Since the 1980s, turrets (also known as dealerboards) have been one of the most important pieces of communication technology for traders. Typically, these systems are hardware based - and as such, they were physically large, and a significant financial investment. They are also viewed as reliable and steady; two traits traders insist upon for their technology.
There has been a recent push towards less expensive software-based communication solutions. While other industries have been quick to adopt new technology with touch screens and/or wireless capabilities, Financial Compliance organizations have been slower to replace their old platforms – and understandably so.
Hardware is traditionally less prone to hacking or technical bugs, and considering that missing a single call could result in millions of dollars being lost, the trading industry has been wise to tread lightly when it comes to new communication technologies. However, the advantages of modern communication systems cannot be ignored, especially as traders themselves are accustom to being constantly connected, whether they are physically at their desks or not.
The question then becomes, what is next for the future of trading communication technology? Will the hardware-based, well-trusted turrets go the way of the rotary phone? Will software-based, tablet-type devices with touchscreen completely take their place?
At Wilmac, we are beginning to see this transition happen slowly, and it often takes a hybrid approach. Less hardware, more interactive software. Fewer physical buttons, more screens.
Communication technology that is currently in place – some of which is years or decades old – will need to continue working and being supported until the decision is finally made to replace it (which could happen in a year, or three, or more).
This is where Wilmac can differentiate ourselves from the crowd. With decades of experience, we know legacy turrets and Call Recording systems – but we are already looking forward to the future. We’re partnered with industry leaders and are trained and certified on the latest and greatest communication technology available.
Wilmac can support your turrets now, as they are, regardless of age, manufacturer, or model, and we can support you in the future, when you transition to the next evolution of trading technology. Contact us today to learn more about our ability to support existing turrets, trade recording in its various forms, and whatever communication technology that comes next!