The new network will enable telecoms carriers around the world to trade their minutes and bandwidth at an almost instant rate. So much so that chief executive of ITCC, Bonaventure Wong, has said: 'We believe our switching of bandwidth and minutes can be done within three seconds.' Currently the usual transaction process between telecoms carriers takes between four to six months.

In order to trade on the exchange, telecom companies will be required to connect to one of five exchange points on the network which are: London, Hong Kong, Los Angeles, New York and Miami. Assisting the technology and operations of the exchange will be HSBC and Swedish telecoms giant Ericsson.

Mr Wong confirmed that ITCC aims to charge a 15 per cent commission - payable by the seller - on any transaction that takes place via the exchange. With the network's ability to cope with two billion minutes per year, Mr Wong estimated the company's first year would see a likely revenue of US$29 million.

It is not surprising, therefore, that Mr Wong claims ITCC will be profitable by 2002 with a forecast net profit of US$5m from a revenue of HK$29m. The company has constructed its exchange network at an estimated cost of US$110m and has plans to spend around US$80m more on hardware by 2005.

ITCC is also intending to launch an initial public offering on New York's Nasdaq exchange where it expects to raise over US$75m. A secondary listing in Hong Kong will also be an option.