We are assisting with decision making and migration for around 15,000 users across nearly 150 global sites for Tier 1 banks. Our software-enabled TIMM™ service is accelerating the process. Greg Collins previously blogged about the complexity of selecting trader voice infrastructure as the market goes into a transitional phase where the banks seek to achieve the functionality of traditional desktop solutions without missing out on the flexibility and economy of emerging Cloud services. The result is that trading turret (dealer board) manufacturers are looking to integrate features of Virtual Turret solutions while the Cloud providers are seeking to engineer traditional turret features like private wires and intercom.
In one global program, which relies heavily on TIMM™, our client is seeking to integrate a virtual turret solution with the trader voice estate and replace a significant number of trading turrets. This is a global undertaking which aims to migrate almost 30% of circa 7,000 turret users to a subscription voice service that we’ll call virtual turrets for readability. The initiative is hoped to drive cost savings, reduce the burden on support staff and provide a high level of flexibility. As a result, new refinements have been brought to TIMM™ and JP Reis have assisted in the product development of the Virtual Turret solution.
In any situation, working out who should be moved to a virtual turret depends on how many staff have a genuine trading turret use case. Desktop hardware of this kind remains relevant due to specific trading floor communication methods. TIMM Map™ is the application we now use to ingest information into our main data hub. This comes from:
- The trading voice system database
- Call Data Records [CDR]
- Circuit Data (Private Wires/Lines) and Billing Information
- HR Databases e.g. Active Directory.
The application enriches the data by interrogating it with a series of questions to establish:
- How many dial tone and private wire connections users have
- Button usage i.e. how many current lines are in active use
- How traders and support staff are using Intercoms and Hoots
- Other client defined data streams.
We can build a detailed picture of how each turret is used while still being able to manipulate the data. We report the results for each analysis and recommend a minimum viable product for each user, be it PBX phone, Voice Client, small or full turret. Our client is able to adjust the scenarios and manipulate the parameters to achieve different results. In some circumstances it is possible to perform this analysis in real time, but it is always important to provide a full audit trail to demonstrate defensible decision making.
Migration and Product Development
JP Reis has unrivalled Trader Voice expertise and we have been involved in the development, implementation and integration of many important voice and compliance systems. In the global program mentioned above, we were required to work with the Virtual Turret vendor to develop its system in such a way that it became viable for a greater number of users. In the transitional phase where Trader Voice finds itself, this is not surprising. As we work to help integrate a greater level of traditional turret functionality into this voice client, turret vendors continue to add soft clients, online community and UC functionality to their product offerings. So far, our product development specialists have worked with the vendor to achieve Intercom, Dial Tone and larger group limits with private wire gateways and large hoots next on the roadmap.
Large Migrations and the Future of Trader Voice
Senior JP Reis consultants like Greg Collins were shaping trader voice product development, trading floor survivability and compliance solutions before our company legally came into existence in 2007. As we move into the end of an era for desktop trading turrets, hosted services become increasingly prevalent, and the compliance focus moves from recording retrieval to surveillance; the trader voice industry is as dynamic as ever.
JP Reis has introduced TIMM™ to take technology migrations to new levels of intelligence, efficiency and precision with a service that has our experience and DNA running through it. We still have specialist engineers who are able to develop products to suit the use cases of the industry’s largest clients. Technology never stands still, and JP Reis will remain at the vanguard as we face the next phase of industry-wide challenges.