UBS bans chat

MIRC Chat

No talking now.

Bloomberg News reports that UBS is banning the use of multibank and social chat rooms at its investment-banking division as global regulators probe the alleged manipulation of foreign exchange rates.

'All social related chat rooms are prohibited and must be closed immediately', the investment bank’s executive committee wrote in an internal memo to staff Wednesday. Multibank and dealer chat rooms are also banned, and any request for an exception, which can be made 'for business critical use only', will have to be approved by the executive committee member and compliance officer responsible for the specific business, it said.

Regulators have targeted traders’ electronic messages, using them as evidence of wrongdoing in their investigations into the manipulation of benchmark interest rate and foreign-exchange markets.

JPMorgan is weighing whether to ban traders from using electronic chat rooms to communicate with peers at other firms as the forums draw scrutiny from global regulators, a person with knowledge of the matter said this month.

UBS Investment Bank Bans Multibank, Social Chat Rooms

Trader Messages Scrutinized as UBS Bans Chats Among Firms

 

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