for sharing confidential data on WhatsApp, while most Wall Street banks are said to have policies in place to prevent unmonitored communications amid an explosion of personal messaging use in the finance community.ĭeutsche Bank AG, however, has banned text messages and WhatsApp-like services globally to bolster compliance standards.Īlex Bouchardy, head of fixed income for Asia at Credit Suisse Asset Management, says doing business on social media isn’t something to take lightly. Earlier this year, an ex-Jefferies Group LLC banker was fined in the U.K. Last week wasn’t the first time Hong Kong has barred someone over WeChat record-keeping, with an account executive banned for six months in March. Jane Yip, a spokeswoman for Shenzhen-based Tencent, didn’t respond to an email seeking comment.Ĭhina has also moved to thwart discussions on WeChat: read more. “The problem is rumors starting in chat rooms can have an impact.” “We are open to all sources of public information and if it impacts what we invest in we have to explore it,” he said. It’s a sentiment shared by Jim Veneau, head of fixed income for Asia at AXA Investment Managers Asia Ltd. DeepBlue Global Investment Ltd., a Hong Kong-based hedge fund, is embracing WeChat as a tool to get China-related news quickly, but they have to be careful determining the reliability of the information, said founding partner Ziyun Wang. Facebook Inc.’s WhatsApp is popular among the Indian trading community.īut it can be an unfamiliar world for developed-market investors to navigate. In Taiwan, the mobile chat app Line is popular among market players and South Koreans use KakaoTalk, a similar messaging service. NAFMII said it couldn’t immediately comment on its record-keeping rules or whether it has censured anyone for breaching them.Ĭhina isn’t the only place where personal messaging apps are used to exchange financial news and information. China Foreign Exchange Trade System, a unit of the PBOC and home of the official interbank market, also didn’t reply. The People’s Bank of China and the securities regulator didn’t immediately respond to faxes seeking comment on the use of personal messaging apps for financial business. The people asked not to be identified as they either aren’t authorized to speak to media, or because the information is sensitive. In China, it’s typical for the details of a bond purchase - the price, the size, the terms - to be agreed to in personal messages, according to multiple bond traders and bankers across state-owned banks, commercial lenders and smaller securities houses Bloomberg spoke with. Any deal-related transactions that take place on people’s personal mobile phones wouldn’t be tracked by the firm, he said. Wang said his firm doesn’t have rules around recording pre-transaction communications, but employees should try and confine their WeChat or QQ messaging to company computers, for recording purposes. “If you want to borrow or lend money, buy or sell a certain bond, just send it to the groups and when someone is interested you can then have a private conversation.” “WeChat and QQ are more efficient in reaching people compared with making calls,” said Wang Ming, chief operating officer at Shanghai Yaozhi Asset Management Co. was circulated on WeChat groups, helping trigger a plunge in the shares and bonds of Wanda’s listed units, analysts told Bloomberg, asking not to be identified as they are not authorized to speak publicly. In June, speculation that banks were trying to sell notes of China’s Dalian Wanda Group Co. Mainland traders create groups on WeChat or QQ to share research and relevant news - but also rumors. Established in 2011, WeChat has quickly become ubiquitous in China, used by nearly a billion people to message, post pictures, source news and make electronic payments.Įven Facebook Inc. Financial technology in China has reached such a level that even soured loans and distressed assets can be easily bought on e-commerce platforms such as Taobao.
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