GreenKey Releases Pilot of Voice Quote Capture Tool on Symphony

Symphony users will get the chance to use the software and offer feedback. The product is expected to land in Symphony's app store in the second quarter of this year.

The release of the pilot is focused on impending MiFID II transparency requirements. Under the rules, which come into effect Jan. 3, 2018, banks that regularly make prices, including by voice, are labeled systemic internalizers (SIs) and have to make them public, in real-time bids or offers they give clients for liquid products.

"This tool is the first of many we are planning to release to help clients enhance their global compliance capabilities in this heightened regulatory environment and to unlock the value of data analytics for voice," says Paul Christensen, GreenKey CEO. "MiFID II will introduce transparency requirements that are profound and significant. The pre-trade transparency rules, in particular, are more far-reaching than those of Dodd–Frank, and cover all asset classes, as well as cash and derivative products. Given the tremendous impact of these requirements and the desire of European Union lawmakers to accelerate the pace of the market-rules overhaul, the industry needs to find solutions and coalesce around them."