Share

Goldman Sachs bans multidealer chatrooms - source

London - US investment bank Goldman Sachs has become the latest major financial institution to ban its dealers from using multilateral online chatrooms, a source familiar with the matter said on Friday.

The move follows similar steps this week by JP Morgan Chase and Deutsche Bank, as the global investigation into allegations of manipulation of the $5.3trn-a-day currency market gathers steam.

Goldman's move extends beyond foreign exchange to its entire securities division, which includes equities, commodities and fixed income.

Bilateral communications via these chatrooms will still be permitted, the source said.

Chatrooms have been a focus for regulators investigating possible rigging in foreign exchange, the world's largest market.

They also featured prominently in a five-year probe into the rigging of a key interest rate known as the London interbank offered rate, or Libor, which has already cost banks billions of dollars in settlements.

Traders at banks and financial institutions often communicate with each other online via third-party services including Bloomberg LP and Thomson Reuters.


We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Voting Booth
Do you think corruption-accused National Assembly Speaker Nosiviwe Mapisa-Nqakula will survive a motion of no confidence against her?
Please select an option Oops! Something went wrong, please try again later.
Results
No, her days are numbered
41% - 299 votes
Yes, the ANC caucus will protect her
59% - 425 votes
Vote
Rand - Dollar
18.98
-0.4%
Rand - Pound
23.97
-0.3%
Rand - Euro
20.51
-0.2%
Rand - Aus dollar
12.37
-0.1%
Rand - Yen
0.13
-0.5%
Platinum
904.37
+0.8%
Palladium
1,014.65
+1.3%
Gold
2,211.77
+0.8%
Silver
24.71
+0.3%
Brent Crude
86.09
-0.2%
Top 40
68,332
+1.0%
All Share
74,512
+0.8%
Resource 10
57,108
+2.6%
Industrial 25
104,079
+0.8%
Financial 15
16,481
-0.3%
All JSE data delayed by at least 15 minutes Iress logo
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE