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Home trading triggers bank 'black hole' surveillance alerts

Added 05-28-20 08:03:02am EST - “Potential breaches of market rules have spiked since traders began working from home in March, drawing scrutiny from regulators and piling pressure on banks to plug "black holes" in surveillance systems, industry officials say.” - Reuters.com

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Posted By TheNewsCommenter: From Reuters.com: “Home trading triggers bank 'black hole' surveillance alerts”. Below is an excerpt from the article.

LONDON (Reuters) - Potential breaches of market rules have spiked since traders began working from home in March, drawing scrutiny from regulators and piling pressure on banks to plug “black holes” in surveillance systems, industry officials say.

With banks unable to check in person on the behavior of traders working remotely, they have to rely on machines that flag any apparent bad behavior or suspicious transactions made under the unusual coronavirus crisis working conditions.

“In your kitchen or spare bedroom there is no colleague to monitor what you are up to and what we are seeing across a number of clients is a spike in escalations,” said Erkin Adylov, CEO of Behavox, whose software is by banks, hedge funds and asset managers in New York, London and Asia to monitor staff.

Behavox has seen an 18% rise in conduct being “escalated” or singled out for scrutiny among clients since March, ranging from swearing to more serious incidents like disclosing client names.

They have also included prohibited activities such as taking conversations private, using personal email and giving financial advice to family and friends, Adylov said.

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