Business Continuity/Disaster Recovery (BC/DR) Innovation of the Year
With the COVID-19 virus impacting all major trading locations around the globe simultaneously, financial institutions have had to adapt rapidly to ensure regulation, compliance and controlled processes are adhered to just like on the trading floor.
The diminished and dispersed trading-from-home workforce is creating increasingly complex scenarios for compliance departments. Virtual working opens a myriad of data security risks, including scams like phishing, ransomware, and skimming. Especially considering this may be the first-time employees have worked from home, or the first time for institutions enacting a remote-work policy, so many are still acclimatising to new protocols. There are also huge compliance implications that financial institutions need to overcome.
For firms that are highly dependent on a small group of venues and counterparties for market access, it is troubling times indeed. But for those with access to a large, diverse community, this could be an opportunity to generate alpha and distinguish themselves from the competition.
Large networked communities create resilience. A successful community network offers its participants connectivity to an established, diverse and global financial ecosystem - one that includes a wide variety of counterparties for price discovery, liquidity and execution, such as brokers, dealers, inter-dealer brokers, exchanges, dark pools, hedge funds, asset managers, institutional investors, trade lifecycle services and market data providers. In other words, the information that firms need to find liquidity, and the ability to access it.
Enter IPC’s Disaster Recovery as a Service (DraaS). The first cloud-based service that provides a complete turnkey solution for voice trading Business Continuity. IPC and Cloud9 have introduced a cloud-based service that provides a complete turnkey solution for voice trading disaster recovery. DRaaS leverages IPC’s global financial ecosystem and Cloud9’s C9 Trader platform to extend voice trading capabilities to alternative locations without needing to notify your counterparties.
DRaaS is underpinned by two award-winning solutions - IPC’s Connexus Cloud™ multi-cloud platform, a global ecosystem that interconnects more than 6,600 diverse capital market participants across 750 cities in over 60 countries, and Cloud9’s C9 Trader™ voice communications and analytics platform. DRaaS is agnostic to the customer’s existing voice technology and is designed to work with all trading systems and other endpoints. The annual DRaaS subscription model affords firms the ability to support any number of trading positions for their business contingency requirements through a plan customised for each trader’s configuration.