Two more top firms ban multi-dealer online chat rooms

MIRC Chat

JPMorgan and Deutsche Bank are banning the use of multi-dealer online chat rooms, sources familiar with the plans told Reuters, as banks crack down on inappropriate communications by staff following a string of scandals.

Reuters reports that chat rooms have been a focus for regulators investigating manipulation of benchmark interest rates and possible rigging in the $5.3tril-a-day foreign exchange market.

Chat communications also featured prominently in a five-year probe into the rigging of a key interest rate known as the London interbank offered rate, or Libor, which has already cost banks billions of dollars in settlements.

'This has always been about more than FX', a Reuters source said, adding that the casual nature of online chat rooms increased the potential for 'inappropriate' remarks to be made.

To access the complete Reuters article hit the link below:

JP Morgan, Deutsche ban multi-dealer chat rooms: sources

New Basel study confirms variations in how banks tot up risks

JefferiesAnd the Best Place to Work in the global financial markets 2016 is...

Register for Financial Markets News Alerts