Transaction Network Services, Inc., a leading network and data communications provider has given a vote of confidence in Bermuda's future by establishing an office and access to its global trading network and other services on the island.
TNS provides a range of solutions to support the financial services and electronic payments industries. Its new Bermuda operation will allow local companies access to TNS's fully managed proprietary IP network, the Secure Trading Extranet. This will enable traders on the island to connect to more than 1,000 financial community end-points around the world, representing over 450 buy and sell side institutions, market data providers, software vendors, exchanges and trading venues.
TNS's new point-of-presence will also offer global companies connectivity to Bermuda's extensive financial and insurance markets enabling them to submit a variety of trade-related messages - including indications of interest, order routing, and executions - to local Bermuda companies, and carry out other Financial Information eXchange (FIX) and non-FIX transactions.
TNS's Bermuda operations are part of the newly formed TNS Bermuda and Caribbean operations, which are managed by Kevin McDonnell.
"Bermuda is a tech savvy culture, deserving of the highest standards in technology and global connectivity," observed Mr McDonnell.
Norris Ebbin, the TNS managing director who is spearheading the Bermuda operation, added that: "By offering qualities such as innovative products, very competitive pricing for bandwidth and effective partnerships with organizations already established on the island, we intend to help banks, organizations involved in Bermuda's major reinsurance market and other institutions in the financial services sector run their businesses more effectively and efficiently.
"By doing so, we will help them retain and enhance their international competitiveness and ensure Bermuda retains its pre-eminent position as a financial services center. We have the network and manpower to do this - we can establish logical connections for clients within three days of them going onto our network, for example, when other providers might take up to six weeks."
Mr Ebbin added that developments such as the worldwide move to electronic trading, buy-side institutions taking control of execution via algorithmic transacting, and direct market access have made extranets attractive, as they offer a very high speed way of connecting to multiple trading partners across the world, cost-effectively.
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