London - 11th June 2015: "Sense at last!" says Nigel Cannings, CTO of Intelligent Voice(r), London-based compliance specialists.
"For years we have been saying that the single most important source to track if you are looking for wrongdoing in the trading environment is the voice system. Finally the regulators have woken up, albeit 5 years too late".
The Bank of England has today published its Fair and Effective Markets Review, Final Report, detailing the ways in which the "ethical drift" referred to last night by Mark Carney can be arrested.
The report details a number of ways in which surveillance and regulation can be tightened, and observes that one of the key developments in monitoring of trading activity is:
"Digitalisation of voice communications, which some firms claim has the potential to be more effective than analysing written communications."
Even as recently as the Foreign Exchange Market...