Transaction Network Services (TNS), Inc. (NYSE:TNS), a premier network and data communications provider for transaction-oriented applications, announced today an agreement with custom financial solutions provider, MIXIT, Inc.
MIXIT will transport trading information for its order management system (OMS), called Real Trader System, over TNS' network, using Financial Information eXchange (FIX/FIXML) protocol. In addition, TNS will also provide connectivity and disaster recovery hosting facilities for MIXIT. Financial terms of the deal were not disclosed.
TNS' Secure Trading Extranet, with more than 950 endpoints, is one of the most widely used networks among institutional traders. As the network provider, TNS will offer MIXIT the institutional strength, reliability and security critical to electronic trading.
MIXIT is a rapidly growing financial solutions provider founded by a team of executives with broad experience in designing and developing electronic trading applications. Its customers, who include both buy and sell-side traders, will now have access to TNS' network, one of the most efficient, and reliable trading networks available.
"TNS has been extremely accommodating in terms of connecting my customers quickly, testing lines and ensuring the technology is working properly," said Kenneth Polcari, managing director of Polcari/Weicker, an independent brokerage firm trading on the floor of the New York Stock Exchange. "If the technology doesn't work, I'm out of business - it's that simple. As an end-user, I think MIXIT has made a great choice in selecting TNS."
The deal will also benefit the existing customers already trading over the TNS network since MIXIT will have the ability to provide its OMS to existing TNS customers. External changes in market trading, along with TNS' own internal assessment, have led to the conclusion that traders, particularly buy-side traders, are increasingly demanding multiple venues for electronic trading. MIXIT's availability over the TNS' network, and its ability to develop customised applications, is a value-added service now available to TNS' customers.
"The growing trend in electronic trading and more specifically direct market access, is forcing institutional traders to introduce additional OMS services into their trading strategies. MIXIT helps to fill this void," said Alan Schwartz, Senior Vice President and General Manager of TNS' Financial Services Division (FSD), the business unit at TNS that serves Wall Street. "MIXIT's management team, an exceptionally experienced group, has developed a customised application focus that will provide an added benefit for TNS' customers."
"TNS' network mitigates the issues of latency and security, which are among the biggest threats to electronic trading and can literally cost traders millions of dollars in mere seconds," said Walter Fitzgerald, the President of MIXIT. "A number of MIXIT's current customers trade on the floor of the NYSE with a high volume of trades. We believe TNS' reputation, experience and track record for providing a reliable, secure network are best suited for our needs and that of our clients."
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. 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 including the Point-of-Service (POS) Division, International Services Division (ISD) and the Telecommunications Services Division (TSD).