A recent swathe of trading scandals has spurred big banks to turn to new technology and data sources as they attempt to crackdown on illegal behaviour by their staff.  Solutions are becoming more sophisticated with algorithms and artificial intelligence being used to identify patterns of speech and networks of contacts as opposed to merely catching keywords.  A lot of times, what someone says, doesn’t mean anything. It won’t mean anything unless you look at trading behaviour.

fraxses is able to deliver an ECS solution that can take multiple sources of data (data silo’s) and deliver a comprehensive analytics capability to satisfy the above requirements.

Multiparty chat rooms have cost large banks billions of dollars.  The chat compliance challenge has become so great that it is now threatening the way that banks communicate, both internally and externally.  Regulators have alleged that banks leverage chat rooms/messages/calls to conspire both to manipulate pricing to clients and to sway the benchmarks, allowing dealers to profit handsomely.  Chat rooms called “The Bandits Club”, “The Dream Team” and “The Cartel” have become the centre of attention in the enforcement actions surrounding the alleged manipulation of various benchmarks and pricing mechanisms.  In November 2014 the FCA (UK’s Financial Conduct Authority) fined 6 banks £1.1 BILLION for Foreign Exchange malpractice.

With the fraXses ECS solution it is possible to monitor all communication channels in real-time, with the aid of bespoke algorithms, pattern recognition and machine learning supporting the voice to text capabilities.  fraXses delivers a comprehensive and robust solution that supports the banks AML, KYC, Compliance and Surveillance activities.