Skip to main content
Touch blog

Recording Bloomberg messaging and chat to meet MiFID II compliance obligations

In July 2021, Bloomberg changed its minimum data retention policy across all of its services – including Instant Bloomberg and Bloomberg chat – to just 2 years. But with many compliance regulations, such as MiFID II and GDPR, requiring data to be stored for at least 5 years, organisations who previously relied on Bloomberg to retain their data, need to find new solutions. 

In 2022, Singapore overtook Hong Kong to become Asia’s leading financial centre, and the world’s third-largest financial centre, according to the most recent Global Financial Centres Index. There can be no doubt that much of that success was built on the back of the iconic Bloomberg Terminal, which has been used as the de facto electronic trading platform for over four decades, and now has an estimated 350,000 users globally.

The Bloomberg service revolutionised the financial industry by providing fast access to news, data, unique insight, and trading tools helping influential decision makers to gain success within financial markets. It provides investors with independent real-time global financial data, news feeds and messages, and offers stock research from more than 1,500 resources, charting tools, and trade analytics for both the buy-side and sell-side.

Bloomberg chat and messaging conversations fall under MiFID II minimum data retention requirements

Bloomberg also offers users access to the application online and via mobile devices, while its instant messaging service, Instant Bloomberg (IB), has become popular among traders, who use it to post quotes, updates on trades, and news about market activity.

IB offers Bloomberg Terminal subscribers a mobile-optimised experience that allows users to monitor events and markets, access IB and chat, and access their account wherever they are. IB can also be integrated with client workflow tools to support seamless collaboration with colleagues.

Given that Singapore is one of the leading countries for smartphone use, with around 94 per cent population penetration, access to Bloomberg services via mobile devices is an essential tool for financial advisors, investors, and analysts. Of course, all of these communications, regardless of device and location are still subject to compliance requirements, namely MiFID II and, in many cases, GDPR which concerns the use of personal data.

It means that communications need to be recorded (voice and data) and securely stored for a set period of time depending on the specific regulations and legislation they are subject to. Moreover, they need to be easily accessible (but only to authorised personnel), tamperproof and auditable.

Bloomberg’s 2-year data retention policy inadequate for MiFID II

MiFID II and GDPR, and other regulations, also stipulate that relevant communications need to be retained for 5 years. Unfortunately, since 15 July 2021, Bloomberg made changes to its minimum data retention policy across all services, including its Message and IB functions (collectively named Bloomberg Communications Data), reducing it to just 2 years.

Bloomberg’s reasoning was to absorb new costs to meet minimum legal and regulatory data retention requirements. Importantly, the policy doesn’t just affect future data storage, it applies to recordings you’ve already captured and stored. So, this has created a significant challenge for organisations that have either relied on Bloomberg for their data ‘recording’ and storage requirements, or that have an existing compliance strategy that struggles to keep up with the pace of change (perhaps data is stored in a proprietary format or existing solutions or services are unfit for purpose).

Touch Call Recording for Bloomberg chat and messaging

If you need to store communications data for more than 2 years, you need to find a solution.

Touch Call Recording Service has provided integration with Bloomberg services for more than seven years, as part of our multi-channel recording approach. It can adapt to any chat interface that organisations may be using, including Bloomberg, connecting directly to the app via standard APIs.

We’ll store your data – for Bloomberg, and more than 50 other communications channels – for as long as you need, giving you peace of mind. Touch can help you to:

  • Activate recording for Bloomberg
  • Establish a complete archive for historical Bloomberg recordings
  • Meet any retention policy

All communications are stored and available from the same easy to use web interface as our other services, through which chats can be searched, accessed, and retrieved quickly and easily.

So, if you’re concerned about keeping pace with these, and any other, changes to compliance obligations, get in touch today to find out how we can help you with ensure that all your Bloomberg recordings meet compliance requirements, now and in the future. 

Explore touch call recording

Explore
Touch call recording

Magic Quadrant for Call Recording as a Service in Asia. How would Touch compare?

Enterprises are increasingly migrating from on-premise enterprise applications to cloud-based options to secure a range of capabilities, from storage to collaboration to call recording. Here, Touch creates its own version of the famous Gartner magic quadrant for call recording.

Touch and Singtel partnership provides comprehensive in-network call recording service for financial service companies in Singapore

As the regulatory landscape becomes increasingly complex, financial organisations in the Singapore region are turning to partners Singtel and Touch for their mobile voice recording needs.

touch logo

Get in touch

Linkedin
Twitter
blog