF is majority-backed by BRMS, a holding company which also has a stake in Swifttrade, one of the largest day-traders in North America acting as liquidity provider for the MTF. Quote's focus is to provide a low cost, high performance liquidity platform, offering clients the ability to quickly and easily trade European stocks. Market data organisations, which make up a large proportion of the ever-expanding TNS global community, will also be able to access streaming prices for onward distribution.
Quote MTF has built its own trading engine, based in London, in order to further reduce latency for clients - one of its key business objectives. As a result of the connection to TNS, clients will be able to choose the Quote book feed and execution venue for the most cost effective access to the available European exchanges.
Randy Bucking, Director, IT and Global Networks at Quote MTF, said: "The global financial services industry is under intense pressure to cut the cost of doing business. In an increasingly crowded marketplace it is vital for a new MTF to offer a compelling, cost effective proposition to potential clients.
"Quote has been engineered to suit trading organisations that are seeking the most cost effective electronic environment through which to operate. Through our no-frills model combined with highly competitive pricing, we expect to attract liquidity from our very first day of trading.
"TNS has a global reputation for providing secure, low latency, cost effective connectivity, making it the obvious choice as we launch our services to the global market. Our connection to TNS will enable us to deliver a compelling proposition of the best possible connectivity for our clients, coupled with a strong value proposition."
John Owens, Vice President of Exchanges and ECNs, for TNS' Financial Services Division, said: "By connecting to the TNS Secure Trading Extranet, Quote MTF clients will receive some of the fastest, most reliable and robust connectivity available in the pan - European trading environment today.
"The deal will also allow TNS to further extend our global network coverage, widening our already impressive community of interest and providing new connections for existing members"