Brazilian investment fund manager Ace Capital has selected Bloomberg Vault to help it archive and monitor its electronic communications.
The offering from Bloomberg allows firms to capture all relevant messages from Bloomberg Messages (MSG) and Instant Bloomberg (IB) as well as corporate email, social media and chat platforms. Data can be accessed from Bloomberg’s Trade Order Management System (TOMS), Bloomberg’s Asset and Investment Manager (AIM), as well as third-party order management systems.
Voice data from traditional phone systems, mobile phones, towers and Voice over Internet Protocol (VoIP) can be collected by BVault throughout the trade lifecycle, in real time or on a historical basis.
The offering is also being used by firms to perform monitoring activities to keep pace with increasing data volumes.
“Bloomberg’s solution has made our compliance monitoring processes more robust, which reflects in greater confidence from our business partners and investors,” said José Mazzoni, chief operating officer at Ace Capital.
“The configuration allows us to create custom alerts and language rules in compliance with internal policies.”
According to Mazzoni, Bloomberg’s tool assists in the implementation of Ace Capital’s internal control procedures, while monitoring chats, emails and other business activities performed by employees through Bloomberg – carrying out the necessary monitoring in an integrated manner.
The move follows recent record monitoring and keeping failures seen in the industry over the last few months. Most recently, JP Morgan was ordered by the SEC to pay a $4 million civil monetary penalty for mistakenly deleting 47 million emails.
Elsewhere, HSBC Securities and Scotia Capital were charged $15 million and $7.5 million by the SEC – which they agreed to settled – for longstanding failures to maintain and preserve electronic communications.
Last year, the SEC issued a record $6.4 in penalties across 760 actions – up 9% from the year prior – including a total of $1.1 billion in fines across 16 Wall Street participants for failing to monitor communication channels or prevent workers from using unauthorised messaging apps such as WhatsApp.