Cloud9 Partners with Behavox to Provide Holistic Trade Surveillance and Compliance Capabilities
March 07, 2017
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.