Robots now reading trader chats

Robots are automating yet another bank job: the task of sifting through traders’ messages to spot foul play, a process currently carried out by legions of human employees.

Bloomberg News reports that Nasdaq is partnering with a company called Digital Reasoning to combine its trade-surveillance software with Digital’s system for monitoring trader chats and messages. UBS uses the technology, according to a Nasdaq statement on Tuesday. Bloomberg LP, the parent of Bloomberg News, also offers clients tools for communications surveillance.

While banks slimmed down their trading operations in the aftermath of the financial crisis, the ranks of employees who keep tabs on traders have swelled. Computers may have revolutionized trading, yet analysing employee e-mails, texts and calls often remains a manual task requiring a large staff.

To access the complete Bloomberg News article hit the link below:

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