No texting at work!
Marketplace All-in-One
Marketplace
4.5 • 1.4K Ratings
🗓️ 9 August 2023
⏱️ 7 minutes
🧾️ Download transcript
Summary
Federal regulators are cracking down on Wall Street traders using side-channels like text messaging and Signal to make deals and trades. Nearly a dozen firms will pay $549 million in fines. Plus, young people in China are looking for affordable housing solutions, and a new “biodiversity credit” could help heal ecosystems.
Transcript
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| 0:00.0 | People on Wall Street are really supposed to communicate through official channels. |
| 0:06.8 | I'm David Brankacheo, federal regulators for cracking down, again, on financial services |
| 0:11.7 | people communicating about deals and trades using side channels. |
| 0:16.2 | Eleven, investment advisors and brokerage firms are being hit with fines. |
| 0:20.8 | Marketplaces Nancy Marshall-Genzer has the story. |
| 0:23.4 | The Securities in Exchange Commission and Commodity Futures Trading Commission together |
| 0:27.7 | find the eleven broker dealers and investment advisors $549 million. |
| 0:34.2 | The SEC and CFTC say employees of these financial firms used off-channel messaging services |
| 0:40.7 | like Signal, WhatsApp, and Texting to do business. |
| 0:44.2 | That violates federal securities laws. |
| 0:46.5 | They require these companies to keep records of their electronic communications in case |
| 0:50.9 | they're needed later for investigations of potential wrongdoing. |
| 0:55.1 | Wells Fargo, BNP, Perreba, and Society General were among the firms paying the biggest |
| 1:00.9 | fines. |
| 1:01.9 | The SEC and CFTC had already fined banks almost $2 billion for breaking the rules on off-channel |
| 1:08.1 | communications. |
| 1:09.1 | I'm Nancy Marshall-Genzer for Marketplace. |
| 1:13.3 | Also covering reports, the Biden administration will stop U.S. private equity and venture |
| 1:18.1 | capital firms from investing in sensitive technology projects in China. |
| 1:23.1 | Research reports suggest the three BN sectors will be semiconductors, quantum computing, |
| 1:27.7 | and artificial intelligence. |
| 1:29.6 | Marketplace Morning Report podcast has the coverage if you miss it on the air today. |
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