Robots Reading Trader Chats to Stop Next Wave of Bank Fines
- Nasdaq is partnering with technology firm Digital Reasoning
- Banks are largely unable to monitor calls, says Fonetic CEO
Monitors displaying market information are seen through a window in Times Square in New York.
Photographer: Scott Eells/BloombergThis article is for subscribers only.
Robots are automating yet another bank job: the task of sifting through traders’ messages to spot foul play, a process currently carried out by legions of human employees.
Nasdaq Inc. is partnering with a company called Digital Reasoning to combine its trade-surveillance software with Digital’s system for monitoring trader chats and messages. UBS Group AG uses the technology, according to a Nasdaq statement on Tuesday. Bloomberg LP, the parent of Bloomberg News, also offers clients tools for communications surveillance.