Red Box has partnered with Cloud9’s cloud-based trader voice communications platform to launch a new compliance solution.
Regulations such as Dodd-Frank in the U.S. and MiFID II in Europe require investment firms to keep complete records of trade-related communications and provide them to the regulator if requested.
The Red Box offering with Cloud9’s C9 Trader desktop is now available as part of its 4C release, which also incorporates seamless integration with leading compliance archiving and analytics tools. According to the company this opens up the potential for organisations to audit 100% of calls and unlock valuable business insight.
With integration to Red Box, Cloud9 said it significantly expands its call recording and archiving options for its customers. Built on Red Box’s open API architecture, the Cloud9 integration extends the range of platforms Red Box integrates with, ensuring all records are in one place and making it faster and easier to reconstruct trades.
Pete Ellis, chief product officer of Red Box said: “Financial services organisations need a way to capture all communications around a trade so that events can be quickly and easily reconstructed if requested by the regulators.”
Red Box claims to empower organisations to capture, secure and unlock the value of enterprise wide voice. Its platform captures and transcribes voice communications from over 55 systems (legacy and new), across global enterprises and SMEs.
Ellis added: “Voice remains a key communication method in a trading environment and conversations will be taking place across multiple platforms; cloud-based and traditional telephony systems, or mobile phones – all of which can be captured in one place by Red Box.”
Established in 2014 by a group of serial entrepreneurs and pioneers in trader communications technology, Cloud9 developed a solution that harnesses the voice communication talk path for the trading floor of the future.
Earlier this year, Cloud9 Technologies, a RegTech 100 company, raised $14m in its Series B investment round. The round, which was led by Barclays and included participation from JPMorgan and NEX Group, comes two years after it closed its Series A round on $30m.
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