Nextel Communications Inc. (NASDAQ: NXTL), a leading provider of fully integrated digital wireless communications services, and eSpeed, Inc. (NASDAQ: ESPD), a leading developer of electronic marketplaces and trading technology for the global capital markets, today announced the launch of the first wireless market data and trading solution for institutional trading of benchmark U.S. Treasury bond issues, exclusively on the BlackBerry 7520 from Nextel over Nextel's nationwide network.
Transacting over $40 trillion a year in fixed income trades, eSpeed is a standard for electronic bond trading platform in the U.S. Treasury market. With eSpeed's new wireless solution, bond traders now have the ability to move about the office, meet with clients or attend business meetings while continuing to manage market risk and affect trades wirelessly with all the functions of their desktop with execution, effectiveness, and efficiency anywhere on Nextel's nationwide network.
Using the BlackBerry 7520 from Nextel, licensed bond traders can customize views to monitor 2, 3, 5, 10 and 30-year instruments, settings, trade histories and active orders and still be in control of their market strategy and positions when away from their desk on Nextel's nationwide network. eSpeed's wireless trading solution maintains standard industry formats and customary eSpeed desktop looks and functions.
"Our partnership with eSpeed and involvement in the first wireless U.S. Treasury bond trading application highlights Nextel's continued focus to the financial industry," said Jonna Kurucz, vice president, financial and professional services for Nextel. "In the spirit of first, better, different we are committed to providing wireless business solutions and products that meet the needs of today's busy traders and financial experts. For the first time, bond traders can experience the power of wireless mobility and not be tied to their desktop to get work done."
eSpeed Managing Director, Brent Wilkins added, "Joining with Nextel to offer a revolutionary product designed to aid traders away from the dealing room, while providing secure, wireless financial transactions over eSpeed's robust trading network exemplifies how we continue to innovate electronic fixed income trading solutions. eSpeed and Nextel have freed traders to do their job, without being restricted to their desks."