[December 17, 2007] WAVE Software Cuts Cost of Trading Operations For Financial Institutions Tweet SEATTLE --(Business Wire)-- Unified communications software used by the U.S. Army in mission-critical tactical environments could help shave millions of dollars a year from the cost of trading operations for financial institutions reeling from the sub-prime meltdown. By replacing obsolete, expensive and proprietary hoot and bridging hardware and associated leased line telephony services with WAVE(TM) communications clients running on industry standard PCs and IP phones, financial markets could drastically improve their operating performance and financial health. Swiss banking giant UBS was the most recent financial institution to announce a multi billion dollars write off on losses in the U.S. subprime lending market and has been forced to secure large capital infusions from outside parties. According to published news, other companies badly affected by losses from subprime mortgage backed securities include Citibank, Merrill Lynch, JP Morgan, Bank of America and SunTrust. A widely held industry view is that the fallout isn't complete. "The numbers are compelling, with some institutions announcing losses as high as $10 billion and with possibly more to come," said Tom Guthrie, President and CEO of Twisted Pair Solutions. "Attention is rapidly being focused on ways to cut costs throughout the business and expensive, outdated and inflexible trading technology is high on the list with the companies we have been talking to." WAVE unified communications software can replace legacy trading systems that incur hundreds of thousands of dollars a month in recurring lease fees. By replacing proprietary hardware turret systems and TDM leased line services with PCs or IP phones running over an IP network, clients can deploy a fully functioning and familiar trading floor environment with added functionality, scalability and business continuity capabilities, and have it paid for in months. Developed originally in the late 1990's as an open, device-independent, standards-based software solution to communications interoperability, WAVE has become the de facto standard for unified group communications, allowing a multitude of telephony, cellular, radio and IP technologies to work seamlessly together without requiring any new or proprietary hardware. Today, WAVE is a proven and trusted technology by the U.S Department of Defense, by Federal, State and Local Agencies, and by commercial enterprises in aviation, shipping, energy and elsewhere. [ Back To TMCnet.com's Homepage ]