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After Scandals, Banks Release Chat Back into the Wild

IPC’s director of compliance, Robert Powell, discusses the future impact of chat services on regulation and compliance within the financial industry.

By Emilia David for WatersTechnology – first published on December 6, 2017

After Scandals, Banks Release Chat Back into the Wild

Chat tools are being embraced again as the industry seeks more efficiency in the workflow.

After the global financial crisis in 2008 came the European sovereign debt crisis, which rocked markets across the world and saw central banks resort to extraordinary measures to stabilize the system. Soon after, commercial banks faced another barrage of crises related to fixing crucial benchmarks, including the London Interbank Offered Rate (Libor) and the 4 p.m. fix in foreign-exchange (FX) markets. The fines were eye-watering, cumulatively reaching tens of billions of dollars across most major …

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