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Wall Street's WhatsApp Secret: Illegal Texting Is Out of Control

bloomberg.com

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Re: Wall Street's WhatsApp Secret: Illegal Texting Is Out of Control

#61

Post by CaptainZapp »

whatupmd wrote: post #50
CaptainZapp wrote: post #37

Earlier quoted context omitted.

Actually that's a pretty big deal. Financial institutions have far more stringent rules than an average company regarding communications. Analysts must be shielded by "Chinese walls" from traders. Just imagine what a trader can do if he gets a 20 minute head start (or just a few pertinent bullet points) of an influential report, which is about to be published. Look up 'front running' for details. Communications withi…

You are right that financial crimes are a big deal. However the solution to criminality is not to create a surveillance state.

Well, banks sure have a solution for such problems. They call it self-regulation.

[Hey you! Yes you at the back! Stop laughing...]

Re: Wall Street's WhatsApp Secret: Illegal Texting Is Out of Control

#62

Post by ue_ »

dagw wrote: post #60
na85 wrote: post #58

Earlier quoted context omitted.

To disincentivize huge salaries for people who create zero value, and just move money from point A to point B.

Moving something that is currently at A but should be at B absolutely creates value.

Well, depends on your definition of value. In Marxian economics, with the exception of natural resource, value is created by labour, and commodities have both a use value and exchange value.

Re: Wall Street's WhatsApp Secret: Illegal Texting Is Out of Control

#63

Post by dagw »

ue_ wrote: post #62
dagw wrote: post #60

Earlier quoted context omitted.

Moving something that is currently at A but should be at B absolutely creates value.

Well, depends on your definition of value. In Marxian economics, with the exception of natural resource, value is created by labour, and commodities have both a use value and exchange value.

But the value of commodities aren't fixed, but vary in both time and location. Much as taking a lump of gold and turning into a ring adds value to the gold, so does bringing the gold from the goldmine to the jeweler.

Re: Wall Street's WhatsApp Secret: Illegal Texting Is Out of Control

#64

Post by humanrebar »

dwaltrip wrote: post #46
humbledrone wrote: post #3

"Wall Street's Restaurant Secret: Illegal Talking over Lunch is Out of Control" > Dirty jokes and NSFW GIFs. Snaps of unsuspecting colleagues on the trading floor. Screenshots of confidential client positions. > All that -- and, on occasion, even legally dubious information -- is increasingly being trafficked over the new private lines of Wall Street: street-level restaurants like McDonalds and Taco Bell. > “They’re…

Oh c'mon. Encrypted messaging apps are orders of magnitude more efficient and discreet for communication in the context of the overall finance industry, compared to "talking over lunch" (or any other meatspace location). Not sure I have any well formulated thoughts about the significance of this trend among finance types... but I don't think your analogy is terribly illuminating.

> Encrypted messaging apps are orders of magnitude more efficient and discreet

What's more discreet than a quiet conversation that you can deny happened later? You can take screenshots of just about any digital communication. The rest you can take photos of with your smart phone.

I'll grant you efficiency, though, especially if it's a group conversation and some amount of coordinated activity is involved.

Re: Wall Street's WhatsApp Secret: Illegal Texting Is Out of Control

#65

Post by 72deluxe »

throwaway287391 wrote: post #28
hackuser wrote: post #18

Isn't the obvious solution to ban personal phones, or personal apps, at work? It's not hard.

Do you honestly think that's a feasible solution? Who in their right mind would work for a company that doesn't allow them to bring their personal phone to work? Unless it were required by law, no company would do that to their white collar employees -- they'd all leave for a company that doesn't treat them like eight year olds. (I feel like this would never be suggested on HN if we were discussing software companies…

I have zero signal at work due to the building being a huge metal frame and metal mesh on the windows.

This means I cannot SMS anyone. It also means increased productivity as I don't bother looking at my phone to see if anyone has texted me.

I can get WiFi at work and use Internet IM/communication apps but in all seriousness, I am there to work and putting my phone in my pocket on airplane mode is actually far more beneficial than you think.

Re: Wall Street's WhatsApp Secret: Illegal Texting Is Out of Control

#66

Post by cm2187 »

billpg wrote: post #57
cm2187 wrote: post #41

Earlier quoted context omitted.

Mobile phones are banned on trading floors. It is just hard to enforce for the reasons you mention.

They still have trading floors? I thought all trades went electronically these days.

Only on some very specific and liquid products (shares, FX, futures, perhaps certain bonds). Most products still trade over the counter (i.e. by phone).

Re: Wall Street's WhatsApp Secret: Illegal Texting Is Out of Control

#67

Post by ENOTTY »

whatupmd wrote: post #50
CaptainZapp wrote: post #37

Earlier quoted context omitted.

Actually that's a pretty big deal. Financial institutions have far more stringent rules than an average company regarding communications. Analysts must be shielded by "Chinese walls" from traders. Just imagine what a trader can do if he gets a 20 minute head start (or just a few pertinent bullet points) of an influential report, which is about to be published. Look up 'front running' for details. Communications withi…

You are right that financial crimes are a big deal. However the solution to criminality is not to create a surveillance state.

A surveillance state is exactly what the financial companies have created within their walls. Typically, every keystroke is logged.

Re: Wall Street's WhatsApp Secret: Illegal Texting Is Out of Control

#68

Post by bhouston »

humbledrone wrote: post #3

"Wall Street's Restaurant Secret: Illegal Talking over Lunch is Out of Control" > Dirty jokes and NSFW GIFs. Snaps of unsuspecting colleagues on the trading floor. Screenshots of confidential client positions. > All that -- and, on occasion, even legally dubious information -- is increasingly being trafficked over the new private lines of Wall Street: street-level restaurants like McDonalds and Taco Bell. > “They’re…

The FBI can track who you talk to in-person, but they can not with WhatsApp at the moment. Thus WhatsApp is orders of magnitude more efficient.

Re: Wall Street's WhatsApp Secret: Illegal Texting Is Out of Control

#69

Post by nerdponx »

ue_ wrote: post #62
dagw wrote: post #60

Earlier quoted context omitted.

Moving something that is currently at A but should be at B absolutely creates value.

Well, depends on your definition of value. In Marxian economics, with the exception of natural resource, value is created by labour, and commodities have both a use value and exchange value.

This just isn't true. Don't let Marx cloud your understanding of Smith.

Value is created when someone is willing to pay for something to get done, and that something gets done at a cost less than or equal to their willingness to pay. If somebody A is willing to pay for money to be moved, then as long as somebody B is there to move that money, then somebody B is likely generating value by doing so.

Re: Wall Street's WhatsApp Secret: Illegal Texting Is Out of Control

#70

Post by ue_ »

nerdponx wrote: post #69
ue_ wrote: post #62

Earlier quoted context omitted.

Well, depends on your definition of value. In Marxian economics, with the exception of natural resource, value is created by labour, and commodities have both a use value and exchange value.

This just isn't true. Don't let Marx cloud your understanding of Smith. Value is created when someone is willing to pay for something to get done, and that something gets done at a cost less than or equal to their willingness to pay. If somebody A is willing to pay for money to be moved, then as long as somebody B is there to move that money, then somebody B is likely generating value by doing so.

My mistake, you're right. Going to correct my comment.
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