Trading Turrets As A Versatile Communication Technology Resource For Pace Of The Financial Industry
Trading turrets are devices that are used to connect high-volume calls at high speed. They have been characterized by a unique telephony key system that permits rapid line switching and access by multiple callers through easily navigated cross-connectivity. This makes them useful for the pace of communication required on financial trading floors.
Also called dealer boards, they have been integral to the operations of stock traders, brokers, wealth-management and investment agents, as well as other professionals in the financial trading industry. Trading turrets have remained an essential technology even as these communication systems continue to transition from phone-trading equipment to electronic and digital trading platforms.
Trading floor turrets have conventionally included features like call visualization and call prioritization features, as well as push-button point-to-point line connection, numerous speed-dial buttons, and a large distribution of hoot-n-holler circuits, which enable mass information exchanges between traders, customers, and other parties.
Most voice trading turrets also feature multiple headsets, multi-channel speakers, intercoms, and other voice communication capabilities that support high-speed, high-volume calls on exchange floors.
While this technology shares some features with private branch exchange (PBX) telephone systems used in large offices, call centers, and other organizations, trading floor turrets are specially designed and configured to support rapid call switching and parallel call processing.
This allows for smooth connection and transition of multiple call paths. The architecture of trading turrets will also prevent other lines and users from being affected by component faults. These failures are instead isolated as part of a robust fault tolerance system that’s built into this technology.
In some cases, trading turrets are used by utility companies and emergency response providers to support essential voice operations. Many Investment banks also continue to rely on conventional desk-based trading floor turrets even as digital options have become more prevalent.
Today, the vast majority of turret trading operations are performed through hosted turrets, which are cloud-based software programs and platforms. They support a vast majority of features provided through traditional, hardware-rooted trading floor turrets.
Cloud hosted trader voice, as it's known, uses digital tools to facilitate rapid call connectivity and switching, in addition to call prioritization, connection between multiple users, and parallel processing. Instead of hardware, trading turret capabilities are accessed through internet-connected devices, including desktop and laptop computers, tablets, smartphones, and more.
Hosted trader voice systems have changed the way the trading communication systems can be accessed. For many organizations, this change has amounted to more robust capabilities and growth through expanded remote access and workspace versatility.
While hosted turrets have sometimes replaced traditional turret systems outright, and usually as an update or upgrade of old desk-rooted technology, they are also used as a supplement. Some companies will choose to connect hosted turrets into hardware-based systems as a means of growing their organization’s trading capacity and for more gradual reduction of equipment footprints.
As a further incentive to transition from a trading floor turret to a software-based system, hosted trader platforms can provide many additional advantages. These systems include trading turret capabilities, as well as supplemental and supporting services that handle issues of maintenance, security, regulatory compliance, and other concerns.
Hosted trader platforms may also expand upon digital trading turret tools, such as instant messaging features, voice and video conferencing, and other unified communications essentials.
Complete systems are often marketed under what has been called turret as a service or TaaS. Turret as a service offerings are packaged, customized, and implemented based on the specific needs of an organization, essentially making it possible to gain the best trading turrets based on individual practices and requirements.
Turret as a service has also broadened the high-volume, high-speed calling capabilities of companies and organizations outside of the financial trading sector. This is due in part to their versatility and reduced requirements for equipment and hardware infrastructure.
Integrating a hosted turret system usually starts with the identification of the right provider. These services are multifaceted and include a combination of offerings, which accommodate setup, any transitional or end-of-life support, as well as all associated upkeep and maintenance.
Since the turret capabilities are maintained through a cloud-based service rather than hardware, the service provider should be fully capable of offering all required support for continuously reliable operation, as well as security and any industry regulatory compliance needs.
Today’s hosted turret providers will typically handle multiple aspects of the integration process. This is often accomplished through partnerships with hardware and equipment providers, as well as technology specialists that keep all turret services operational, updated, secure, and functioning at a capacity that satisfies the needs of the user.
Trading turrets are by no means a one-size-fits-all solution. There are many factors for which to account when implementing this service. This holds true when such services are a supplement to an existing infrastructure or a stand-alone integration.
The best outcome is achieved through an accurate assessment of a user’s current objectives and future goals. Contacting a hosted turret platform specialist can make such a process faster and easier.