according to How Encrypted Messaging Is Used on Wall StreetHow messaging apps like WhatsApp are used on the trading floor and beyond varies. Earlier this week, a Jeffries Group banker was slapped with a $49,000 fine for using an encrypted messaging phone app to trade confidential client information. WhatsApp, owned by tech giant Facebook Inc. (Nasdaq: FB), is an end-to-end encrypted instant messaging app for smartphones. And the U.S. Securities and Exchange Commission (SEC) is struggling to find a way to crack down…Exactly What Is WhatsApp? Basically, it allows users to send messages, photos, and videos back and forth that are essentially untraceable.
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Financial firms need to keep records of all written business communications, no matter how innocuous, according to the Securities and Exchange Commission and the Financial Industry Regulatory Authority. At big banks and small shops alike, rowdy trading desks and the boys-will-be-boys ethos are no longer tolerated, at least publicly. (Bloomberg's message and IB chat services enable firms to set up alerts and restrictions to help enforce compliance.) "We have seen in our investigations that the ground is shifting under everyone, and technology changes are driving a lot of it."The rules are clear. Schonhorn, who pleaded guilty and is cooperating with the government, didn't respond to a request for comment.To some Wall Street types, the big surprise wasn't just the alleged crime, but that they didn't delete the incriminating WhatsApp messages.
Using WhatsApp or Facebook Messenger to chat with friends is a big deal on Wall Street. In fact, this past Thursday , a former managing director for investment banking firm Jefferies was fined for sharing confidential information about client. "We have seen in our investigations that the ground is shifting under everyone, and technology changes are driving a lot of it." However, this practice is illegal, according to the Securities and Exchange Commission. Bloomberg added that existing rules require financial firms to keep records of all communications.
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collected by :Andro Alex
As it stated in
WhatsApp: Wall Street's dirty secret is out! Illegal information being trafficked via WhatsApp
Financial firms need to keep records of all written business communications, no matter how innocuous, according to the Securities and Exchange Commission and the Financial Industry Regulatory Authority. At big banks and small shops alike, rowdy trading desks and the boys-will-be-boys ethos are no longer tolerated, at least publicly. (Bloomberg's message and IB chat services enable firms to set up alerts and restrictions to help enforce compliance.) "We have seen in our investigations that the ground is shifting under everyone, and technology changes are driving a lot of it."The rules are clear. Schonhorn, who pleaded guilty and is cooperating with the government, didn't respond to a request for comment.To some Wall Street types, the big surprise wasn't just the alleged crime, but that they didn't delete the incriminating WhatsApp messages.
Using WhatsApp or Facebook Messenger to chat with friends is a big deal on Wall Street. In fact, this past Thursday , a former managing director for investment banking firm Jefferies was fined for sharing confidential information about client. "We have seen in our investigations that the ground is shifting under everyone, and technology changes are driving a lot of it." However, this practice is illegal, according to the Securities and Exchange Commission. Bloomberg added that existing rules require financial firms to keep records of all communications.
to read more visit us whats app br/>
collected by :Andro Alex
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