Arbinet Corporation, formerly Arbinet-TheExchange, Inc., is a solutions provider for the telecommunications industry, based primarily upon an electronic market for trading, routing and settling communications capacity. Members of its exchange, consisting primarily of communications services providers, buy and sell voice calls and Internet capacity through its centralized, efficient and liquid marketplace. Communications services providers that do not use its exchange, individually negotiate and buy access to the networks of other communications services providers to send voice calls and Internet capacity outside of their networks. With a single interconnection to its exchange, members have access to all other members’ networks. Members or their agents place orders through its Web-based interface. Sellers or their agents post sell orders on its exchange to offer voice calls and Internet capacity for specific destinations, or routes, at various prices.