Changes to the FSA's Conduct of Business Sourcebook (COBS) came into force last year. ALL communications influencing or concluding a transaction on a prescribed exchange, including instant messaging, should then be retained for 6 months for prospective inspection.
Financial Institutions using instant messaging for trading purposes can take comfort that there is an industrial strength solution available from ePulse, called OTCtrader. Compliance people will be especially glad to hear that in addition to meeting the new FSA regulations, access to all OTCtrader conversations is secure and online. The Audit System is also optionally available for the new Web based instant messaging product called ePulse Messenger.
"We have made considerable investments in our reliable audit logging systems that is compliant with most regulations that require storage and online retreival of messages ranging from 6 months (for FSA requirements) up to 7 years (for IFRS regulations) for financial institutions that operate in USA, UK and Continental Europe. I am particularly pleased that our latest offering will benefit many firms in a very cost effective and immediate way" said Barry Patel, Managing Director of ePulse.