I moved from an HFT firm to Google. The attitude difference with respect to document holds was hilarious. At the HFT firm, the attitude was, "we're constantly being sued (by the SEC and others), so we treat all of our records like they're under litigation holds, just in case the SEC claims they wanted them, even the off-topic slack channels." At Google, the attitude was, "we're constantly getting sued, so we treat al…
Yeah, FAANG gang has no idea the level of surveillance and record keeping that bank/fund/wall st tech is under. I worked at one shop that if you said "call my cell" in a slack to someone, you'd get a call from compliance within days ask to explain why you did this, what the conversation was about, why it wasn't on a work phone.. and to never, ever, ever do it again... because you know we are watching, so we will find…
In fact, many Zoom conversations are expressly forbidden from being recorded at many financial firms. Again, that’s because no one is using zoom to make trades so there isn’t a requirement to record them and financial firms also don’t want to have to pay to keep things stored just so some lawyer can hit them with discovery.
A big current issue is when you use written correspondence that is not part of a system of record. See Finra Regulatory Notice 17-18 for details on that.