TradeX and Atlas Petroleum Markets Canada Implement Cloud9 to Streamline Merger and Enhance Brokerage Business
January 04, 2017
When TradeX Markets, a privately-held brokerage firm active in more 100 markets, and Atlas Petroleum Markets Canada, a subsidiary of Axiom Commodity Group, merged, the newly combined firm needed a reliable way to connect their brokerage desks across North America. The firm selected Cloud9 Technologies to manage its communication networks and enhance its current voice brokerage business.
With the goal of providing unparalleled access to the North American trading market and major trading hubs in the U.S., the firm sought to eliminate legacy turrets with Cloud9 and Cloud9 Gateway Services. A modern, cloud-based trader voice solution, the Cloud9 Gateway enables users to seamlessly connect with trading firms not yet established on the Cloud9 platform, while maintaining functionality for both shout-downs and ring downs.
“We were excited about our partnership and chose Cloud9 because they are a best in class trading communication platform,” says Brad Hrycenko, President and COO of TradeX. “We are leveraging cloud infrastructure to provide the highest level of brokerage support, while adding new and innovative technology like Cloud9 to our technology stack. We wanted to create a future proof platform for the newly formed entity, with minimal disruption to current trading operations. Cloud9 enabled us to transition seamlessly, and will help us as we continue to scale.”
With Cloud9, TradeX completed a full turret replacement for Atlas Petroleum Markets Canada, bridging the lines that once went into turrets and enabling users to access those connections through the Cloud9 platform.
“Since installing Cloud9, we have been able to connect multiple brokerage desks across North America through one system. Brokers now have remote access to Cloud9 from anywhere in the world. As long as a user has an internet connection, they can log in and be able to talk to clients or collaborate between desks in a compliant-strict environment,” Hrycenko says. “Brokers and our trading counterparties are relying more on technology every day, and Cloud9 has allowed us to control all of our communications in one cloud-based system.”
President of Cloud9, Greg Kenepp believes many firms do not take enough advantage of modern technologies when it comes to trader voice. As numerous other functions in the trading process move toward the cloud, there’s no reason why communications shouldn’t follow suit.
“The cloud provides the optimal foundation for highly secure, reliable communication and collaboration,” said Kenepp. “Cloud technology has proven itself in the enterprise and offers far too many advantages to overlooked by the financial services industry.”
The Cloud9 platform—which is underpinned by WebRTC technologies—is a cloud-based, real-time voice communication system that enables traders to connect to their counterparties via a community-based directory. As Cloud9 continues to expand internationally, Kenepp hopes the advantages of the Gateway service will accelerate the company’s growth.
“The Gateway opens up the opportunity for customers to connect to every single one of their counterparties through the Cloud9 interface,” says Kenepp. “They’re able to continue doing business with those connections while gaining a resilient, mobile solution that frees them from the cost associated with legacy telephony lines. That is a huge value proposition for firms.”
Ultimately, TradeX chose Cloud9 to ensure high quality connections between their brokers and traders without the costly infrastructure usually associated with traditional voice trading turrets. “TradeX is a mix of product and service, user experience, technology, and data analysis. Our connections and ability to communicate are critical to providing best execution services,” said Hrycenko. “TradeX and Atlas Petroleum Markets Canada were not prepared to rely on 40-year old technology provided by the stationary turrets.”
To learn more about how the Gateway service helped TradeX and Atlas Petroleum Markets Canada, read our case study.