Investing.com - Financial Markets Worldwide
🔺 What to do when markets are at an all-time high? Find smart bargains, like these.See Undervalued Stocks

UPDATE 1-NY regulator reaches agreement with 4 banks on Symphony messaging

Published 2015-09-14, 11:57 a/m
© Reuters. UPDATE 1-NY regulator reaches agreement with 4 banks on Symphony messaging
GS
-
CSGN
-
DBKGn
-
BK
-
TRI
-

(Adds details)
Sept 14 (Reuters) - New York State's Department of Financial
Services said it has reached an agreement with Goldman Sachs (NYSE:GS)
GS.N , Deutsche Bank DBKGn.DE , Credit Suisse CSGN.VX and
Bank of New York Mellon (NYSE:BK) BK.N on record-keeping for the
Symphony messaging system.
The banks, part of a consortium of 14 financial institutions
that have set up the Symphony service, have agreed to retain a
copy of their chat messages for seven years.
They will also store duplicate copies of the decryption keys
for their messages with independent custodians.
The DFS said the four represent all of the banks that it
regulates within the consortium.
The New York regulator has been looking at data deletion and
end-to-end encryption, among other things, as chat room
transcripts and other communications at banks could help uncover
evidence of attempts to rig interest and foreign exchange rates.
Under New York law, banks are obligated to retain records of
their operations. ID:nL1N1021V4
Many on Wall Street view Symphony Communications LLC as a
rival to message systems provided by Bloomberg LP [and Thomson
Reuters Corp TRI.TO , whose clients include bankers, traders
and investors.
Symphony's technology, which was originally developed by
Goldman Sachs, will become available to all potential customers
from Tuesday.
The regulator had earlier expressed concerns over some of
Symphony's features, such as its promise of "guaranteed data
deletion" that could hinder regulatory investigations.
It said it believed the requirements included in the
agreements announced on Monday should apply to all regulated
financial institutions using Symphony in the future.

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.