Regulators to probe Wall Street's new communications system


New York’s banking regulator is probing a new communications provider backed by several Wall Street firms that markets a messaging service and its ability to delete sensitive bank information.

Bloomberg News reports that Symphony Communications Services is backed by a consortium of banks and hedge funds, including four licensed by the state of New York: Goldman Sachs, Deutsche Bank, Credit Suisse and Bank of New York Mellon.

In a letter sent Wednesday to Symphony, Anthony Albanese, acting superintendent of New York’s Department of Financial Services, focused on the retention component of the service. He emphasized the importance of chat room transcripts and other written communications in recent bank investigations tied to market manipulation.

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Wall Street Bank Messaging Service Probed by N.Y. Regulator

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