Pipeline available over TNS Extranet
13 April 2004 | 462 views | 0
Transaction Network Services, Inc., a subsidiary of TNS, Inc. (NYSE:TNS), and Pipeline Trading Systems today announced that Pipeline's innovative new alternative trading system (ATS) is now available to users of TNS' Secure Trading Extranet, one of the premier networks for the transportation of information and data using the Financial Information eXchange (FIX/FIXML) protocol.
The Pipeline ATS is built around a hidden order book designed to enable institutions to anonymously negotiate large block trades of NYSE-listed companies, Nasdaq stocks, and exchange traded funds (ETFs). Pipeline's book operates without revealing bids or offers, which results in complete anonymity and protects against information leaking to the marketplace, which can result in front-running, penny jumping or backing away.
"We are pleased to be working with Pipeline to provide our proven and trusted FIX connectivity to institutions and brokers executing large block trades," said Alan Schwartz, Senior Vice President and General Manager of TNS' Financial Services Division. "Pipeline is addressing a real marketplace need by creating an innovative platform that enables traders to successfully make very large trades of the most liquid equities quickly and anonymously without tipping their hands."
TNS' Secure Trading Extranet is a premier network for the transportation of information and data using the Financial Information eXchange (FIX/FIXML) protocol. FIX-based trades are transported over a secure, private, fault tolerant IP network. End-to-end encryption implemented at the router ensures privacy and security within trading sessions. In addition, TNS utilizes Network Address Translation (NAT), allowing customers to maintain their own previously established internal IP addresses. Trading partner connectivity using Logical Virtual Connections (LVC) is completed within days of request.
"Pipeline is committed to working with the most respected and successful companies to build the best system for trading large blocks of equities," said Pipeline Trading President Fred Federspiel. "Teaming up with TNS helps us deploy a powerful solution."