SteelEye and LeapXpert have partnered to help financial firms combat the risks associated with the use of unauthorised communications channels. The moves comes as the SEC recently stepped up its probe into the use of messaging platforms such as WhatsApp at big name hedge funds including Point72 Asset Management and Citadel.
Last year, $2 billion in eComms fines were handed out to Wall Street firms for failures in preventing employees from communicating on channels that were not being monitored for compliance with FCA, ESMA, SEC, FINRA, and CFTC rules aimed at detecting insider trading, unlawful information sharing, and other forms of manipulation.
The native integration between LeapXpert and SteelEye’s platforms means that eComms data captured by LeapXpert from platforms – including WhatsApp, SMS, Voice, iMessage, WeChat, Telegram, Signal, and LINE – flows automatically into SteelEye for compliance record keeping and surveillance.
SteelEye’s surveillance solution natively brings together communications, trades, and orders, as well as news, and market data on a single platform.
A new LeapXpert integration with Microsoft Teams allows financial institutions to message clients through WhatsApp, SMS, and WeChat from within the native Microsoft Teams interface.