From Turrets to NLP: An Evolution in the Trading Industry
The simple-looking banks of telephones on a trading desk are being altered as the border between telephone and computer technologies continues to blur. These so-called trading turrets are turning into PC-like machines.
A system allows floor traders to listen to each other’s voices and see each other on an intercom video. And a tool that helps traders concurrently examine video clips, search text, and have a voice chat over the Internet is among the advancements in the device called a trading turret.
What is a trading turret?
A trading turret is a specialized telephone system used by financial experts. It’s for traders who get a lot of calls and need many lines to make split-second decisions. Later in the twentieth century, trading switched from floor to phone to electronic. Even though electronic trading platforms handle the majority of trade activity, some phone trading still happens.
Is the trading turret still used today?
In the 1980s and 1990s, phone trading ruled the financial markets, but computers have subsequently supplanted it. Although most trading now occurs on electronic platforms, phone trading still exists. Investment banks employ trading turrets, and some fintech companies still offer them.
What is a unique feature of a trading turret?
Unlike traditional phone systems, trading turrets consist of several features, functions, and capabilities that are specialized to the demands of financial traders. Turrets allow users to prioritize incoming calls from customers or counterparties and make calls to them promptly by pushing a single button. Users may prioritize inbound calls from clients, handle hundreds of calls at once, and make immediate calls in seconds because they have several phones.
How does NLP revolutionize trading turrets?
Speech data contains a myriad of information unlocked for real-time analysis. Voice chats on trading desk turrets are converted into data that AI systems can understand and exploit using Natural Language Programming. NLP is a component of AI technology that blends human language modeling with machine learning to enable computers to comprehend human writing or speech’s meaning, purpose, and mood. NLP in trading is becoming a necessity in the industry.
How NLP Would Impact the Finance Industry
What do clients expect from banks, insurance firms, and credit unions these days? Real-time transactions, monitored asset management, and the ability to quickly resolve any concern with efficiency.
Financial services must be equipped with cutting-edge innovation that demonstrates speed, intelligence, and autonomy. Artificial Intelligence (AI) transforms robots into human-like beings that accomplish the same jobs as humans – but better and quicker. This is achieved through complex tools and technological solutions like Touch software.
Modern technology may benefit financial trading, as well as all other operations. Customers benefit from the effectiveness and functionality of trading interfaces on desktop and mobile devices. Still, new computing advancements are likely to be reflected in trading terminals sooner rather than later.
Electronic and voice trading terminals will coexist in more prominent institutions. Trading terminals will utilize AI to help traders better their trading rather than replace them. Within the following decades, things may transform drastically once more.