Citigroup is banning traders in its foreign exchange
division from accessing internal chat groups on their Bloomberg terminals, in
the latest sign of concern by banks over online security issues.
The U.S. bank will move its traders, many of whom are based
in London or New York , on to an internal platform by the
end of the month. Traders will still be allowed to use Bloomberg's instant
messaging service to contact people outside the bank.
Citigroup said that shutting down Bloomberg chat would
increase security and had the advantage that not everyone would need a terminal
to access live internal information about clients' trading activities—a sign
that the bank is also seeking to reduce costs. Bloomberg charges up to $20,000
a year for the use of a terminal….
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