A crackdown on unauthorised messaging app use by traders in the US is catching the eye of global regulators, as banks try to avoid further fines in other countries.
The Securities and Exchange Commission has punished some of the biggest names in banking including Citi, Bank of America and JPMorgan with fines totalling more than $2bn since 2021, amid concerns that a boom in services such as WhatsApp, iMessage and WeChat could be letting market abuse go unchecked.
