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Trading floors need new IT

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Since the JSE adopted SETS – London’s Stock Exchange electronic order book – it has more doubled its trade, showing that technology has an incredible impact on the financial world, writes CHRIS BUCHANAN, Director of Client Solutions at Dell EMC.

In 2002 the Johannesburg Stock Exchange adopted SETS, the London Stock Exchange’s flagship electronic order book. When a 2013 research paper studied the impact of this, it found the JSE was more liquid, had doubled its trade and lowered trading costs. There is no doubt that good technology has an incredible impact on the fast-moving yet nuanced world of financial trading.

Modern-day financial trading floors are a far cry from the noisy, frantic telephone-centred scenes of the 1980s. Significant upward trends in computing, data distribution and automated trading techniques have placed IT at the core of these environments. Trading floors are now dynamic hotbeds of IT innovation, where latency is king, and where even a few minutes of downtime can result in multi-million dollar losses. At the New York Stock Exchange, computers even have the exact same cable lengths so one doesn’t beat any others by being a little shorter and therefore faster to the mark.

But this is placing IT management teams under intense pressure to ensure operating environments are perfect. Whether performing maintenance, patching vital software updates, carrying out regular moves/adds/changes (MACs) according to traders’ requirements or ensuring processes are compliant with ever-changing security regulations, these teams have their work cut out.

With these unique challenges, organisations can benefit from Virtual Desktop Infrastructure (VDI) – the practice of hosting a desktop operating system within a virtual machine running on a centralised server, with users accessing this virtual environment through any endpoint device. When assessing how best to adapt their IT strategy there are a number of areas financial trading houses should consider:

Workforce transformation

The first of these is IT management. On a trading floor, MACs – a set of tasks that IT teams regularly perform to keep computing equipment up-to-date and aligned with user requirements – happen continuously. With traders regularly relocating and demanding ever-so-slightly different configurations of hardware and software – IT teams can find themselves on a carousel of moving parts, each one scrutinised.

The prevalence of multiple devices and mobile working compounds this challenge – laptops must be kept up to date and software applications patched to mobile devices so that trades can be executed on the move. For many financial institutions, this array of devices often includes multiple PCs per trader – sometimes one per monitor – which must be moved and managed individually.

With VDI, workstations are moved to the datacenter and can be replaced by location-agnostic thin clients, which are centrally configured, eliminating the need for a member of the IT team to visit the user’s desk. Utilising thin clients improves reliability and, in the case of MACs, enables immediate reconfiguration, getting the trader back online and sustaining invaluable uptime. For this reason, organisations such as Kotak Securities have implemented thin clients in order to benefit from the devices’ secure, high performance capabilities, and reduce the IT management burden.

Application deployment

Software deployments present another significant challenge for IT. Traders use customised application sets for news monitoring, price analysis and communication, amongst a range of other purposes. Deploying and updating these manually, across the myriad of devices, is time-intensive and adds further weight to the IT management workload.

With virtual desktops, all software deployments and updates are administered centrally, enabling the complex web of applications to be coordinated from a single system. Not only does this reduce time spent “keeping the lights on”, but also enables IT teams to focus on innovation. In a world where IT innovation can lead to millions in additional revenue, this is a significant ‘value-add’.

Security and compliance

Amongst the IT management issues regularly faced by financial institutions, security is also close to the top of the list. As data protection regulation continues to tighten and malware techniques become more varied, monitoring endpoints and storage methods becomes a business necessity.

For trading houses handling market-sensitive information, this level of protection is nothing new. Many organisations already utilise virtual desktops to remain aware of where their data resides and how it is communicated both internally and externally. With all data held in the datacenter, information is secure, and reporting/auditing is more straightforward.

The threat of malware is, comparatively, a new challenge. For traders on the move, even when operating in a virtualized environment, it is essential to keep endpoints safe from would-be hackers. To do so, organisations can patch embedded endpoint security software. This additional layer of threat protection ensures vital information is kept safe and is easily managed across all devices.

Energy consumption

The final challenge for financial trading houses seeking to get more from their IT is its impact on energy consumption. In terms of building regulations, many of the world’s financial offices are already maxed out in terms of energy usage, not least because datacenters are often housed on site. Moving workstations to the datacenter and replacing with low energy consumption desktops, such as thin clients, has a significant impact on power consumption, and air-con demands. VDI also enables more straightforward integration of hybrid cloud storage techniques, again, removing power-intensive datacenter components from the building.

VDI is helping the financial sector to overcome some of its core IT challenges. Through centralized client management across a range of devices, companies no longer have to dispatch technicians to traders’ desk or to remote deployments. Traders are not disrupted, and IT personnel can execute repairs and software upgrades in minutes rather than hours. This frees up time for IT innovation, all while ensuring vital data is kept safe.

To ease the regulatory and budget pressures facing IT departments across the finance industry, VDI is a safe bet.

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How we use phones to avoid human contact

A recent study by Kaspersky Lab has found that 75% of people pick up their connected device to avoid conversing with another human being.

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Connected devices are becoming essential to keeping people in contact with each other, but for many they are also a much-needed comfort blanket in a variety of social situations when they do not want to interact with others. A recent survey from Kaspersky Lab has confirmed this trend in behaviour after three-quarters of people (75%) admitted they use a device to pretend to be busy when they don’t want to talk to someone else, showing the importance of keeping connected devices protected under all circumstances. 

Imagine you’ve arrived at a bar and you’re waiting for your date. The bar is busy, and people are chatting all around you. What do you do now? Strike up a conversation with someone you don’t know? Grab your phone from your pocket or handbag until your date arrives to keep yourself busy? Why talk to humans or even make eye-contact with someone else when you can stare at your connected device instead?

The truth is, our use of devices is making it much easier to avoid small talk or even be polite to those around us, and new Kaspersky Lab research has found that 72% of people use one when they do not know what to do in a social situation. They are also the ‘go-to’ distraction for people even when they aren’t trying to look busy or avoid someone’s eye. 46% of people admit to using a device just to kill time every day and 44% use it as a daily distraction.

In addition to just being a distraction, devices are also a lifeline to those who would rather not talk directly to another person in day-to-day situations, to complete essential tasks. In fact, nearly a third (31%) of people would prefer to carry out tasks such as ordering a taxi or finding directions to where they need to go via a website and an app, because they find it an easier experience than speaking with another person.

Whether they are helping us avoid direct contact or filling a void in our daily lives, our constant reliance on devices has become a cause for panic when they become unusable. A third (34%) of people worry that they will not be able to entertain themselves if they cannot access a connected device. 12% are even concerned that they won’t be able to pretend to be busy if their device is out of action.

Dmitry Aleshin, VP for Product Marketing, Kaspersky Lab said, “The reliance on connected devices is impacting us in more ways than we could have ever expected. There is no doubt that being connected gives us the freedom to make modern life easier, but devices are also vital to help people get through different and difficult social situations. No matter what your ‘connection crutch’ is, it is essential to make sure your device is online and available when you need it most.”

To ensure your device lifeline is always there and in top health – no matter what the reason or situation – Kaspersky Security Cloud keeps your connection safe and secure:

·         I want to use my device while waiting for a friend – is it secure to access the bar’s Wi-Fi?

With Kaspersky Security Cloud, devices are protected against network threats, even if the user needs to use insecure public Wi-Fi hotspots. This is done through transferring data via an encrypted channel to ensure personal data safety, so users’ devices are protected on any connection.

·         Oh no! I’m bored but my phone’s battery is getting low – what am I going to do?

Users can track their battery level thanks to a countdown of how many minutes are left until their device shuts down in the Kaspersky Security Cloud interface. There is also a wide-range of portable power supplies available to keep device batteries charged while on-the-go.

·         I’ve lost my phone! How will I keep myself entertained now?

Should the unthinkable happen and you lose or have your phone stolen, Kaspersky Security Cloud can track and protect your device from data breaches, for complete peace of mind. Remote lock and locate features ensure your device remains secure until you are reunited.

 

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Five key biometric facts

Due to their uniqueness, fingerprints are being used more and more to quickly identify and ensure the security of customers. CLAUDE LANGLEY, Regional Sales Manager, for Africa at HID Global Biometrics, outlines five facts about the technology.

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How many times in a day are you expected to identify yourself? From when you arrive at work you are required to sign in, visiting your bank, receiving healthcare services… The list is endless. When a system knows who you are, you are able to do any number common, everyday activities. Your identity is unique and precious. It is also easily stolen and the target of many hackers across the globe. Technology is constantly evolving alongside the criminal element, always looking for ways to protect data and identity. One such solution happens to be biometrics and it is rapidly gaining traction in our increasingly complex modern world.

Reliable, secure and fundamentally YOU, unique biometric traits such as fingerprints are being used by banks, enterprises and consumers to verify identity. Biometric solutions offer significant identity protection because they use unique biological details to ensure an account is only accessed by the account holder, a door only opened by the owner. Here are five things that are little known about this technology…

  • The uncut identity. Your fingerprint is unique to you. Nobody can use a copy of it to impersonate you. Good technology is capable of scanning down into the layers of the fingertip to differentiate unique elements of a person’s fingerprint, this data is then encrypted and used as a key to unlocking whichever physical or virtual door that the biometric system protects.
  • The living proof. No, there is nothing to the stories of fingerprints being used without their owner’s knowledge or permission. Biometric solutions can use specific variables to determine if the finger used to access the system is that of a present, living person.  A copy or a fake cannot be used to access a cutting-edge biometric solution.
  • Easy and convenient. Queues and documents and paperwork may well be a thing of the past should biometrics take a firmer grip of government and banking systems. The process of registering is easy, and access to identity documents and records is yours alone.
  • Security blanket. A thousand passwords and a hundred post-it notes stuck on walls and drawers.  An excel file with a list of sites and applications and their corresponding passwords, all a thing of the past.  Nobody needs to remember their password with biometrics, they only need to show up.
  • Anywhere is cool. Schools, airports, networks, offices, homes, toilets, banks, libraries, governments, border controls, immigration services, call centres, hospitals and even clubs and pubs – knowing “who” matters and biometrics can quickly and conveniently confirm your identity where needed.

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