Everything You Need to Know About Trading Turrets

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.

This system allows floor traders to hear 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 professionals. It’s for traders who get a lot of calls and need many lines to make split-second decisions. Later on, in the twentieth century, trading shifted from floor to phone to electronic. Even though computerized 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 ultimately supplanted it. Although most trading now happens 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 conventional phone systems, trading turrets include several features, functions, and capabilities that are specialized to the needs of financial traders. Turrets enable users to prioritize incoming calls from clients or counterparties and make calls to them instantly by pressing a single button. Users may prioritize inbound calls from clients, handle hundreds of calls at once, and make immediate calls in seconds since they have several phones. There are many developments in trading turrets, such as tools like IQ/MAX.

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 recognize and exploit using Natural Language Programming. NLP is a component of AI technology that blends human language modeling with machine learning to enable computer systems to comprehend human writing or speech’s meaning, purpose, and mood. NLP in trading is becoming a necessity in the industry. Click here if you want to learn more about NLP.

How NLP Would Impact the Finance Industry

What do clients expect from banks, insurance companies, and credit unions these days? Real-time transactions, monitored asset management, and the ability to quickly and efficiently resolve any issue. Financial services must be geared up with cutting-edge technology 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 faster. This is accomplished through a complex of tools and technological solutions. 

Click this link to learn more about fintech tools.

Conclusion

Modern technology might benefit financial trading, as well as all other operations. Clients benefit from the efficiency and functionality of trading interfaces on desktop and mobile devices. Still, new computing developments 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 assist traders in improving their trading rather than replacing them. Within the following years, things could change drastically once more.