UK: Calls to be recorded to crack down on Insider Trading

Investment bankers and traders in the UK will have their mobile phone conversations recorded to crack down on insider trading and market abuse.

The Financial Services Authority, UK's  financial watchdog, said that under new rules, effective next November, all financial services firms will be required to record any relevant communication by employees on their work cell phones.

Companies would also be responsible for discouraging employees from taking client orders or discussing and arranging transactions on their private cell phones, where conversations cannot be recorded.

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