Financial Services Communications and Social

In a November 27th, 2013 news story from Bloomberg, authors Elena Logutenkova and Gaurav Panchal discuss the recent move by UBS to ban multibank social chat rooms, with other large banks taking similar actions. This comes as a result of regulatory investigations in the manipulation of benchmark interest rates and foreign-exchange markets. For those that don’t know, Forex is a massive market where people trade and exchange currencies using tools such as etoro to change currencies or cryptocurrencies. The money gained from such an exchange is dependant on the exchange rate at the time of trade. Thousands of people look for the best forex signals services they can use to get the upper hand on the market. However, when large corporations or governments get involved then they can manipulate the market for their benefit.

According to Bloomberg, a memo from UBS to its traders states, “Recent events within our industry serve as a serious reminder to be mindful at all times to use appropriate language and behavioral standards in all of our communication, no matter the channel.” From now on, any requests for exceptions for use of a multibank chat room needs to be approved by an executive committee member and compliance officer responsible for the specific business, and a managing director would be a permanent member of the chat and act as a moderator responsible for its content.

Broker Dealer email has been collected, archived and monitored and for several years. As a result, instant messaging became a popular way for traders to communicate, but it too quickly fell under the same requirements for monitoring of electronic communications. It seems now that social media communications will follow suit. When it comes to social media, most businesses look to various platforms to communicate with clients and customers as well as a way for them to promote their brand to a wider audience with the help of social media growth services similar to nitreo. However, social media also can cause issues when it comes to professional compliance.

Tracking and monitoring electronic client communications has grown into a huge issue for BD and RIA compliance professionals. Correspondingly, in recent years, there is no denying that developments in technology have totally changed the ways that businesses are able to communicate with their clients and customers. For example, it is no secret that more companies than ever before are now making use of hosted VoIP and SIP trunking solutions.

In case you were not already aware, SIP trunks are a modern alternative to ISDN (Integrated Services Digital Network) lines that most organizations use to make phone calls. SIP stands for Session Initiation Protocol, and is essentially a way to make and end connections for data and voice transfers over the internet. It is similar to how HTTP functions with pages on the internet, and provides a way to convert voice signals into data that can be decoded by devices used by a caller.

SIP is often the best possible choice for organizations that are ready to reap the benefits of Internet-based phone systems and that want to move their business communications to the cloud. Moreover, if your organization has ever struggled with confusing monthly phone bills, unreliable phone lines, high calling costs, or balancing on-site phone lines with employee mobile devices, there is a chance that your business could benefit significantly from making the switch to SIP. For further information, take a look at this useful guide that answers common questions such as ‘what is sip trunking?’ and much more.

Above all, tools that help identify client communications and their content can be very helpful for the compliance department. That is one area where FormVerse can help!

Using FormVerse’ Active Structured Email™ technology, compliance professionals can quickly identify which messages are client communications and sample/review an appropriate number. In addition, FormVerse can also streamline the process of filling out those compliance forms that client reps find so tedious. Visit our website view a short video to understand how it works. www.formverse.com/compliance



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