Trading worth billions of dollars has shifted to kitchen tables or bedrooms as traders work through the coronavirus crisis from home, testing patchy fixes to make sure they stick to the rules.
Far away from the strict confines of a dealing room, compliance officers find they can no longer eavesdrop on staff, leaving some banks and brokers worried that the activities of their traders under lockdown could come back to haunt them.
This was set up to improve conduct in fixed income and commodity markets and Pluves is planning a series of “sprints” for participants to help them head off potential conduct traps. “Working from home was very rare before the pandemic, it would be just for the top trader that had a home in the Hamptons,” said Tim Carmody, chief technology officer at IPC, a Jersey City based financial systems company.
That has led to some unorthodox fixes such as the European Union’s securities watchdog simply telling traders to take notes of calls if they get stuck.
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