ON THE MONITOR
Email Archiving Is Not Just For Compliance, Any More
May 1, 2010
The outsize role of emails in the Senate grilling last week of Goldman Sachs executives is a stark reminder that – despite newer forms of e-communication such as texting and instant messaging – reliance on emails in the securities industry remains an integral fact of life.
In addition to the frequent citing of Goldman emails (with phrases such as "s---ty, bad lemons" and "piece-of-crap" used to describe investments) in the Senate hearings last week, excerpts from the firm’s emails found their way into the Securities and Exchange Commission’s fraud complaint, issued April 16.
Given such a starring role for email, how are securities firms handling federal archiving requirements, and how is the technology evolving as a result?
Simply put, it’s evolving to meet the demands of legal discovery, not just regulatory compliance. “The technology has expanded beyond compliance systems to e-discovery, and now performs a few key functions,” says T.M. Ravi, chief marketing officer of Boston-based information management company Iron Mountain.
THE WEEK AHEAD:
MONDAY, MAY 3
9:30 a.m. Estimate: Loss of 19 cents
EARNINGS CALL: AllianceBernstein Holding L.P. (AB)
5 p.m. Estimate: 51 cents
TUESDAY, MAY 4
EVENT: 2010 SIFMA OPERATIONS CONFERENCE
Through May 7. Securities Industry and Financial Markets Association, Palm Desert, CA
EVENT: Bloomberg Hedge Fund & Investor Summit: Back From The Brink
Through May 5. Stephan Weiss Studio, 711 Greenwich Street. New York
WEDNESDAY, May 5
SPEECH: Donald M. Hoerl, Regional Director, Denver Regional Office, SEC
8 a.m., Rocky Mountain Securities Conference, Denver, CO
THE WEEK THAT WAS:
Axa Rosenberg Faces Client Exodus for Coding Error
JP Morgan Buys Schroders Private Equity Admin Business
“Buzz” in High-Frequency Trading Emanating From Asia
NEURO Surgery: Nasdaq Closing European Trading Venue
FSA Cracks Down on Short Selling
Systems and Employees, not Cyber Criminals, Cause Data Insecurity
Goldman Sachs, John Paulson and the SEC
Bank of America’s New Chairman May Aid Global Plans
Finra Bars Former Prestige Financial Compliance Officer
Finra Proposes Widening Arbitrator Pool
