Cloud9 Technologies, a cloud communications service provider that delivers voice and collaboration services for institutional traders, has announced the development of a voice trading transcription solution which deciphers trader talk.
For a long time, traders’ voices had been difficult to decipher due to their use of slang, their intermittent nature, and their use of difficult trading jargon. This is similar to the problem that is faced in highly specialised work environments like air traffic control, hospitals, etc.
But by using Google Open Source technology in collaboration with Quantiphi, the report says that Cloud9 technologies has been able to convert the complex trader voice into text. The company recently secured $30 million in funding and this development should please its investors.
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German Soto Sanchez, Global Head of Corporate Development at Cloud9, said: “Today, PMs, traders, and analysts utilize only 5% to 10% of voice data for analysis – with Cloud9’s Voice Transcription Solution, they can now use 100%”.
The report goes on to add that a live demonstration was held among hundreds of representatives from major financial services firms and it was largely successful in converting all traders’ voices, complete with jargon, into text in a matter of milliseconds.
Conversion of the voices into text within milliseconds is a challenge which many existing transcribing solutions have failed to crack. This development from Cloud9 will help a great deal in moving to an advanced stage as far as compliance, surveillance and trader voice analytics goes.
Could9 believes that by pushing through with the adaptation of this breakthrough development, if and when that happens, the industry will be able to advance further in its quest for better compliance and trading standards which will only enhance the trading ecosystem as a whole.