Bloomberg's cloud-based archiving, e-discovery, and compliance service, Bloomberg Vault, has been adopted by global investment bank Jefferies Group LLC for enterprise information management.
Bloomberg Vault archives a broad range of enterprise communications, including email, instant messages, mobile, and Bloomberg communication, for Jefferies globally as a complete and cost-effective managed service.
"We selected Bloomberg Vault as our enterprise-wide archiving and e-discovery platform after reviewing available options and performance testing. Bloomberg has been a great partner as we transitioned from our legacy systems to the Bloomberg Vault service," said Hany Doss, Senior Vice President, Technology at Jefferies. "The search and retrieval across the consolidated archive offers a major improvement for our employees as well as the eDiscovery and IT teams. We will realize meaningful operational savings from Bloomberg Vault in the coming years."
Jefferies wanted to enhance its enterprise archiving and eDiscovery infrastructure, and it looked to Bloomberg for a solution as a trusted provider of news, data and analytics to the firm's global investment professionals. Bloomberg Vault demonstrated scalable real-time ingestion, archiving, and search of Jefferies' communications data across all global locations. To satisfy stringent legal and regulatory requirements, Jefferies requires a powerful platform to support many concurrent investigations that meet legal and regulatory demands globally.
The adoption of the Bloomberg Vault service has allowed Jefferies to initiate the consolidation of several on-site data archives, which will reduce data center, software, and hardware costs. Dedicated Bloomberg Vault staff worked closely with Jefferies' IT and compliance teams throughout the project to ensure a successful deployment, while helping to implement and validate the new workflows and train users.
"The increased demands of transparency and accountability are driving the need for financial firms to invest in information governance solutions that meet the new market requirements," said Harald Collet, Global Business Manager, Bloomberg Vault. "Jefferies and other leading multinational firms have adopted Bloomberg Vault to help prepare for the latest regulatory mandates while leveraging Bloomberg's global infrastructure to cut operational costs."
Bloomberg also offers additional tools to help financial services firms meet expanded record-keeping and analytics demands globally. Market participants face reporting and record-keeping requirements for transactions, including pre- and post-trade communications relating to a swap transaction, such as recorded calls, emails, and instant messages. The increasing breadth and complexity of record-keeping and record-delivery guidelines has created market demand for a cost-effective cloud platform with analytics, search, policy management, and archiving of a variety of business communications, including electronic, voice, mobile, files, and social media communications.
Bloomberg Vault is a cloud-based information management service that delivers compliance, eDiscovery, and enterprise archiving by leveraging the scalability and reliability of Bloomberg's global infrastructure, which distributes up to 250 million daily messages and manages more than 70 billion archived records on behalf of Bloomberg Vault subscribers. Bloomberg Vault technology and services help firms meet current and evolving legal and regulatory demands on a global scale.