NICE and Cloud9 Team Up to Integrate Compliance Recording and Cloud-Based Voice Trading Platform

NICE Trading Recording and C9 Trader help financial services organizations benefit from cost-effective, reliable cloud-based communications

HOBOKEN, N.J., August 13, 2018 – NICE (Nasdaq:NICE) and Cloud9 Technologies today announced that the two firms have completed an integration of the NICE Trading Recording System (NTR) with Cloud9’s C9 Trader platform. Now, financial services organizations can leverage both companies’ solutions together to ensure compliance with regulations around recording and retaining trade communications, while also benefitting from low-cost reliable cloud-based communications. The integrated technology is already deployed and in use at a leading global investment bank.

The industry’s only ‘all-in-one’ compliance-focused trade conversation recording platform, NTR is used by most of the world’s leading banks and investment firms for recording and retaining trade conversations. In addition to working with the C9 Trader platform, NTR can also interface with other turrets, desk phones, mobile phones, and Unified Communications platforms. NTR works in tandem with NICE COMPASS, a unique compliance assurance solution that features automated provisioning, system health checks, bulk call extraction tools, transcription, compliance assurance reporting, and monitoring dashboards, to help financial institutions ensure enterprise-wide compliance with MiFID II and other regulations.

The C9 Trader platform is becoming the voice standard for the trading floor. By digitizing the entire institutional trader voice lifecycle and providing innovative, secure and compliant means of delivering the associated metadata, Cloud9 enables traders to uncover and seize the value present within their voice trading conversations. In addition, C9 Trader’s anywhere, anytime secure cloud communication platform enables banks to reduce their communications costs by up to 50% by eliminating expensive private lines and desktop hardware, easily scales up or down, and can connect traders to counterparties anywhere in the world.

Chris Wooten, Executive Vice President, NICE, said, “Cloud-based voice communications are gaining traction with banks as a viable option for trader communications. Cloud-based or not, all trade-related communications are subject to the same regulations and standards, including MiFID II, Dodd Frank, MAR and FX Code of Conduct. Our integration with C9 Trader will give financial services customers confidence in their ability to comply with all regulations around recording and retaining trader communications when using Cloud 9’s C9 cloud-based trading platform.”

Steve Kammerer, Chief Product Officer at Cloud9 Technologies, said, “We’re dedicated to working with other companies and industry groups that enable best-of-breed solutions for our clients, and we’re excited to have completed this integration with NICE. Our clients now have the ability to record and retain our high-fidelity audio using the industry-leading NICE NTR compliance recording system, which offers unprecedented scalability, ease-of-use and versatility. By extension, our clients can also take advantage of NICE’s unique compliance assurance technology.”

NICE is a leading financial compliance solution provider, serving more than 90 percent of the largest investment banks globally. NICE’s compliance solutions assist customers in the capture of trade conversations and trades, analyzing them for potential risk, and correlating trade conversations with trades for trade reconstruction. The company’s compliance solutions make automated and intelligent holistic trade compliance programs possible and enable FSOs to more efficiently comply with regulatory requirements, including MiFID II, MAR, FX Code of Conduct, Dodd-Frank and future directives.

About NICE
NICE (Nasdaq: NICE) is the worldwide leading provider of both cloud and on-premises enterprise software solutions that empower organizations to make smarter decisions based on advanced analytics of structured and unstructured data. NICE helps organizations of all sizes deliver better customer service, ensure compliance, combat fraud and safeguard citizens. Over 25,000 organizations in more than 150 countries, including over 85 of the Fortune 100 companies, are using NICE solutions. www.nice.com.

About Cloud9 Technologies
Cloud9 Technologies is a cloud communications and data services provider that delivers high performance voice and collaboration services designed for the unique functional and compliance needs of institutional traders. Its technology handles millions of voice trader communications per day from a network of over 5,000 institutional users.. Cloud9 connects counterparties across all trading asset classes via a cloud-based communication platform that features end-to-end security, encryption and advanced compliance capabilities. Cloud9 eliminates the infrastructure and expense associated with legacy hardware and telecommunications based solutions while providing unique data that enables next generation trader voice analytics. Our customer base includes top brokerages, sell-side firms, and tier one banks. For more information, visit: www.c9tec.com

Trademark Note: NICE and the NICE logo are trademarks or registered trademarks of NICE Ltd. All other marks are trademarks of their respective owners. For a full list of NICE’s marks, please see: www.nice.com/nice-trademarks.

Forward-Looking Statements
This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, including the statements by Mr. Wooten, are based on the current beliefs, expectations and assumptions of the management of NICE Ltd. (the Company). In some cases, such forward-looking statements can be identified by terms such as believe, expect, may, will, intend, project, plan, estimate or similar words. Forward-looking statements are subject to a number of risks and uncertainties that could cause the actual results or performance of the Company to differ materially from those described herein, including but not limited to the impact of the global economic environment on the Company’s customer base (particularly financial services firms) potentially impacting our business and financial condition; competition; changes in technology and market requirements; decline in demand for the Company’s products; inability to timely develop and introduce new technologies, products and applications; difficulties or delays in absorbing and integrating acquired operations, products, technologies and personnel; loss of market share; an inability to maintain certain marketing and distribution arrangements; and the effect of newly enacted or modified laws, regulation or standards on the Company and our products. For a more detailed description of the risk factors and uncertainties affecting the company, refer to the Company’s reports filed from time to time with the Securities and Exchange Commission, including the Company’s Annual Report on Form 20-F. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company undertakes no obligation to update or revise them, except as required by law.

Companies Are on the Hook for Cloud Safety

Companies Are on the Hook for Cloud Safety

Companies Are on the Hook for Cloud Safety

Cloud9’s accomplishment of obtaining both our ISO 27001 and SOC 2 certifications was recently recognized in Institutional Investor as an industry best practice for security in the cloud. Institutional Investor Cloud Security

Read the full article by Jeffrey Kutler on Institutional Investor.

Kutler writes in the article:

“Cloud9 Technologies, which is using cloud systems to disrupt traditional approaches to trading-floor communications, obtained both the ISO 27001 certification (for information security management) and SOC 2. ‘It was a high bar for us,’ says Gerald Starr, chief executive officer of the three-year-old start-up. It sends a message that Cloud9 ‘aims high’ to instill users’ confidence in information protection.”

These certifications are a crucial show of credibility for fintech vendors, helping instill confidence in firms who are choosing to migrate their most sensitive data into the cloud. As the article points out, even though Cloud9 is using a highly secure and trusted cloud provider like Amazon Web Services, we are still responsible for creating infrastructures that protect the data of our customers as well as architecture for compliance. Achieving both the SOC 2 and ISO 27001 certifications – something no other trader voice communication provider holds – provides independent validation regarding our ability to protect the calls, voice recordings, call data, and business information that users entrust to Cloud9.

It’s a dangerous world out there for financial institutions, but the right partner can provide the best defense against security breaches.When considering a move to the cloud, it’s important for firms to take the time to find a trusted partner that is verified to protect them against cyber threats.

Read the article on Institutional Investor to learn more about how companies are working to secure the cloud. 

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Cloud9 Receives SOC 2 Certification

We are proud to announce that Cloud9 has successfully completed the Service Organization Control (SOC) 2 Type II certification! Cloud9 is the only trader voice communication provider to hold both the SOC 2 and ISO 27001 security certifications, showing our commitment to information security and the protection of our users’ data.

SOC 2, a certification established by the American Institute of Certified Public Accountants (AICPA), evaluates companies on their Trust Services Principles and Criteria, including security, availability, processing integrity, confidentiality, and privacy of their data management systems. It has become an industry standard for cloud-based technology companies and is the same standard held by Amazon Web Services and Google that validates the security of their infrastructure.

We underwent in-depth assessment by a third-party auditor to confirm compliance with this standard. The process requires comprehensive, written documentation of information security policies and procedures in addition to a technology examination that proves our ability to maintain these standards over time.

Since our founding, security has been our highest priority. Achieving both the SOC 2 and ISO 27001 certifications provides independent validation regarding our ability to protect the calls, voice recordings, call data, and business information that users entrust to Cloud9.

“The SOC 2 certification sets Cloud9 apart and establishes us as the leader in information security for the trader voice market,” said Cloud9 CTO, Leo Papadopoulos. “Following our recent ISO 27001 certification, this reinforces our ongoing dedication to security, confidentiality, and privacy in regards to our data. Our users can be confident that that we are providing them the highest levels of protection for their most sensitive data and communications.”

Read more about our recent completion of the ISO 27001 certification.

Easing the Pain of Brexit: How Re-Evaluating Technology Can Help European Financial Firms

The UK and European Union are deeply interconnected when it comes to capital markets, with 80% of EU capital markets activity managed and conducted out of the UK. With Brexit proceedings commencing at the end of March, financial firms in the UK are starting to prepare for the considerable impact on their operations, including market volatility, relocation of headquarters and staff, trade disruption, and changes to regulatory mandates.

Particularly with the issues of relocation and compliance, now is the time for European firms to re-evaluate their trading technology.

Headquarters and Staff Relocation

One of the primary risks of the Brexit is the loss of passporting rights, which allow institutions established and regulated in any country within the EU to do business in another member country without having to secure authorization. The UK is the most active country currently using these rights, with UK-based firms accounting for over 75% of all passporting activity in the EU. UK firms would need to maintain a local presence in the EU to continue enjoying passporting rights.

The loss of passporting rights as well as the loss of the ability to clear the Euro in London has many financial firms evaluating if they want to retain their European headquarters in the UK. While many predict a small movement at first, a chain reaction will likely occur as banks follow their clients, and vice versa. In addition, many UK-based firms will likely face regulatory pressure to develop a more significant presence in continental Europe to effectively conduct business. For now, a UK firm may only need 5 people staffed in the EU, but in a few years, that number may increase to 50 or 100 employees.

In addition to disrupting business operations and the lives of employees, the cost of a move for a financial firm is substantial. Rerouting trader voice communication lines alone can cost firms tens of thousands and can take weeks to properly implement.

For firms considering a move, this period of transition provides best time to re-evaluate current technology for solutions that will cut costs and reduce the disruption caused by relocation.

Regulatory Compliance

The UK’s transition away from the EU will take at least two years, with some experts projecting it could last up to a decade, and will involve negotiating everything from customs to energy policy. During this time, the UK will be an acting member of the EU, meaning that all current legislation will be implemented in full – including the upcoming MiFID II regulations, set to take effect in January 2018.

While it is likely that the UK will need to maintain equivalency with EU regulations in order to continue doing business, the UK will have to establish their own set of regulatory mandates for financial industry. With frequently changing sets of regulations in their future, financial firms have the burden of keeping their systems and technology updated, often a costly task.

Now is the time for firms to make the necessary equipment upgrades and replacements for systems that are more adaptable to changing compliance regulations.

Moving your trading floor? Cloud9 can help. Contact sales@c9tec.com to schedule a demo.

To learn more about the benefits of Cloud9, watch this quick tutorial.

 

Cloud9 Partners with Behavox to Provide Holistic Trade Surveillance and Compliance Capabilities

Cloud9 Partners with Behavox to Provide Holistic Trade Surveillance and Compliance Capabilities

We’re excited to announce our joint partnership with Behavox, a compliance software company focused on the financial services sector.  This collaboration combines the end-to-end compliance, call recordings, and advanced metadata from Cloud9 with Behavox’s relationship mapping, risk scoring, and behavioral monitoring capabilities for voice trades.

Behavox is valued in the market for its expertise in machine learning, developing robust algorithms based on 16 years of enforcement cases against traders and banks worldwide. Behavox utilizes these algorithms with sound processing, to enable keyword detection, highlight variants in emotion/sentiment, and tie voice records to data points that signal market abuse, insider threat, collusion, or reckless behavior. With this technology, the platform meets the requirements of regulators like FINRA, CFTC, and the FCA, and delivers compliance with Dodd Frank, MAE, SMR, and MIFID II.

Cloud9 is currently the only cloud-based communications solution for the capital markets with a comprehensive strategy around analytics and voice capture. Our platform delivers value by collecting voice recordings as well as enhanced call metadata– adding additional insight not available with legacy services. Cloud9’s partnership with Behavox supports our ongoing strategy to provide customers with a full suite of monitoring, compliance and analytics solutions through integration with leading third-party trading technology providers capable of leveraging Cloud9’s generated voice and metadata.

“At Cloud9, we have created a partner ecosystem that enables us to provide enhanced compliance, analytics and trader workflow capabilities around voice and translate it into actionable data – a feature that was previously unavailable to firms,” said Cloud9 Technologies CEO, Jerry Starr. “Partnering with an innovator like Behavox greatly benefits our customers and enables them to use their recordings and advanced metadata to manage both operational and reputational risk.”

Compliance remains a critical consideration for financial firms as they try to keep up with regulatory changes such as MiFID II being effective from 2018, increased reporting and data capture requirements, as well as the ongoing avoidance of corporate and individual liability.

As a result, firms have tried to solve the problem by investing millions of dollars in compliance, particularly on back office investigators, lawyers, and intelligence officers to sort through and monitor trader communications.  Market demand is placing a premium on the quality, processing, ingestion, retrieval and archiving of voice data for front office and compliance purposes.  The Tabb Group estimates the global compliance market is at $2.5 billion and still growing.

Learn more about Cloud9’s analytic, compliance, and interoperability services.