Thomson Reuters has launched new controls in its instant messaging service to help streamline the ease with which financial markets participants can communicate with their respective counterparties in a bid to ensure the tighter standards of Compliance .
Roughly one month ago, Thomson Reuters launched a new suite of index families specializing in infrastructure and utilities, based on the Thomson Reuters Business Classification (TRBC).
Last September also saw the collaboration between Thomson Reuters’ Eikon Messenger and Markit Ltd’s (NASDAQ:MRKT) Collaboration Services messaging network.
Thomson Reuters Eikon Messenger is an open and secure instant messaging collaboration utility for the global financial community. The device is available both inside Thomson Reuters Eikon and also as a standalone application, providing users with access to over 210,000 financial professionals. In addition, Eikon Messenger users can also open up dialogue via bilateral chats, restricted to only two organizations, whilst avoiding information breaches.
Regulatory Wrinkles
In light of the recent regulatory investigations that have delved into unauthorized use of multilateral chats, a greater emphasis has been placed on security. In the past, the number of aliases or entities across different instant messaging systems masks the actual identity and organizational affiliation of participants, creating a challenge for financial firms in maintaining compliance.
As such, Thomson Reuters has augmented its compliance mechanisms available to Eikon Messenger users in the form of Bilateral chat controls. The new bilateral chat controls work in conjunction with Eikon Messenger's existing suite of active compliance tools, including such features as keyword blocking, disclaimers and policy enforcement.
According to Paul Rowady, Principal and Director of Data and Analytics Research, TABB Group in a recent statement on the measures, "in today's unprecedented regulatory environment, it should come as no surprise that new compliance rules are being developed at every level of an organization. Instant messaging and other chat functionality – still indispensable for many trade-oriented workflows – is a prime example of where such compliance efforts represent significant cost and complexity. Solution providers who are able to ensure that functions like chat are compliant with rules – like bilateral entity enforcement – and all at lower cost, are going to remain leaders for the road ahead in global markets."
"Thomson Reuters connects and powers the global financial community with the principles of trust, openness and innovation. Eikon Messenger is a key part of how we do that. Our bilateral chat and other compliance services mean customers can be sure they know the counterparties they are dealing with, and make it easier for our clients to do business whilst maintaining the highest standards of compliance," noted Yvette Jackson, Global Head of Collaboration Services at Thomson Reuters in an accompanying statement.
