Want to take back control of your Trader Voice? We outline the essential questions you should be asking.
So, you know your turret/dealerboard trader voice platform is rapidly becoming End of Life (EOL) or your new IPC System, Etrali, BT or IP TRADE offer has landed on your desk and it’s pricier than you hoped for? Before begrudgingly signing on the dotted line for a new trader voice system, ensure you ask vendors the right questions.
Questions to ask when replacing your firm's turret/dealerboard system
We've split the key topics into three groupings:
- Partner Ecosystem
Let's take a look at each in detail below.
Your Turret platform will be robust, however, if something does go wrong you must be able to depend on a responsive and effective support team.
- Ask what maintenance plans are available. Is there 24x7 support?
- Are plans cost-effective over the lifetime of the system?
- How quickly can someone get to your site?
- Can the vendor proactively monitor the system?
- How often does the vendor deliver maintenance releases?
It's worth understanding how flexible the vendors' offerings are. This will give you a feel for how adaptable the firms are to changing market conditions, as well as understanding ownership flexibility.
- Does the firm offer SaaS as well as more traditional Capex offerings?
- Do they have reference sites you can talk to?
- Do they put focus on other aspects of their business?
- Can they offer flexible solutions which can adapt and change with market conditions?
- Can solutions deliver on ‘spend to save’ or global savings targets?
- Are there hidden costs such as voice recording or middleware licencing?
Before you invest in a Trader Voice system you need to confirm the vendor is focused on future system developments.
- Does the company have a comprehensive roadmap for their Turret system?
- What spend is ring-fenced for future Turret development?
- Can they demonstrate the delivery of innovative solutions?
- What percentage of revenue is spent on R&D?
You need to understand how the system will be configured. You probably have existing voice assets which can be leveraged, like Voice Recorders or PBX's for cost savings. Asking the right questions will help you buy the right system, at the right price.
- Is the product officially validated by CISCO, Avaya or Mitel?
- What Voice Recording vendors does the vendor connect to?
- Can you virtualise their system?
- How much rack space will you need? Does the system use standard protocols and what are they?
- Does the trader voice system meet compliance regulations e.g. MiFIDII?
Knowing the system can grow, shrink and match with the changing market, business and user requirements is key to any trader voice platform.
- Can you align different products to actual user requirements, e.g. Global Intercom, Trader Speakers or full Turrets?
- How many speaker channels can the solution support?
- How many lines can the system support?
- Can the turret be field upgraded to add more keys or speakers?
- Do they have a soft client?
- Can you flex up and down as required?
- Does the vendor have devices for different types of user – front, middle and back office?
- Ask for typical latency. The lower the better. You are looking for sub 55ms and point-to-point closer to 25ms. Ask how they combat latency using system design and technology.
A specialist set of turret features is the ability to quickly share information with clients and traders.
- Ask the vendor if they can share lines between turret and non-turret users. Do they support common lamping?
- Ask if they support devices such as intercom or Speakers for users who don't need a full turret.
- Can they offer private wires (ARD & MRD), global intercom with answerback to the owner and point-to-point calls?
Partner ecosystem-relate questions
A turret/dealerboard vendor is only as good as the partners they certify and work with.
- Check they have trained partners in the regions you are looking to deploy. Ask the vendor which consultants they work with.
- Remember to ask about extending the system - does the system integrate with network management platforms, CTI applications and compliance tools such as voice recording and analytics?
Whether you're running a technology review, upgrading your trader voice system or if you own an end-of-life system (IPC, Etrali, IPTrade or BT), asking these simple questions could boost your trader’s productivity while lowering the total cost of ownership. Contact our team to learn more or browse Speakerbus' solutions.