05 Dec 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.
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.
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