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Yipes Enterprise Services, Inc., the leading global provider of Ethernet services, announced today that it has won The Banker's Technology Award for Connectivity Innovation for its FinancialConnect! service. Yipes FinancialConnect! is the first-ever Ethernet-based extranet for electronic trading and market data distribution. The end-to-end managed service delivers financial market and exchange data directly to banks, brokers, hedge funds, and institutional investors. Introduced to the industry in October 2006, more than 65 financial exchanges, Electronic Communications Networks (ECNs), and trading platforms and 300 member firms have connected to the service.
Established in 1926, The Banker is the Financial Times Group's premier magazine for global investment, retail, and commercial banking. The Banker Technology Awards annually recognize global innovation and excellence in the banking technology market. This is the second industry award for FinancialConnect!, which was recently honored by Light Reading for Best New Service from a private company.
The investment services industry is rapidly migrating away from floor trading to electronic trading. The growth of algorithmic trading, deployment of faster exchange trading systems, and regulatory changes have dramatically increased electronic trading volume, placing unprecedented demands on the older networks that have traditionally supported the financial industry. Yipes FinancialConnect! uses Ethernet networking technology to deliver services that are faster, simpler, and more scalable than conventional telecommunications services. Because 95 percent of networks originate from Ethernet-based local area networks, an Ethernet-based connectivity service requires fewer protocol transitions and processing, making it faster and more reliable.
"We are honored to receive this innovation award from The Banker. The growth of electronic trading makes low latency access to financial data imperative; a difference of milliseconds can mean the difference between profit and loss," said John Panzica, general manager, financial services sector, for Yipes. "With FinancialConnect!, our customers can be assured that data feeds are delivered in the fastest and most efficient manner possible. The Banker has recognized the sweeping changes going through the industry, and this award is validation of the success of the FinancialConnect! service in meeting a critical industry need."
The Banker Technology Awards aim to recognize innovation in the way that solutions, service providers, and strategies enable financial institutions to address various business challenges. Awards were given on the basis of objective and results-oriented criteria by a panel of leading, highly respected industry commentators.
