Bloomberg puts voice recording into cloud with Orange collaboration
Voice records will be fed by Orange into Bloomberg Vault
Orange Business Services Trading Solutions has launched a collaboration with Bloomberg that will record voice data in real time, so that brokers can better comply with regulation on record keeping.
The new service is based on Bloomberg Vault, a cloud-based enterprise information management platform introduced by the vendor in 2010. Orange Business Services will provide Bloomberg Vault with data from phone calls stored in the voice recording systems. When Bloomberg Vault has archived the data, compliance personnel can carry out a single search across different formats including email, instant messages, Bloomberg messaging, mobile, social media and voice records.
Since the financial crisis, financial services are having to meet expanded record keeping and analytics demands. These cover both pre- and post-trade communications relating to swap transactions such as calls, emails and instant messages.
“There have been significant global changes to regulatory reporting requirements for financial institutions in the past few years,” said herald collet, global business manager, Bloomberg Vault. “Combining the voice recording expertise of Orange Business Services – Trading Solutions with Bloomberg Vault’s information management capabilities has enabled us to deliver an archiving service which we expect will help clients meet regulatory requirements.”
The requirement for greater record keeping is part of a global move by regulators in developed markets to increase the transparency of financial markets and prevent a recurrence of 2008, when complex OTC derivatives were poorly understood and tracked, leading to mass confusion during the default of Lehman Brothers on 15 September that year.
