Fonetic, a voice and text management vendor, has added multi-trade search and reconstruction capabilities to its compliance portfolio, officials say.
Fonetic scans social media, data analytics, sentiment analysis and unstructured data for a multi-channel, multi-language solution that decodes customer behavior and makes recommendations on how to act, officials say. The company says that its Dodd-Frank Record Keeping Compliance Solution is the only linguistic-based solution in the market.
The new features allow users to search across multiple trade datasets and integrate with fully searchable multi-channel proprietary communications, officials say. This capability will help firms meet regulators’ demands that banks reconstruct multiple trades across a wide range of trading scenarios and criteria. Fonetic’s linguistic analysis is intended to help firms reconstruct information about trades and communications via one platform.
“The sheer volume of electronic data produced and stored can create a real headache for many compliance teams due to the countless complex and disparate processes involved,” according to a statement from the vendor. Officials add that 60 percent of data in existing “speech-to-text solutions” is lost, allowing potentially fraudulent conversations on trading floors to go undetected. This could also lead to banks being exposed to future opprobrium and fines.
In addition, the requests from regulators for multi-trade reconstruction can range from an order to see all trades relating to a named counterparty or all trades made by a certain trader in a defined period, officials say.
“The only thing worse than misinterpreting data is not even knowing you have it in the first place,” said Jose Luis Maupoey Fonetic’s new head of compliance products in a prepared statement.
Need a Reprint?
Leave a Reply