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Symphony out of tune with regulators

Bank-backed chat service has had an enthusiastic response from the financial industry, but politicians on both sides of the Atlantic have been less impressed

Hit delete: Symphony’s alleged ability to erase data could undermine rules preventing market abuse, say MEPs
Hit delete: Symphony’s alleged ability to erase data could undermine rules preventing market abuse, say MEPs Photo: iStockPhoto

During the investigations into rate-rigging and currency-market manipulation by major banks in recent years, chat logs and instant messages provided a substantial amount of evidence that wrongdoing had taken place on trading floors.

The banks and brokers in question were fined more than $9 billion as a result and criminal prosecutions continue.

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