Bloomberg bids to ease clients' chat room concerns
18 December 2013 | 4078 views | 0
With regulators trawling trader chat logs for evidence of wrongdoing, Bloomberg has rolled out tools to help firms monitor and restrict access to its chat room functions.
Logs of chats between traders on Bloomberg terminals and Thomson Reuters desktops have formed a central plank of investigations into the Libor fixing scandal and the latest allegations of foreign exchange rates manipulation.
Only yesterday reports emerged that JPMorgan Chase has joined other banks, including Deutsche Bank, Barclays, RBS and Citigroup, in banning some staff from using chat rooms.
Bloomberg says that following the "discussion" around the issue, it is centralising its chat-related administration, monitoring, search, and retention capabilities onto one dashboard.
Says a blog post: "While market participants rely on the security, stability and consistency of the Instant Bloomberg chat service to view securities, share information and engage in trade negotiations, compliance officers want a better way to manage these communications."