- “The bank clamped down on this big time. I think we were even going slightly overboard on this,” says one senior banker after a number of lenders including Barclays (BCS), Citigroup (C), and RBS banned the use of most chat rooms amid probes into rate manipulation.
- Most of the rooms in question are those where traders from competing banks participate - it's these on paper conversations where investigators are likely to draw the fuel for their anti-competitive practice charges. JPMorgan (JPM) is reportedly examining whether these conversations should instead be carried out over the phone.
- Previous: "The Bandits Club" and "The Cartel"
Banks ban traders from chat rooms
Nov 22 2013, 07:21 ET