Financial watchdogs want to know what traders are talking about on WhatsApp Authorities in the US and the UK are taking a keen interest in the contents of WhatsApp messages among bank employees and their associates in the financial services industry. The UK's Financial Conduct Authority (FCA) is set to probe sector workers' use of private messaging services as the watchdog increases scrutiny in line …
It isn't necessarily about inside info, it is about regulations that require preserving all communications for years. Insider trading is only one of the many potential issues that could come up where regulators might want to be able to refer to past communications.
Anything from selling subprime mortgage backed securities to bitcoin futures, if it blows up in the face of investors they will want to be able to look back at what was done at the time. They always hang themselves with their words, just look at what the guys selling the mortgage backed securities that went to zero were saying when they were selling them - they knew they were screwing the buyers. If those conversations had been on Whatsapp instead of email, it could never have been proven.
Yup. I used to work for a rather large WORLDwide COMmunications company that went bankrupt. The C-suite was doing all the dirty dealing, we peons knew nothing about it*, but we're the ones who had to attend months of ethics training after the fact. I now know that hiding data from investors can send me to prison, even though my job description had nothing to do with investor data. But at least the C suite got to spend some time incarcerated in the big house.
*In fact, we were caught flat footed. I myself lost hundreds of thousands in uncashed stock options. I won't do details, too painful.
It really wouldn't surprise me if it turned out that Facebook/Meatus' [sic] idea of "disappearing messages" turned out to be "SET message_visibility = '0'" rather than actual deletion, with "SET message_visibility = '1'" available as a 'premium upgrade' option to certain agencies willing to hand over the necessary cash…
Whatsapp said every message has its own encryption key. When the message expires they claim encryption key is simply wiped, making it irretrievable without breaking the encryption (which is impossible). But in reality, every message is stored in an easily searchable indexed database.
FTFY.
The only problem is, that is illegal for their employer to knowingly allow. So if they can't get them to keep records of those conversations or stop using Whatsapp, their employer would be obligated to block Whatsapp on their network. That wouldn't stop them from using it outside the office, but at least the brokerage can say they were doing everything they could.
It is, to me, quite staggering that fines of nearly US$2 billion are thought to be 'not enough' to deter repetitions. With that sort of wealth around, surely only custodial sentences would actually be any sort of deterrent? But then people to whom a fine of $2 billion is not a deterrent really can afford the best lawyers.
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"Having driven both a Ferrari and a Lamborghini, I can say Ferraris are much nicer cars to drive."
Fine that you have an opinion, but would you OWN either one?
Samcrac seems to find pretty good deals on some that need repairs but you notice his "stepmom" drives a ex-police Ford Crown Vic.
FFS..... anyone would think that the UK's Financial Conduct Authority (FCA) and Uncle Sam’s Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) did not know that those sorts of traders have always been shady and crooked and likely to play dirty with no notice taken of stupid rules designed to prevent an unfair advantage to others. And high on Bolivian Marching Powder is no valid excuse if seeking to escape prosecution for dirty deeds done dirt cheap rendering fantastic gains at the expense of ...... well, there are never ever very many spectacular losses, are there, which is strange.
Do you think such markets and casinos are rigged?
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