Deutsche Bank bans mobiles from trading floors
26 July 2005 | 8040 views | 0
Deutsche Bank has banned the use of mobile phones at its trading rooms in a bid to make it easier to monitor traders' conversations with clients.
According to a CBS MarketWatch report, a spokeswoman for Deutsche Bank has confirmed that a formal ban on mobile phones has been put in place to make sure the bank can monitor all the calls made.
Although most banks have strict restrictions on the use of mobile phones in trading rooms, some are going a step further by imposing a total ban on them.
Last month the Wall Street Journal reported that Goldman Sachs had banned mobile phones from its global trading rooms following an internal investigation into allegations that traders at its London operations were using mobile phones to call favourite clients to inform them of tip offs. Acccording to the report, the investigation showed there was no wrongdoing.
The MarketWatch report cites John Tattersall, chairman of the financial services regulatory practice at PricewaterhouseCoopers, who says due to the Markets in Financial Instruments Directive regulations, it is possible that by 2007 all banks in Europe will be required to record all phone calls - not just those made from the trading floor.