WatersTechnology recently covered the launch of the Cloud9 Gateway service and how it has helped transform communication for Eclipse International and dramatically cut costs by taking their trader communication to the cloud. Recognizing the impact this could have on the industry, WatersTechnology followed up with a second article predicting that the rise of new communications technology like Cloud9 will spell the end for legacy turrets.
In addition to the articles, Dan DeFrancesco and Anthony Malakian also discussed Cloud9 and the future of trading communications on the Waters Wavelength Podcast. Read the full articles here:
The Cloud9 Gateway Transforms Communication at Eclipse International
Eclipse International, an OTC energy brokerage based in New York City, needed an affordable solution to facilitate their voice trading. After leaving behind the New York Mercantile Exchange and striking out on their own, the firm still was still spending anywhere from $60 to $500 per line every month on communication solutions.
With the Cloud9 Gateway, Eclipse International was able to connect with all of their counterparties, even if they are not yet Cloud9 customers. Switching to Cloud9 and using the Gateway service allowed them to eliminate 15 turrets from their offices, saving them between $2,500 and $5,000 per month, while giving them superior disaster recovery and ensuring compliance with regulatory mandates.
“Now that we have the Gateway we are able to log all our recording through one system through Cloud9 for compliance. We can remote access in from anywhere. I can be anywhere with an internet connection, log in and be able to talk to a client, which is great, especially for disaster recovery situations,” says Jesse DiPlacido, Partner at Eclipse International. “And it makes it all easy. Instead of going back and forth between the turret and the Cloud9 system, now it’s all centralized in one location.”
New Technology Spells the End for Turrets
The cost saving benefits of a solution like Cloud9 make it hard to ignore, especially for small, agile firms that have the potential to save tens of thousands of dollars a year. Benefits like the Cloud9 Gateway allow for a seamless transition and make it easier for more reluctant firms to make the move to the cloud.
WatersTechnology predicts that the biggest key to moving firms away from turrets is reliability. Firms need a technology solution that will not make their job more difficult with dropped calls and poor connections. Cloud9 understood the importance of this for traders and supports HD audio with low latency, making it sound like counterparties are in the room.
The success of the Gateway implementation at Eclipse International solidifies Cloud9 as the most versatile solution for trader voice communications, allowing customers to connect to anyone, from anywhere, with the highest quality performance and security.