Do IB record employee phone calls?
I'm a semi-known user of this board, but have to use a throwaway.
Let's say you talked with an headhunter on your firm provided blackberry. Do you think those conversations are saved somewhere? (e.g. in the cloud)
What if you discussed more sensitive information you wouldn't want your bank to access?
Yes. The SEC requires all firms with securities licenses to record every phone call.
I believe it is extremely complicated for a manager to get access to your phone calls and emails.
I am not sure they are going to give him access just because you might be leaving.
If you're not stealing from clients or engaging in insider trading, I think you're obsessing a little too much.
This is not true ^ at least for Hedge Funds/PE Funds. Almost none of the firms I work with record phone conversations, with the exception of Investment Banks who record conversations of registered persons. If you don't know for sure, check your firm's compliance manual/code of ethics and it will tell you there for certain.
Well yes, hedge funds and PE firms are exempt from securities registration and the like. They're not banks and they are largely exempt from regulations under the securities and exchange acts that don't pertain to defining civil/criminal fraud.
Banks are required to retain documents, record anything electronic, and employees are generally required to conduct all business using the firm's means of communication. I'm only 80% sure the SEC requires banks to record all phone calls that go in and out of the building, but I know they save every email after you delete them. (Every year compliance would come in and remind us of that, as well as the fact that if you ever need to discuss anything that might cause any sort of trouble for you or the firm, it's probably better to just do that in person without using the phone system, email system, or IM.)
OP should assume there is a record somewhere.
OP should not be trying to steal his employer's proprietary information, engage in insider trading, or be stealing from clients.
If he is involved in that, OP has hopefully posted this from his home computer or personal smartphone rather than an IP address from the firm.
Depending on your position as well, if you are a dealer your phone will for sure be recorded.
IP is correct, the banks are required to record every email / message sent by its employees. I'm not sure if it includes voice recordings. In fact, back when I was in banking we weren't permitted to send text messages from our blackberry's because the bank wasn't able to record them and therefore it was in violation of the SEC requirements (it may have been NASD/FINRA requirements, memory is foggy). The PE firms I've worked at do not have such restrictions.
No, they do not record IBD phone calls. They do for S&T of course but not IBD. At least the traditional IBD industry / country / M&A teams. Not sure about ECM / DCM teams.
Anyone know what's true about this today? I'd assume phone calls are recorded for IBD at my BB but is someone actively listening to them?
In today's world where you have an iPhone and just the blackberry app, your cell phone calls, even business related, are absolutely not recorded. The app can't see anything outside of itself, plus it'd be illegal in most states (two party consent).
Calls on the company phone at your desk are recorded. No one listens to them unless there's a major reason to - HR/compliance issue or a subpoena. If you're insider trading don't talk about it on a business phone. If you're just shitting on your boss no one is listening in.
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