AI/Machine Learning Innovation of the Year
In 2019, IPC invested in Natural Language Processing (NLP) specialist GreenKey Technologies to leverage GreenKey’s pioneering, Machine-Learning powered voice recognition technology in order for IPC to build a voice-recognition solution tailor-made for financial traders on IPC’s cloud network of 6,600 financial market participants already using IPC’s ecosystem to transact via conventional methods.
The end result of IPC’s investment, the pioneering data visualization tool, Blotter was launched in October. It is unlike anything else in the trading technology industry, allowing traders to easily access a visible, transcribed stream of transaction threads, breaking new ground in data optimization, customer relationship management and workflow empowerment. This is no small feat, as financial trading is fast-paced, uses unique terminology, and often occurs in noisy environments (e.g. trading floors). Allowing traders the ability to seamlessly flow from chat and instant message to more complex voice trading communications is a completely unique ability.
At a high level, Blotter allows financial market participants to convert their over-the-counter (OTC) voice quotes into a structured data feed. With millions of voice quotes currently being generated daily over IPC’s communications platform, Blotter has the capability to unlock this market data.
Blotter greatly facilitates trading in all three areas: execution, analytics and compliance. With regard to the former, Blotter accelerates many front-office workflows, including real-time speech-to-text transcriptions, capture of in-stream orders and quotes, voice populated trade tickets, and call transcription integrations with CRM systems. Blotter enables users to voice populate forms and applications on their desktops through dictation or an in-line telephony bot on trader calls, which greatly increases productivity, as Blotter allows traders to more expeditiously book trades and respond to price requests from customers or colleagues.
For analytics, Blotter digitizes voice trading, enabling better analyzation and automation of workflows by turning voice data into actionable and intelligent insights. Through the voice data it captures, Blotter better illuminates trader-customer interactions by answering questions like: which customers generate the most business? Which customers request prices but don’t trade? What percentage of price requests lead to a booked trade? Furthermore, trader voice and chat conversations can be converted into a price data feed to be sold to users’ customers for an additional source of revenue.
Regarding compliance, workflows are accelerated by many orders of magnitude thanks to Blotter by allowing users to search through transcribed text archives instead of manually culling and listening to snippets of audio. Teams can also monitor trading communications in near real-time and receive alerts for behaviors and violations through detection of key words and phrases. Blotter can extract each quote and trade from voice communications and pass that through to the compliance database.
A result of IPC’s trading communications expertise and cloud financial ecosystem combined with next-generation AI/NLP technologies, Blotter is transforming not only financial trading, but perhaps the entire market.