For over 40 years the financial services industry has relayed time sensitive information using the Hoot and Holler system.
ETC solves the problem of an outdated analog-based Hoot and Holler system.
This inter-office intercom consists of analog phone lines, microphones and speaker boxes called “squawk boxes”. It allows regular communication with satellite offices and disperses information such as the morning market report to traders and brokers. A Hoot and Holler network is also used to talk to clients and shout orders to the trading floor. Today, a typical brokerage firm has several of these networks for each business group, Equities, Retail, and Bonds.
“We selected ETC as our partner because our analog system was at the end of its useful life and was not always reliable. Replacement parts were not always available which created maintenance issues for us.
We are happy not to have the ongoing monthly analog phone costs associated with our old system. Being able to use our existing data network and ridding ourselves of ongoing expenses means we can achieve a high return on investment while obtaining a modern, reliable network.”
While effective, this form of technology is being replaced with Internet-based communications that offer cheaper, more efficient and more reliable options for companies to consider.
Our firm, Essential Trading System (ETC) was contracted by a leading Mid-Western bank to help solve the problem of an outdated analog Hoot System. The Bank’s Institutional Trading department specializes in three areas – Municipal, Taxable, and Corporate Bonds. Traders in each business group needed to communicate with peers across six Midwestern offices and one New York office. They could no longer rely on their older, outdated analog Hoot system. While fully functional, the equipment was no longer being manufactured or supported. The bank asked us to create a cost effective solution to replace their system in lieu of other expensive solutions such as a trading turret with a price tag of upwards of $15,000 per seat.
Essential Trading Solutions (ETC) recommended a state of the art Voice over Internet (VoIP) solution called a Simple Hoot and Holler. VoIP phone systems work over the Internet by sending and receiving voice signals that are packaged as data. A VoIP system can be installed in virtually any WAN or LAN environment using a company’s existing data lines. ETC recommended that their customer install CS-64 mini-Trading-Consoles, which feature Push to Talk (PTT) monitoring on four simultaneous Multicast VoIP channels. These consoles allow users to communicate with four pre-programmed user groups at the touch of a button. Thirty-three individual units were distributed to six branch offices throughout the Midwest and New York NY. Three of the four channels on the console were configured for their markets, Muni (Municipal Bonds) Tax (Taxable Bonds) and Corp (Corporate Bonds). The fourth channel was used as a Companywide ALL Call channel. This was accomplished at a fraction of the cost of other options with low maintenance costs going forward. The Bank’s new VoIP system offered all of the features of the old analog system along with a number of cost savings and operating benefits.
Our Analog system was at the end of its useful life and parts were no longer available with reliability and maintenance an issue. The on-going Analog Circuit costs were also a major factor for the change. So we chose the ETC system because it would give us a great ROI by utilizing our existing Data Network and at the same time give us the reliability of equipment that we needed.
The Bank’s new VoIP system offered all of the features of the old analog system along with a number of cost savings and operating benefits.
- Our customer no longer faced monthly fees for dedicated phone lines – The Bank had been paying the phone company for separate leased-lines to transport their hoot and holler to remote branch offices. This recurring, yearly charge exceeded $37,000. VoIP is typically 40-80% less expensivethan traditional landline phone service and it only takes a company six to eight months to recoup its initial investment (ROI).
- No Installation Costs – The installation of the CS-64 consoles is so simple that the Bank’s own IT department was able to install it and set up at their own pace.They avoided the costs typically associated with analog systems such as configuration, installation, upgrades and maintenance.
- Lower IT Support Costs – Going forward, the Bank’s IT Department can support and reconfigure the systems remotely which reduces the time to troubleshoot a problem and improves overall network manageability.
Analog systems do not offer much flexibility while VoIP systems can be easily reconfigured to new employees, support new product lines and easily add new business units. Additionally, VOIP can easily accommodate employees working remotely.
Using a VoIP system eliminates down time related to phone company network problems and the new VoIP systems requires significantly less maintenance than the older analog systems.
Improved, Faster Communication
Unlike sophisticated computer systems, the ETC CS-64 mini-Trading-Console has the advantage of Push to Talk, person to person communication. This feature allows voice interaction which facilitates negotiation and immediate feedback.
Currently the trend in the financial service industry is a moving away from traditional hardware based analog systems and a moving toward VoIP based solutions. Digital communications is rapidly becoming the new standard. It’s not hard to understand why. The VoIP phone systems are easy to install, highly functional and extremely cost effective. Essential Trading Solutions is available to discuss how a VoIP system could benefit your business.
ETC offers the VCC-3 – a USB Dispatch Console that integrates seamlessly with WAVE software
VCC-3 Essential Trading Systems Corp (ETC) has over ten (10) years selling the Twisted Pair WAVE dispatch solution and has created a multitude of useful USB consoles to improve the user experience. Now that Motorola Solutions has acquired Twisted Pair, Essential Trading Systems (ETC) is now working with Motorola on a global basis to enhance the user experience with WAVE Dispatch Software, by offering the VCC-3 which is a USB Dispatch Console that integrates seamlessly with WAVE software. The VCC-3 USB Dispatch Console includes inputs/outputs for a PTT Foot pedal, PTT belt pack for a headset, PTT handset, PTT microphone and stereo speakers. Motorola sales people are thrilled that there is a purpose built device that is uniquely designed to enhance the WAVE experience. The Motorola WAVE product is an advanced software application that compliments the Motorola Solutions product suite. Essential Trading Systems is well suited to provide ongoing support to the Motorola Solutions sales teams as they work to get the WAVE systems deployed throughout the world.
This year in 2016 marks 30 years of inventing Hoot n Holler products for the Financial Services vertical market.
Over the years, Essential Trading Systems Corp. (ETC) has honed their product suite to include VoIP Hoot n Holler systems that can be installed in virtually any WAN or LAN environment. The “Simple Hoot n Holler” that Essential Trading Systems (ETC) is extremely affordable and only requires 2 components. First is the VG-500 Unicast to Multicast gateway. This VG-500 is a reliable, secure and very versatile product and can be set to as a Unicast Bridge or a Unicast to Multicast gateway. VG-500 creates a tunnel over any Public or Private network and is a very appealing product to many Network Administrators for passing VoIP over the WAN. The second component to the “Simple Hoot n Holler” system is the CS-64 which is a 4-channel Multicast Microphone. The CS-64 Multicast Microphone uses industry standards so it is capable of subscribing to (4) simultaneous multicast addresses and ports that are generated by an Ethernet switch. With the “Simple Hoot n Holler” system now installed throughout the world with great success, Essential Trading Systems has confidence that this product set will become the new standard for Hoot n Holler for back office or remote users.
Essential Trading Systems Corp. (ETC) has been working closely with BearCom, the largest Motorola Solutions dealer in the Unites States, to bundle the VCC-3 USB Dispatch Console with the Motorola WAVE software. Recently, Essential Trading Systems (ETC) integrated the VCC-3 with a Motorola WAVE implementation and they users were thrilled with the ease of use and features that the VCC-3 USB Dispatch Console had to offer.
Essential Trading Systems Corp. (ETC) wins the bid over incumbent vendor at Southwest Securities to install their “Simple Hoot n Holler” on a nationwide basis for Hilltop Securities which is the new entity formed from a merger between First Southwest Securities and First Southwest Securities. Essential Trading Systems Corp. (ETC) provided all of the design and integration work to bridge the 2 disparate Hoot n Holler networks together which provided a smooth transition path for Hilltop Securities to be able to deploy the “Simple Hoot n Holler” system using their own technical staff. Today, Hilltop Securities enjoys the benefit of (4) channels of Hoot n Holler using the most affordable and advanced VoIP technology available on the market today.
Essential Trading Systems Corp. (ETC) confirms interoperability with the IP Trade turret which is distributed on a global basis by Cisco Systems into several vertical markets including Financial Services, Power Generation and Emergency Response. The IP Trade Turret system is designed to work using a Cisco IP Telephony infrastructure and adds to that a robust set of features which cater to heavy user such as Financial Traders or a Dispatch Operators. The CS-64 integrates to this system using Multicast VoIP/RoIP to allow users who do not have a requirement for a Turret/Console to have affordable and easy to use access to up to (4) Hoot n Holler or Radio Channels.
Essential Trading Systems Corp. (ETC) has teamed up with PanOptic Technology to offer an End to End VoIP platform for SIP Private Wires. PanOptic Technology who operates out of the UK has invented solution for distributing SIP private wires over a Public or Private Network. This private wire service terminates on either a SIP to CAS T-1/E1 gateway to provide private wires to a legacy turret system or natively to the CS-74 SIP Private Wire Console).