Better interdealer broker relationships come to fruition as Tradition, Tullett Prebon and Tier 1 banks enter GreenKey design partnership
Tradition and Tullett Prebon – two of the world’s most prominent interdealer brokers, along with tier 1 banks, trading firms and exchanges, are leading a design partnership set in place by Greenkey enabling users to interact with their computers far more easily and much faster, for example to populate trade tickets and pricing whiteboards
Digital connectivity and telephony firm GreenKey, has announced the launch of a Design Partner Program (DPP) led by Tradition and Tullett Prebon – two of the world’s most prominent interdealer brokers – and involving tier 1 banks, trading firms and exchanges.
In addition to the DPP participants, seven of the world’s top-10 investment banks and several leading global exchanges are testing or deploying GreenKey technology within their respective organizations and developing workflows that utilize GreenKey’s unique speech recognition capabilities and voice-user interface (VUI). The VUI enables users to interact with their computers far more easily and much faster, for example to populate trade tickets and pricing whiteboards.
Through the program, Design Partners will work closely with GreenKey, focusing on helping to develop common standards for workflows and use cases for the voice-driven technology. Design Partners will help identify additional key features they would like built into GreenKey offerings, including in the areas of telecommunications, voice collaboration, instant messaging capture and speech recognition for voice-driven workflows.
By digitizing voice, GreenKey can help its clients meet a host of U.S. and European regulatory requirements, including pre- and post-trade transparency for voice quotes and trades, satisfaction of best execution for voice, tagging of calls for market soundings*, real-time surveillance reports and completeness and retention requirements.
GreenKey technology is fully interoperable with other systems, such as legacy turrets (meaning that tens of thousands of users will be accessible from the GreenKey network) and all standard phone systems. GreenKey can plug into existing front- and back-end frameworks. The HTML5 front-end allows easy integration with other third party applications, and firms can choose to have an on-premise installation, have it hosted in the cloud or a hybrid of the two. The firm is a neutral, independent operator of market infrastructure.
GreenKey CEO Paul Christensen said: “This is a seminal event for GreenKey, reinforcing the power of our transformative technology to provide solutions to critical issues facing global financial market participants. We are seeing a broad cross-section of the world’s leading finance organizations getting behind GreenKey and helping us design and enhance products as well as ensure our solutions are best-in-class for the industry. The goal is to make the markets safer, less expensive, more transparent and more compliant. This program will include furthering GreenKey’s progress in establishing voice protocols for quote- and trade-capture applications, which are particularly important in Europe for MiFID II compliance.”
Daniel Marcus, Global Head of Strategy and Business Development, Tradition, said: “Tradition’s focus is on ensuring that we provide our clients with multiple asset class execution excellence via any medium that is regulatory compliant. GreenKey’s cutting-edge technology that incorporates flexible, open, integrated instant message aggregation, recording and voice transcription will play a key role in enabling Tradition to satisfy our strategy on a global basis.”
David Perkins, Managing Director, Electronic Broking, Tullett Prebon, said: “Hybrid voice is at the heart of our business. The ability to transcribe voice communications into secure, recorded usable data in real time is highly beneficial. We are strongly supportive of GreenKey’s open and integrated model which helps us comply with changing regulations in the U.S., Europe and elsewhere globally.”
Christensen said demand was high to join the DPP, and GreenKey had to limit participation to those firms best positioned to work closely with its team in addressing market structure and technology issues. He said GreenKey will continue to collaborate and form partnerships with a variety of other firms representing all asset classes and roles, including buy-side, sell-side and infrastructure providers.
He said: “Response to our unique technology has been overwhelming, and we are thrilled with the recognition that it can solve significant problems for the markets, including making our clients’ communications open, integrated and compliant. By demonstrating that our cutting-edge speech recognition tools and voice-driven workflows meet the demands of the major players in the markets, we have proven that this technology is ready for mass adoption.”