NYSE Pushing Firms to Store IMs
INFRASTRUCTURE
NEW YORK--The use of instant messaging (IM) at trading firms has reached a watershed point, and the popular method of communication is about to fall under regulatory scrutiny on May 2, when the SEC rules 17a-3 and 17a-4 concerning the retention of broker records take effect.
Although the SEC rules don’t specifically refer to IM, the New York Stock Exchange (NYSE) has weighed in on the matter in a March 5 memo that interprets the SEC rules as including instant messaging: "member organizations must
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