LineData Services, the provider of order management (OMS) and compliance systems for fund managers, has ended its relationship with its existing network provider and replaced it with Transaction Network Services (TNS). The change, says TNS, was made because it can provide LineData with special monitoring and support tools that provide buy- and sell-side traders with both an OMS application and a FIX network.
Transaction Network Services – a subsidiary of TNS, Inc that specialises in network and data communications services for heavy transaction-based clients – is to provide a specialized trading network for the LongView LyNX order management system (OMS) owned by Linedata. The service will include Financial Information eXchange (FIX) connectivity and broker certification services, as well as monitoring and support services for LongView Trading customers. With more than 950 “endpoints,” TNS’s Secure Trading Extranet is used by a number of firms for electronic trading.
“When putting this package together for our customers, it was very important that we have the right partner backing our FIX network,” says Annie Morris, Senior Vice President of Product Strategy and Client Services, Linedata Services Inc. “TNS is well-established in the industry and has been leading the market for over seven years. A proven provider of fast, reliable data communications services on a global basis, TNS is an excellent partner for us in this part of our business.”
LongView LyNX aism to offer its customers a simplified process to extend the functionality of their OMS and meet electronic trading requirements. It offers connectivity to the sell-side through Linedata’s integrated FIX network, with the goal of providing the security and speed of a point-to-point network, but with the low maintenance of a hub-and-spoke system. LongView LyNX looks to cover the trade cycle from indications of interest (IOIs) to execution to post trade processing for all asset types.
“This is an exciting opportunity for TNS to collaborate with Linedata and fill an important niche through this new offering to the trading community,” says Alan Schwartz, Senior Vice President and General Manager of TNS’ Financial Services Division. “Together, we can boost the speed, convenience and efficiency of the STP process between the buy-side and the sell-side participants.”