As the landscape of communication continues to evolve in our increasingly digital world, the financial services industry is feeling the pinch of regulatory scrutiny. In recent years, financial firms have faced nearly $2 billion in penalties from the SEC and CFTC due to unregulated “off-channel” messaging. This surge in “off-channel” communication, including usage of platforms such as WhatsApp, WeChat, SMS, LINE, and mobile calls, is largely fueled by the rise of hybrid work. Yet, regulators maintain that all business communications must be monitored, auditable, and occur only within official channels. In the words of SEC Chair Gary Gensler, “As technology changes, it’s even more important that registrants appropriately conduct their communications about business matters within only official channels. And they must maintain and preserve those communications.”
Episode 5: Establishing a Voice Trading Engine for a Distributed Ecosystem
As the financial industry continues to transition towards a predominantly virtual environment, institutional traders need to be able to easily access the right tools to stay connected and enhance workflow efficiencies. In the fifth episode of Cloud9’s podcast series examining developments in the voice trading landscape, Cloud9’s Chief Innovation Officer and Co-founder Leo Papadopoulos, and Chief Operating Officer Jim Miller, examine what voice trading capabilities institutional traders must have in a distributed workplace and how a cloud-based platform can provide a more secure, mobile and accessible ecosystem.
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