New York Seeks Information on Wall Street Messaging Platform
ByNew York’s top financial regulator is asking questions about whether a new messaging platform being developed by Wall Street banks could make it easier for traders to conspire to manipulate prices and commit misdeeds.
Anthony J. Albanese, who recently took the reins of the New York State Department of Financial Services from Benjamin M. Lawsky as acting superintendent, raised his concerns in a letter sent on Wednesday to a California-based start-up, Symphony Communications. The company is jointly owned by the biggest banks and aims to provide a way for employees at different banks to communicate instantly.
The letter from Mr. Albanese cited recent instances in which traders from different banks were caught conspiring in chat rooms to manipulate benchmark prices…
New York Seeks Information on Wall Street Messaging Platform
