Interdealer broker Tradition has selected the financial extranet TCSnet from Orange Business Services - Trading Solutions for the bank's global Trade-X platform. At the same time, Orange said it has extended the connectivity and functionality capabilities of its financial extranet network TCSnet, which has been tailored to meet the regulatory requirements of the Dodd-Frank Act.
Tradition, a leading interdealer broker, supports clients from global offices and is a significant customer of TSCnet, said Orange, in today’s release. Major investment baks use Tradition’s Trad-X platform via Trading Solutions’ TCSnet for OTC derivatives and other financial instruments.
“Global connectivity to TCSnet is key for our business as it enables us to efficiently reach our entire customer base,” states Yann L’Huillier, chief information officer, Tradition Group. “TCS -metrics, TCSnet’s customer portal, is a great addition to us as we are able to oversee our connectivity via the Internet at any time of the day monitoring latency, jitter and packet loss to name a few. We welcome Orange Business Services - Trading Solutions as one of our network providers.”
The new offering from Orange has been specifically tailored to meet regulatory demands in the U.S. following the Dodd -Frank Act which includes efficient trade processing, increased transparency, more competitive execution and a complete and permanent audit trail. The improved connectivity enables customers to continue trading electronically with guaranteed low latency and fast access for receiving market data and FIX protocol transactions, while conforming to Dodd-Frank regulations, according to the company.
New directives from regulators such as MiFID and Dodd-Frank are pressuring organizations to achieve more transparency of operations, comments Orange Business Services - Trading Solutions’ CEO Lionel Grosclaude in the company’s release. “This is pushing our interdealer broker community to trade via swap execution facilities (SEF) supported by our network instead of trading swaps by voice,” says Grosclaude in the company’s release.
According to Grosclaude, Orange, a provider of voice and electronic trading infrastructure which is owned by France Telecom, is the first provider to launch a post-MiFID network to help the industry meet regulator challenges. “Our low latency, trading dedicated network, optimized for performance, offers customers fast access to the entire financial community whenever and wherever they need to trade,” states Grosclaude.