From the increased adoption of electronic trading across multiple asset classes to long-time communication practices in voice trading taking on a new spin, modernization is inevitable as the digital age unfolds.
Gone are the days when we had to pay for each private wire connection and go through the friction and time of trying to set up a line between parties. Of course, many firms of various sizes are still running on old technologies and systems, but the reality is that cloud-based systems can be deployed at significantly lower cost than traditional turrets, providing higher efficiency and effectiveness. In speaking with the head of multi-asset trading at one of our buy-side clients, he believes it is more expensive to stick with legacy systems than it is to transition to cloud solutions. It is a matter of time that most firms will make their transition with the limited upfront commitment, ability to work from anywhere and overall improved functionality and analytics, not to mention the sheer growth of counterparties now online especially with Cloud9’s community.
Cloud9 trader voice solution has been designed from the beginning as a software-first turret application (with USB compatible turret-like hardware) that can run optimally across Internet/Wi-Fi connections and various work devices such as PCs, laptops, and tablets. This means that Cloud9 works well not only in the office, but also at home by giving users a seamless and reliable work-from-anywhere experience. At the height of the lockdowns, Cloud9 enabled thousands of Cloud9 users from many banks to seamlessly work from home and keep business running smoothly. When Cloud9 was rolled out as the default office turret solution for a global bank, the head of equity trading who worked with us on the project appreciated that they could continue accessing their trader voice connections seamlessly as if they were in the office, even when working from home or traveling overseas for an extended period during the pandemic.
As firms now recognize they can operate securely within a cloud hosted environment that delivers economies of scale and cost savings, the next question is who else is there? To trade, firms need ready access to a directory of counterparties that are also online and can be reached instantly via a ring, shout, or a hoot. The reality is that more firms are moving on the Cloud as are exchanges like CBOE, which just launched an hybrid open outcry trading floor to accommodate the increasing number of trading firms opting for cloud-based, flexible work-from-anywhere set-ups. When it comes to voice communications trading, we are seeing the network effect of Cloud9’s community increasing fast and becoming a compelling value proposition for users.