Published on November 1st, 2021 | by Ali Dino0
What Is A Soft Turret And Other Questions About Remote Dealer Board Systems
The effects of the Covid-19 pandemic had a lot of companies scrambling to adjust to a work environment that can take shape just about anywhere. Fortunately, transitioning from in-office operations to a remote work setup has gotten easier with so many digital solutions for modern business operations.
Many companies in the financial industry have learned the benefits of this transition, and not just in times of uncertainty. Traders, brokers, banks, and other organizations that invest in a cloud-hosted trader voice platform discover more flexible capabilities for voice trades, calls, and other operations.
But companies that are operating with traditional, hardware-based trading turrets may not be aware of how turret as a service system can meet their needs. In the financial industry, this is a legitimate concern. Regulatory compliance, security, reliability, and other factors must be met with communication capabilities.
If any trading turret system, whether hardware or software-based, cannot consistently satisfy such requirements, it’s not really a solution. That’s why it’s necessary to get all of the answers on soft turrets and other remote dealer board systems before making the transition. The following questions are among the most common.
What Does Turret As A Service Mean?
A turret as a service (TaaS) is a software-based emulation of the desk-based trading turrets used for dealer calls. TaaS is similar to a VoIP or communication app, but it includes many of the call visualization and prioritization capabilities of a physical dealer board. Unlike standard VoIP call applications, a TaaS solution will also include features that enable call recording, storage, and other functions that suit regulatory compliance and requirements.
Since TaaS platforms are digital, they can be accessed through conventional desktop computers, laptops, tablets, smartphones, or other devices. This means that users are no longer rooted in the hardware to conduct their operations. All of the data that’s accessed and created through TaaS is cloud-hosted, rather than locally maintained on server hardware.
What’s Included In A Hosted Trader Voice Platform?
The features and capabilities of a hosted trader voice platform will vary with the provider, but in general, these platforms provide most of the capabilities of a hardware-based trading turret, as well as some additional tools and enhancements.
Many hosted trading turrets will closely resemble the arrangement of a physical trading desk system but in a digital user interface (UI). Hosted trader platforms will also often include various interlinking and intercom controls.
Depending on the specific platform and the access granted to a user, a hosted trading system will include call visualization and prioritization displays. There are also capturing, recording, and monitoring features that can be modified for specific call storage, evaluation, security, and compliance needs.
Can A Cloud-Hosted System Ever Be As Secure As A Locally-Hosted Dealer Board?
When it comes to security, a cloud-based trader platform can be less vulnerable than a locally maintained option. Data that is kept on a remote cloud server will be protected by many more security features compared to local hardware setups. Cloud-based systems are also more frequently updated with security safeguards, which ensures fewer vulnerabilities against common and growing cybersecurity threats.
Is A Remote Dealer Board Cheaper Than Desk-Based Hardware?
A remote dealer board system can be a significant cost-cutting measure for many organizations. Since there are fewer hardware requirements, maintenance and equipment needs are greatly reduced. Cloud-based trading turret integration is very scalable and systems can be modified without additional facility demands and hardware and line costs. Disaster recovery sites and IT management needs are also reduced when desk turret systems are replaced with software-rooted capabilities.