Standard Chartered Bank and CIBC World Markets (CIBC) have both implemented voice trading systems from Syntegra for their relocated dealing floors in New York. Both relocations were a result of the tragic events of September 11, and both banks suggest that Syntegra’s efforts immediately after those events played a part in their decision making process.
CIBC had 215 traders using Syntegra technology at its One World Financial Center (WFC) offices prior to the attack on the World Trade Center. Once the WFC building was deemed unsafe, business recovery plans were put into place and Syntegra helped the bank to fit its new trading floor in midtown Manhattan. This went live with 150 positions in November 2001.
Mike Dear, VP at CIBC, who led the technology recovery programme, says, “We were very impressed with the service that Syntegra provided following the events of September 11 in New York. The new trading room was fitted out in just five weeks, with both Syntegra staff and CIBC staff working around the clock to accommodate our needs.”
The agreement for a five-year managed dealing room service (MDRS) was extended to CIBC in Tokyo recently, when that office went live with the latest voice trading technology following a decision to refurbish and consolidate CIBC’s trading room into one area. The new room consists of 19 positions, using Syntegra’s ITS pV405i turrets (see Profit & Loss, May 2002) and pVs81i speakers. These are supported by an ITS p51 switch and voice recording equipment from Thales Contact Solutions.
Dear explains, “Syntegra was originally chosen as a supplier of voice trading technology due to the fact that they offered a flexible solution on a global basis. The MDRS has been in place since 1997, and we have been impressed with the high level of service that has consistently been provided in all of our global locations.”
It is a similar story at Standard Chartered Bank, where, following September 11, the bank began operations from its back-up site in New Jersey – on a slightly reduced scale, due to limited space. Syntegra provided a temporary system, currently being used by 21 traders at the back-up facility.
The bank’s new trading offices are expected to go live in August using Syntegra’s IP-ready turrets on ITS release 13. In total there will be 43 positions, with 24 FX traders using ITSpV405Hi turrets and 19 corporate and non-banking financial institution sales satff using pV205Hi turrets. Standard Chartered will be the first non-exchange client to use the latter turrets which, the company says, use less desktop space and are easily interchangeable.
Max Kofman, vice president, global technical service delivery manager at Standard Chartered, says, “Over the past seven years we have been very pleased with the functionality and reliability of Syntegra’s voice trading technology, together with the service that has been provided. We were particularly impressed with the response received after September 11 when Syntegra swiftly fitted out our back-up site within a very tight schedule. We chose to continue using Syntegra for these reasons.”
Kofman adds that StanChart has confirmed Syntegra as a global standard and is considering the deployment of the company’s ITS collaborative trading platform as it is seen having the potential to help the bank improve its customer service.