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Comment by DanBC | Hacker News Reader

Did that happen after the LIBOR scandal?

https://wallstreetonparade.com/2012/12/why-was-libor-rate-ri...

> What the complaint makes clear is that it should not have taken five years to bring these charges. The traders effectively handed the Justice Department a slam dunk case by documenting each maneuver to rig the international interest rate benchmark known as Libor via instant messages recorded on a Bloomberg computer terminal.

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That was one contributing factor. There have been a lot of high profile scandals and this has led regulators to be far stricter. Eg we're not allowed to have personal phones in the office and must go to special areas in the building to use them. Some organisations confiscate phones (and I hear shoes) on entry; although I think this is more a concern about proprietary information.

> I hear shoes

Do people slide around in their socks or is there some kind of bowling shoes esque system?

Sandals are common.

They can just "establish" the network using Bloomberg and actually discuss illegal things off-channel e.g. Signal.

Meh... if you look at SEC cases of insider trading, they usually get wind of it from the trades - out of the money calls purchased a week before earnings release and expire a week later. Then they just start talking to the people involved. Most people fold pretty quickly.

> Did that happen after the LIBOR scandal?

IB has been fully monitored by compliance since its inception, so nothing changed there. Whether or not firms have working compliance departments is probably the question you should be asking :)

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