Becoming the Underlying Voice Trading Engine

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Capital markets have undergone a seismic shift in recent years, particularly with the accelerated adoption of technology and cloud-based solutions over the last 15 months. One thing that has not changed, however, is the importance voice trading continues to play in the institutional landscape. And with the increasing levels of sophistication that are enabling individuals on and off the trading floor to communicate with each other – particularly through more advanced APIs – there is now a greater appetite than ever before for cloud-based trading solutions.

The days of solely relying on traditional trading turrets and private wires are dwindling away. Filling that gap are cloud-based, API-driven trading platforms that are driving innovation, enabling firms to streamline workflows, and empowering access to a virtual trading floor that will very soon become the norm across the industry.

In the last year alone, there has been more adoption of cloud than in the ten years prior combined. The pandemic has been a key driver, although this transition was certainly underway prior to last March. When remote working began last March, every firm had to quickly transition to 100% remote – something that cloud-based trading solutions and APIs already enable.

Firms are not only more comfortable with data residing in the cloud but they are now more frequently coming to vendors for help. In fact, leadership at major banks and financial institutions is becoming more outspoken about the need for cloud.

Some customers are generating more than 300,000 voice trading recordings each month. Thanks to advanced APIs and natural language processing (NLP) technology, firms are able to capture the audio of these conversations with 99% accuracy. This not only simplifies the regulatory and compliance process but also delivers more actionable insights that elevate performance.

Two things are becoming very clear. The capabilities for firms to efficiently and securely conduct voice trading in the cloud are there. Firms are becoming far more comfortable using the cloud to access a virtual trading floor and with storing data there.

However, with the growing appetite – and the need – for cloud-based voice trading capabilities, therein lies a growing responsibility for the technology vendors to continue pushing the innovation curve and fuel the voice trading engine.

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