New rules covering the recording of mobile phone conversations have been met with "apathy" and "disdain" by investment banks and hedge funds, according to new research, dealing a potential blow to regulators in their battle against market malpractice and the risks posed by new messaging technologies.

A report released last week by the financial services advisory firm Biss Research found that leading investment banks were not "sufficiently engaging" in mobile phone recording and associated systems, and risked missing mandated deadlines for taping set by regulators.