The UBS 'no chat' memo

Memo Pad

Here's the memo:

'Staff are reminded that the communication tools provided to them by UBS are strictly for business purposes only. Personal devices must not be used to conduct UBS business at any time. These standards are detailed in the IB global policy on Use of Electronic Mail, Chat and Text Messaging Procedures.

In order to mitigate the specific risks associated with the use of chat rooms, the IB EC has decided to implement a number of measures described below. All staff are expected to comply with these requirements with immediate effect. Any issues in complying with these requirements must immediately be raised to your COO and Compliance:

1. Social chat rooms: All social related chat rooms are prohibited and must be closed immediately.

2. Client chat rooms: All UBS to single client chat rooms (can be multiple users but only one client) to be allowed by specific written approval:

a) Approvals must come from MD level senior distribution/sales manager

b) All channels must have an assigned MD level UBS ‘owner’ who is permanently on the chat, acts as ‘moderator’ and is responsible for the membership, content and behavior in the room

c) Chat rooms must have logical naming convention (e.g. UBSFXSales-Legal&General) that clearly indicates use

d) Usual surveillance will apply to monitor behaviour independently.

3. Multi Bank/dealer rooms: These are prohibited. Any request for an exception should be approved by the relevant CCS, FRC or Equities EC member as well as the relevant business area COO/Compliance officer based on specific business case and reason. Such requests must be for business critical use only. If approved, the same conditions apply as in point number two.

4. Internal one-to-one and multi-party chats should ALL be conducted through UBS internal communication tools only (e.g. via email, Lync or Neo Talk).

UBS has extensive monitoring in place globally across all media to identify data leakage or misuse of electronic communication, and to monitor adherence to UBS policies and procedures, including these requirements. You should be aware that failure to adhere to this guidance and related UBS policy can result in disciplinary action, including dismissal.

It is understood that migrating and moving approved channels may require co-ordination and a limited amount of time. To that end a small project team is being set up (across MDS/COO and L&C) to co-ordinate and assure the implementation of the above policy. However, please take proactive action immediately to close any chat rooms prohibited as per above. If you have questions related to this policy please speak to your COO or compliance officer'.

Source - The Wall Street Journal

UBS Memo: ‘Multi-Dealer Chat Rooms Are Banned’

image: © Tatsuo Yamashita

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