Fonetic Unveils Trading Record Keeping Solution
Fonetic is launching a solution that records conversations on trading floors.
The launch coincides with the signing of an agreement with The Santander Group to implement Fonetic’s solution in five languages across seven of its major international trading rooms throughout Europe, Latin America, North America, and Asia.
Designed to create more transparency and accountability, the current Dodd-Frank Act in North America and future MiFID II Act in Europe will bring significant changes to existing global regulatory frameworks, the company said. The Dodd-Frank Act places rigorous record-keeping compliance obligations on financial institutions with more than $3 billion in transactions, which must be able to provide regulators with all interactions related to a single operation, such as a SWAPS or derivative trade, in a maximum 72-hour timeframe.
Fonetic's Trading Record Keeping Compliance Solution has adapted complex linguistics-based interaction analytics software, powered by Nuance Communications' voice recognition technology, to directly meet compliance requirements. It enables compliance teams to analyze and understand core aspects of conversations to prevent market abuse and adhere to stringent legislation. The solution captures, indexes, analyses, and extracts relevant unstructured data from all voice, email, and chat interactions, enabling compliance officers to find specific, relevant communications about any given trade. By monitoring up to 79 languages and dialects, the Fonetic solution can reconstruct all interactions associated with a trade in moments.
"Clearly, the large financial institutions need to speed up their compliance processes work to meet the aggressive Dodd-Frank deadlines," said Bernt Ostergaard, service director at research firm Quocirca, in a statement. "But beyond compliance, the linguistics-based ability to near real-time monitor trading over phone, email, and chat will improve their ability to identify and thwart rogue transactions."
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