Robots Are Reading Trader Chats to Stop Next Wave of Bank Fines

Robots are automating yet another bank job: the task of sifting through traders’ messages to spot foul play, a process currently carried out by legions of human employees. Nasdaq Inc. is partnering with a company called Digital Reasoning to combine its trade-surveillance software with Digital’s system for monitoring trader chats and messages. UBS Group AG uses the technology, according to a Nasdaq statement on Tuesday. While banks slimmed down their trading operations in the aftermath of the financial crisis, the ranks of employees who keep tabs on traders have swelled. Computers may have revolutionized trading, yet analyzing employee e-mails, texts and calls often remains a manual task requiring a large staff. “The systems that are around are either very, very manual and they require a hundred people in the basement to…

Link to Full Article: Robots Are Reading Trader Chats to Stop Next Wave of Bank Fines

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