Thursday, May 16, 2013

Citi Bans Traders From Bloomberg Chat

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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