Dec 19 (Reuters) - Royal Bank of Scotland Group's
markets division has banned the use of multi-dealer online chat
rooms, joining rival banks that have taken similar action in
response to regulatory scrutiny, Bloomberg reported late on
Wednesday.
Chat rooms have been a focus for regulators investigating
manipulation of the Libor and Euribor benchmark interest rates
and possible rigging in the $5.3 trillion-a-day foreign exchange
market.
Citing a person with direct knowledge of the plan, Bloomberg
said permanent chat rooms with workers at other banks, bank
entities or competitors had been prohibited, as well as those
with clients, brokers and securities firms, unless certain
criteria were met. ()
RBS had also told trading staff at the division that
internal chats should be limited to its own systems and used
only for business purposes, Bloomberg added.
State-backed RBS could not be reached for comment outside
regular business hours.
Sources told Reuters this week that JPMorgan Chase,
the biggest U.S. bank by assets, was planning to ban the use of
multi-dealer online chat rooms and the use of such rooms among
staff for social purposes.
Deutsche Bank had prohibited its foreign exchange
and fixed income staff from using online chat rooms, and UBS
banned the use of multi-bank and social chat rooms at
its investment banking division. Citigroup and Barclays
had also clamped down, according to people familiar
with the matter.
Traders at banks and financial institutions often
communicate with each other online via third-party services
including Bloomberg LP and Thomson Reuters.
source : http://articles.chicagotribune.com/2013-12-18/news/sns-rt-rbs-chatrooms-20131218_1_chat-rbs-citigroup-and-barclays
markets division has banned the use of multi-dealer online chat
rooms, joining rival banks that have taken similar action in
response to regulatory scrutiny, Bloomberg reported late on
Wednesday.
Chat rooms have been a focus for regulators investigating
manipulation of the Libor and Euribor benchmark interest rates
and possible rigging in the $5.3 trillion-a-day foreign exchange
market.
Citing a person with direct knowledge of the plan, Bloomberg
said permanent chat rooms with workers at other banks, bank
entities or competitors had been prohibited, as well as those
with clients, brokers and securities firms, unless certain
criteria were met. ()
RBS had also told trading staff at the division that
internal chats should be limited to its own systems and used
only for business purposes, Bloomberg added.
State-backed RBS could not be reached for comment outside
regular business hours.
Sources told Reuters this week that JPMorgan Chase,
the biggest U.S. bank by assets, was planning to ban the use of
multi-dealer online chat rooms and the use of such rooms among
staff for social purposes.
Deutsche Bank had prohibited its foreign exchange
and fixed income staff from using online chat rooms, and UBS
banned the use of multi-bank and social chat rooms at
its investment banking division. Citigroup and Barclays
had also clamped down, according to people familiar
with the matter.
Traders at banks and financial institutions often
communicate with each other online via third-party services
including Bloomberg LP and Thomson Reuters.
source : http://articles.chicagotribune.com/2013-12-18/news/sns-rt-rbs-chatrooms-20131218_1_chat-rbs-citigroup-and-barclays
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