GreenKey, creator of an award-winning voice workspace designed for financial market collaboration, today announced the release of the pilot version of the industry's first "voice quote capture" tool.
The tool will be offered for testing in its pilot form to enterprise customers of Symphony Communication Services, LLC, a secure communications and workflow technology company.
The pilot will allow select Symphony users the opportunity to evaluate and provide feedback on the product. Symphony expects to make the application available in its app store during the second quarter.
GreenKey CEO Paul Christensen said: "We're excited to collaborate with Symphony, as we both share the same goals of making the markets safer, smarter and cheaper. Some of the world's largest banks and inter-dealer brokers have expressed great interest in this innovative voice quote capture tool and are anxiously awaiting its release, particularly to solve their pre-trade transparency challenges for voice quotes that are required under the 'Systemic Internaliser' (SI) and 'Organised Trading Facility' (OTF) regimes of MiFID II. This tool is the first of many we are planning to release to help clients enhance their global compliance capabilities in this heightened regulatory environment and to unlock the value of data analytics for voice."
Christensen said: "MiFID II will introduce transparency requirements that are profound and significant. The pre-trade transparency rules, in particular, are more far reaching than those of Dodd-Frank, and cover all asset classes, as well as cash and derivative products. Given the tremendous impact of these requirements and the desire of EU lawmakers to accelerate the pace of the market-rules overhaul, the industry needs to find solutions and coalesce around them. One of the most controversial requirements is that any bank that regularly makes prices, including by voice, will be deemed to be an SI and have to make public in real time any bids or offers that it gives its clients for liquid products. For voice trades, that is a real challenge, and GreenKey within Symphony offers a unique and robust solution for our joint clients."
Launched in September 2015, Symphony is backed by some of the world's leading financial institutions. As its partner, GreenKey will be available to all Symphony users in a seamless fashion, integrated as an app within the Symphony service, in the second quarter. By incorporating voice, Symphony and GreenKey will ensure conversations can be recorded in a secure environment to meet regulatory compliance needs.
GreenKey has developed the application for voice quote capture and recorded group telephony (with integration of clients' existing turret technologies) that is available for Symphony enterprise clients to test. Company administrators can contact GreenKey at info@greenkeytech.com to obtain the required configuration file.