Etrali Trading Solutions, the leader in voice and electronic trading infrastructure and services for the trading communities, and its mobile technology partner, Natterbox, today announced the expansion of its mobile recording solution for the US. Dodd Frank stipulates the recording of any conversation by traders on cell phone devices, including “pre-execution information”. It also requires that these recordings are kept in a searchable format by counterparty and transaction for a minimum period of one year. The Etrali Trading Solutions service is a reliable, simple and rapid route to helping firms meet compliance requirements.
“Our recording solution has been successfully implemented with tier one UK banks since 2011,” said Robert Powell, Global Head of Compliance at Etrali Trading Solutions. “We were one of the first to offer mobile recording in the UK and this has enabled us to tailor the solution to the very specific needs of financial institutions and demands of regulators in accordance with FCA requirements. By building on this experience in developing the solution for the US market, we’ve ensured that the solution can be implemented quickly, without any inconvenience and means clients are instantly able to record under Dodd Frank.”
This secure, complete unified communications solution for the trading floor, covers voice, data and mobile communications regardless of location with zero latency. Network-based, it means users can keep the same device without having to install software or reconfigure their device in any way.
Neil Hammerton, CEO and Founder of Natterbox, the pioneering cloud voice services company partnered with Etrali Trading Solutions comments, “Call compliance is gaining traction in every industry and for financial services, the Dodd Frank regulation has taken it global. Extraterritoriality requires foreign banks to also comply with the new regulations, if they wish to continue to trade with the US.”
The trader’s experience is unchanged as the service is unobtrusive and works with any device. Etrali Trading Solutions has flexible storage options with content that can either be stored locally or in secure, cloud-based storage. Additionally, users will not have to reconfigure handsets, allowing clients to simply roll out the solution with minimum effort and completely integrate it with their existing trading floor solution. Plans to expand the solution in Asia are already underway with Etrali Trading Solutions looking to roll out the service in the region this year in response to these global regulatory requirements.