JP Morgan bans multi-dealer online chat rooms: source

JP Morgan Chase (JPM), the biggest U.S. bank by assets, is banning the use of multi-dealer online chat rooms and the use of such chat rooms among staff for social purposes, a person familiar with the matter told Reuters on Tuesday. Chat rooms have been a focus for regulators investigating manipulation of benchmark interest rates and possible rigging in the $5.3 trillion-a-day foreign exchange market. The source said JP Morgan’s decision was unrelated to the FX probes which first surfaced in June, noting that this had been under review at the bank since even earlier this year. “This has always been about more than FX,” the source said, adding that the casual nature of online chat rooms increased the potential for “inappropriate” remarks to be made.

    

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