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Morgan Stanley fines bankers over messaging breaches
A Finextra Member

A Finextra member

  Once upon a time, when traders (for instance) were entering their trading floor, they had lockers and all comms devices had to be locked therein.  By the late 1990's, they'd become a joke.  All sorts of tools were used to illicitly chat, which, for instance, is a huge part about how the LIBOR scandal was able to happen.  Bloomberg terminal chat rooms and messaging was another method, though at some point, firms that cared about compliance started using B Vault to capture and analyze such comms.  But there has long been an attitude in the 'business' that cheating is possible and lucrative, you just have to find a communication method no one in compliance is paying attention to.  There is a drive to make as much money as possible and breaking rules, regs and laws is, in too many firms,the shortcut to doing so. Having said that, SOME firms don't consistently review official system based comms the way they need to.  Too many senior managers don't want to put the effort in. I hope MS manages to get this under control.  I'm not holding my breath, though.
My experience on Mainframe modernization for major US Bank
Cyrus Montakab

Cyrus Montakab

  Re coding a new application by extracting of Business Rules to use as specification for rewrite is not so simple. Our Banking clients found it more proficient to use a to translate the code to Java, remove old unused parts, and add new functionality. For more information see : COBOL to Java Conversion Success Stories (softwaremining.com)